BCCI, IMG renegotiate IPL deal

MUMBAI: Putting an end to the bitter dispute between the BCCI and IMG, the two parties have signed a fresh contract that will see the sports management firm receive an annual fee of 270 million over the next eight years for managing the Indian Premier League (IPL).

Addressing a media briefing following its annual general meeting (AGM) today, BCCI president Shashank Manohar said that earlier IMG was getting Rs 330 million.

Noting that letters from the BCCI and franchises had appeared in the media, Manohar said: “IPL franchises should not interfere in the board’s internal administration. In the future, this kind of behaviour will not be tolerated.”

He also addressed what he called ‘media speculation’ about
the rift between BCCI secretary N Srinivasan and IPL commissioner Lalit Modi saying that both had co-operated in resolving the issue. He also clarified that the IPL franchises will not be compensated for any expenses incurred during the second edition of the IPL which took place in South Africa as nobody has suffered a loss.

The IPL Governing Council will have a workshop with the franchises in November to discus various issues.

BCCI Finances:

In terms of finances, the BCCI reported a surplus of Rs 540 million as against the budgeted Rs 2.33 billion for the previous fiscal ended 30 March 2009.

IPL contributed a surplus of Rs 150 million which was much less than the Rs 510 million that had earlier been projected. The IPL income for the BCCI from the first edition was Rs 6.62 billion as opposed to the Rs 6.45 billion it had budgeted for. However the IPL’s expenditure was Rs 6.47 billion as opposed to the budgeted Rs 5.92 billion.

The overall surplus shortfall of Rs 1.80 billion in the previous fiscal was due to various reasons. The BCCI lost Rs 730 million in media rights and sponsorship income after England did not play two ODIs after 26/11. It also suffered a shortfall of Rs 410 million after the Champions Trophy, which was to be held in Pakistan last year, was cancelled. India’s tour to Pakistan that was to have taken place in January was also cancelled. Then it gave Rs 250 million to the National Sports Development Fund.

From media rights the BCCI got Rs 4.66 billion against the budgeted income of Rs 5.34 billion.

For the current fiscal ended 31 March 2010, the BCCI in its budget expects a surplus of Rs 770 million which marks an increase of 230 million over this fiscal. The IPL is expected to negatively impact the overall surplus. Due to the increase in expenditure for the IPL after the shift to South Africa, the BCCI expects a deficit of Rs 340 million from the event.

The IPL is expected to have made Rs 7.74 billion in income and spent Rs 8.08 billion. Overall, the BCCI expects to make Rs 16.99 billion and spend Rs 16.22 billion in the current fiscal.

Sticking with the IPL, the BCCI says that its income from the second edition will not be taxed by the South African Revenue Service. However players income will be taxed at 15 per cent. The BCCI adds that its Fixed Deposits with banks is Rs 10.65 billion as of 31 March 2009. Its interest income rose to Rs 900 million from Rs 760 million for the fiscal ended 31 March 2008.

The payout to member associations from TV Subsidy/IPL subvention/ Infrastructure subsidy has risen to 6.24 billion for the fiscal ended 31 March 2009, as against Rs 4.56 billion for the previous fiscal. This also includes Rs 2.02 billion as IPL subvention.

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