The Board of Control for Cricket in India (BCCI) is getting richer day by day, and so now the expansion of their wealth will also benefit the franchises in the Indian Premier League (IPL), as they will receive a major hike in their respective shares from the central revenue.
According to the report in Ahmedabad Mirror, the eight IPL team franchises in the cash-rich tournament will receive a sum of Rs 250 crore a year from the upcoming season, which is a four-time increase from Rs 60 crore that they used to receive annually in the last 10 years of the league’s existence.
The news of the hike has been conveyed to the franchise representatives in an IPL workshop in Ahmedabad on Sunday, the report added.
The BCCI settled for a massive Rs 16,347 crore media rights deal with broadcaster Star India, which beat all other bidders convincingly including previous rights holder SPN India. The deal effectively means that the BCCI will be receiving a sum of Rs 3,200 crore per season from Star, a four-fold increase from the Rs 800 crore that they used to receive from SPN.
The BCCI also hit a jackpot in the IPL title sponsorship deal in June last year, with Vivo retaining it with a Rs 2,199 crore bid — a 554 percent increase from the previous contract — for the period between 2018-2022.
However, the teams will also have to shell out 20 percent of their annual income — which includes the Rs 250 crore that they will be receiving — to the BCCI.
The 11th edition of the IPL will begin on April 7, with the defending champions Mumbai Indians and Chennai Super Kings facing off in the opening game of the tournament.