In a stunning display of financial prowess, the Board of Control for Cricket in India (BCCI) has added another feather to its cap, amassing more than Rs 2400 crore (equivalent to around $300 million) from the latest edition of the Indian Premier League (IPL) in 2022. The newly released financial records unveil the impressive revenue generated by the cricketing powerhouse.
Renowned for orchestrating the immensely successful Twenty20 cricket spectacle, BCCI stands tall as one of the wealthiest governing bodies on the global sports stage. Since its inception in 2008, the IPL has orchestrated the transformation of players into millionaires and has become a revenue-generating juggernaut through its media rights deals.
In the realm of cricket, the IPL’s groundbreaking success has inspired the creation of similar leagues in cricket-loving nations, solidifying its position as a trailblazer in sports entertainment.
In the spotlight are the annual reports spanning five years until 2021-22, which were made public on the BCCI website on a Thursday. These reports unveiled an impressive surplus of Rs 320 billion (approximately $2.7 billion) by April 2022. Notably, the IPL’s edition in the same year contributed a net income of $292 million from revenues reaching $771 million, after accounting for expenses of $479 million. These financial figures, meticulously audited, provide a comprehensive glimpse into the monumental financial impact of the IPL.
The BCCI, known for its discretion in financial disclosure, has previously refrained from publishing detailed financial information. The release of these detailed accounts marks a significant departure from its practices, as the board had withheld such information since 2017.
Former BCCI anti-corruption adviser Neeraj Kumar, who recently authored a revealing book about the board, lamented the lack of transparency surrounding financial matters during an interview with Australian media in June. In his words, “It’s a matter of great pity that we are so rich and so much money is distributed to our states and never accounted for,” as conveyed to the Sydney Morning Herald.
Notably, BCCI’s far-reaching financial deals extend beyond the IPL. The 2023-27 IPL tournaments saw an astonishing broadcast and digital streaming rights auction, fetching an astounding $6.2 billion. Among the successful bidders were major American conglomerates, Disney and Viacom. This jaw-dropping sum signifies an increase of nearly two-and-a-half times compared to the previous five-year media rights deal, underlining the tremendous value that cricket entertainment holds in the contemporary sports market.
Adding to its recent accomplishments, BCCI marked another milestone by organizing the inaugural women’s edition of the T20 tournament. This pioneering move yielded substantial gains, with combined franchise and media rights earnings reaching nearly $700 million. BCCI’s dominance in the world of cricket extends far beyond the field, as it continues to redefine the financial landscape of the sport.