BCCI, Star India staring at staggering losses if IPL is cancelled - Report
The numbers are always staggering when it come to the Indian Premier League (IPL). Be it the runs scored or the amount of money it generates, the figures are always huge. That is the reason why the Board of Control for Cricket in India (BCCI) and Star India, the host broadcasters, are staring at losses in crores of rupees if the league is cancelled in the wake of the coronavirus pandemic.
According to a report in India Today, the IPL has insurance against war and terrorism. It does not have any cover against a pandemic like Covid-19. The Wimbledon Championships, which was recently cancelled for the year, on the other hand has been paying for a pandemic insurance and are expected to be covered for this year. Sports business analyst Darren Rovell in a tweet mentioned that Wimbledon could get 141 million USD from its insurance cover.
“Wimbledon reportedly paid $2 million a year for pandemic insurance for the last 17 years (Total: $34 Million). For this year’s cancellation as a result of the Coronavirus, Wimbledon will reportedly receive $141 million from the policy,” Rovell tweeted.
The report further highlighted the astronomical figures involved if the IPL is cancelled. The report stated that host broadcasters Star India will lose Rs 3269.50 crore if the tournament is cancelled this year.
The BCCI could face a loss of Rs 400 crore from the cancellation as part of its title sponsorship deal with VIVO of Rs 2,000 crore for a period of 5 years.
Another Rs 200 crore loss is also expected from central sponsorship. The report further stated that the IPL contributes a big number to the Indian GDP as well and a cancellation will hurt all parties.