Board of Control for Cricket in India (BCCI), the parent body of the Indian Premier League (IPL), have adopted long-in-use ‘wait and watch’ policy over the commencement of the tournament this year. The lucrative tournament was earlier deferred to April 15 from March 29 due to the novel coronavirus pandemic. But with the growing rate of the fatal virus around the sub-continent, the tournament, in every likelihood will not get underway from the re-scheduled date.
Marquee tournaments across the globe — Olympics, Wimbledon, the Canadian Grand Prix — have either been postponed or called off in the wake of the novel coronavirus pandemic. But reports suggest, BCCI is still staring at the October window, for a curtailed season of the tournament.
IPL cancellation could cost BCCI Rs. 3,869.5 crore Loss: Report
Business Today, in a report, claimed the cricket body can incur Rs. 3,869.5 crore loss if the tournament is cancelled. The amount includes Rs 3,269.5 crore of broadcast and streaming revenue and Rs 200 crore and Rs 400 crore of central sponsorship and title sponsorship revenues respectively, the report further added.
It can turn out to be a major jolt for the world’s richest cricket body as the tournament does not falls under any kind of insurance cover. Moreover, the broadcasters had bagged IPL’s media rights for Rs 16,347.5 crore for five years, while Vivo had bagged the title sponsorship for Rs 2,000 crore for five years.
Star India might incur a loss of Rs. 3269.50 crore
The broadcasters have sold over 75 per cent of its IPL inventory almost two months prior to the commencement of the tournament. The broadcaster is eyeing a revenue of Rs 3,300 crore of broadcast and digital ad revenue this year. If the tournament gets cancelled, it would mean huge losses for the broadcaster too, the report added.
BCCI is also considering the option of a closed-door tournament, which at the moment looks unlikely, as centre is mulling over extension of lockdown. Even if situation returns to normal by October, and season resumes, factors like T20 World Cup in Australia will be given more weightage and will be taken into consideration.