IPL cancellation could result in more than half a billion dollars lost
The current global pandemic will result in a big hit to money-spinning the IPL of the Indian Premier League and cost more than $5 billion.
A top Indian cricket board official said the coronavirus pandemic would cost more than half a billion dollars in damage, but did not yet consider cutting players’ salaries.
On March 29th this year, the tournament had been set to begin, but the start date had repeatedly been postponed due to the coronavirus outbreak.
Canceling the IPL 2020 will indicate a huge financial loss. “The BCCI is looking at a big revenue loss. In case the IPL does not take place, the loss would be close to 40 billion Indian rupees ($530 million), or even more,” said Board of Control for Cricket in India treasurer Arun Dhumal.
“We are not sure whether we will be able to have it this year,” he admitted.
A one-day international series against South Africa in March has already been canceled. However, the IPL, which began in 2008, generates the bulk of BCCI revenue. The IPL is also known to be worth more than $11 billion a year for the Indian economy.
“We will only be able to figure out the exact revenue loss once we are sure of how many games we have lost,” said Dhumal.
The IPL brand value was estimated at $6.7 billion last year by the Duff and Phelps financial consultancy.
Earlier, following the global Canadian Grand Prix coronavirus outbreak in Montreal, it also postponed that which was scheduled for June 14 this year. Canadian Grand Prix Management organizers have said tickets will remain valid.
However, when a new date has been determined, spectators will be told of their choices. The F1 season has yet to begin, with Australia’s March 15 season-opener canceled alongside the Monaco showcase in May.