The IPL was approaching its halfway stage before it was suspended indefinitely Tuesday following bubble breaches in two venues
The Indian cricket board faces losing about $270m in revenue after its lucrative and star-studded Indian Premier League was halted by the Covid-19 crisis in the country, a senior official told Reuters Wednesday.
The world's richest Twenty20 league was approaching its halfway stage before it was suspended indefinitely Tuesday following bubble breaches in two venues.
The eight-team IPL, featuring celebrity owners including the great and the good of business and Bollywood, attracts the biggest names in world cricket to a nation devoted to the sport.
Players include the likes of India captain Virat Kohli, England all-rounder Ben Stokes and Australian batsman Steve Smith.
STAR Sports bagged the IPL's television and digital rights for 2018-2022 for 163.48bn rupees, agreeing to pay about 545m rupees per game in a 60-match season.
With only 29 games of 60 completed before the pandemic halted this year's IPL, the BCCI could lose a chunk of that pot.
STAR Sports supported the decision to suspend the league but its officials were not available to discuss the financial implications when contacted by Reuters.
38-strong contingent of Australian players, coaches, umpires and media pundits will have to wait longer, though, to get home, in the face of a ban on arrivals from India until at least May 15Posted by Sports Tribune on Wednesday, 5 May 2021
Indian cricket bosses are hoping to resume the league in late September, but that appears a tough challenge given the Covid-19 infection risks involved in a country being hit hard by the pandemic.
According to financial consultancy firm Duff & Phelps, the IPL's brand value had already shrunk 3.6% to $6.19bn last year because of the pandemic, which forced the BCCI to stage the league in the United Arab Emirates.
Duff & Phelps says its method estimates the value of a business based on the cash flows it is expected to generate over its lifetime.
The league's brand value had suffered this year too, before the suspension, as it forged ahead with games in the face of criticism from some cricket pundits, columnists and fans.
The BCCI distributes half of its central pool of revenue, from broadcasting and the main IPL sponsors, among the eight team franchises.
A shrunken pool will mean a smaller share for the teams, but Punjab Kings co-owner Ness Wadia was unfazed.