Despite legal hassles, flow of money into BCCI coffers goes up
The Indian cricket board may be passing through a turbulent phase for the last two years, especially following the Lodha panel verdict and the July 18 Supreme Court ruling, but it hasn’t had any impact on its financial health.cricket Updated: Sep 23, 2016 11:58 IST
The Indian cricket board may be passing through a turbulent phase for the last two years, especially following the Lodha panel verdict and the July 18 Supreme Court ruling, but it hasn’t had any impact on its financial health.
In spite of falling interest rates, BCCI earned Rs 48 lakh per day as interest from bank deposits during 2015-2016. Its income from interest earned through bank deposits more than doubled in a year, going from Rs. 85.94 crore in the previous financial year to Rs.175.48 crore.
According to BCCI’s annual report, receipts were substantially high due to the income from Champions League T20 (CLT20) rights holders. towards compensation for the termination of the tournament.
The CLT20 was discontinued last year and following that BCCI received a compensation of Rs. 1,607.58 crore (net payment made to foreign boards) on account of termination of the Rights Agreement.
According to the annual report, cash inventories in the bank have jumped 63% compared to 2014-2015. Currently, BCCI has cash totalling Rs. 3,576.17 crore in banks, compared to Rs. 2,159.42 crore the previous financial year.
The BCCI also gained thanks to increase in the number of matches held in India with the gross media rights income from international fixtures too registering an impressive growth ---from Rs. 388.80 crore to Rs. 648 crores in a year.
Earnings from men’s tournaments and international tours went up Rs.149.44 crore from Rs.120.78 crore last year.
The BCCI received Rs.163.11 crore from the 2015 World Cup in Australia and New Zealand. Money from share/distribution/participation fees was a mere Rs.54.15 crore the previous financial year.
In the IPL, the surplus sum transferred to the income and expenditure account is Rs.210.51 crore as against Rs.126.17 crore in 2014-2015.
The valuation appraisal firm Duff & Phelps has estimated the IPL brand to be worth Rs.27,000 crore, according to the report.