By bringing in more money, Cricket has evolved from an amateur sport to a multi-billion dollar industry. Growing exponentially, the IPL is today a mega profitable business. When India won the inaugural ICC T20 World Cup in 2007, we saw the Indian Board leaning towards the game’s shortest format. Cricket has been around for centuries and has proven to be one of the world’s most popular sports. Cricket in India has always had a sky-high success rate, but it was only after the 1983 World Cup that this success got a further boost and entered the ladder of development.
IPL or the Indian Premier League was a mastermind project of Mr Lalit Modi, a savvy businessman who first arrived in BCCI and came up with the idea of starting a uniquely Indian league, similar to the football leagues that take place everywhere. the world. Around the controversies with the ongoing ICL Indian Cricket League at the time, BCCI intervened and banned all cricketers who participated in the ICL.
History has revealed the 3 main things that people value most and work successfully in India: politics, bollywood and cricket. Lalit Modi further made Bollywood stars like Shah Rukh Khan, Preity Zinta and Shilpa Shetty attractive to investors in this cash-rich competition. This was an instant hit with eight franchises with teams in the names of different cities / states such as Mumbai, Chennai, Kolkata, Bangalore, Hyderabad, Delhi, Punjab and Rajasthan.
Earlier when the IPL started in 2008, the teams were auctioned to various companies that raised a huge amount by bidding in the cricket business. At that point, BCCI sold the teams for a total of INR 3.2 crores (USD 0.43 million). However, the team prize was payable for a period of 10 years as an annual fee. Each franchise paid INR 400 crores (USD 54.48 million) for 10 years and each franchise had to bear the cost of player fees, support staff fees, travel expenses and logistics.
With stronger value and perception, the IPL has a brand value of INR 475 billion and it contributes INR 11.5 billion ($ 3131 million) to the Indian GDP and affects the Indian economy by INR 26.5 billion, according to the reports. $ 360 million). shared by the KPMG Sports Advisory Council. The largest revenue for the IPL competition comes from the broadcaster Star Sports which paid a whopping 16,347 crores (USD 2.22 million) to the BCCI between 2018-2022. The other major revenue for the IPL competition comes from title sponsor partner Vivo which pays INR 4.4 billion (USD 59.9 million) per year and many other supporting sponsors in the line.
How does a team owner recover from the invested money?
The main income for a team owner is through getting sponsorship for their jersey. Over the years, the spots on the jerseys have increased and teams are counting a lot to get a spot on the jersey. The other income for the team owner is through the central sponsorship that the BCCI shares equally with each franchise. Most matches in India go full house, paving the way for another source of income: ticket sales. In addition, advertisements on the borderlines and banners also belong to the home team. The teams also earn significant income by selling merchandise such as T-shirts and caps largely bought by the fans.
Whenever IPL takes place in India, no Bollywood movies are released as every fan is glued to the television watching their favorite players and franchise doing well. Due to the huge success of IPL over the past 13 editions, even the pandemic has not prevented it from being successful in the UAE. At the same time, the TRP of watching the IPL game had reached its highest level with 269 million viewers in 86 million households watching the game.
The IPL is so large that since most of the players from the cricket countries participate, there is a period of 2 months free for IPL with no cricket events taking place during this period. The cricketers who have done well for their respective countries will be picked up at the auction by the franchise and paid quite a lot as well. Indian players such as Virat Kohli, MS Dhoni and Rohit Sharma are all paid around INR 17 crores (USD 2.31 million) per year. It’s no different: foreign players like Pat Cummins get 15 crores, Chris Morris from South Africa gets INR 16 crores ($ 2.18 million), Glen Maxwell gets INR 14 crores ($ 1.90)
Million). Even a young fast bowler Kyle Jamieson from New Zealand received INR 15 crores (USD 2.04) in his debut year. Most players have made a fortune with this cash-rich IPL. When the competition is so popular, the odds of earning more depend on performance and franchises leave no stone unturned.
Today, with the advent of IPL, Indian cricket is at its peak as players interact with international cricket players around the world. Even the pressure of playing IPL is as good as international cricket making it a life changing game. Old generation or new generation, the IPL brand has conquered the world by a storm that is getting bigger every year.
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