(Source X)
The Board of Control for Cricket in India (BCCI) has reportedly achieved remarkable revenue growth following the IPL 2023 season, witnessing a staggering 116% increase from the previous financial year.
As the premier T20 league globally, the IPL has shown impressive expansion over the years, significantly boosting the BCCI’s financial standing. The board now stands as the wealthiest cricket governing body worldwide, thanks to the lucrative media rights deal. With the league’s escalating popularity and rising fees, the BCCI is set for even greater earnings in the upcoming season.
In addition to the IPL 2023 success, the BCCI has solidified its global dominance, further enhanced by the launch of the Women’s Premier League. The board garnered over ₹5,000 crore from the 2023 tournament, benefiting from new media rights agreements, increased franchise fees, and sponsorship deals.
IPL Experiences Revenue Surge Thanks to Lucrative Media Rights Agreements
According to the Economic Times, the BCCI’s annual report for 2022-23 disclosed a remarkable surplus of ₹5,120 crore from the IPL 2023 season, marking a 116% increase from the ₹2,367 crore surplus of the previous year. This revenue spike is attributed to new media rights and sponsorship agreements implemented in 2023.
The BCCI’s total income from the IPL 2023 season soared to ₹11,769 crore, fueled by a substantial five-year media rights deal. The board secured media rights for the period from 2023 to 2027 at an impressive ₹48,390 crore. However, the board’s expenditure also saw a significant rise of 66%, reaching ₹6,648 crore for the IPL 2023 season.
Disney Star Clinches IPL TV Rights for ₹23,575 Crore
Disney Star secured the IPL TV rights for the 2023-27 cycle with a substantial bid of ₹23,575 crore, while Viacom18 acquired the digital media rights for ₹23,758 crore. Tata Sons obtained the title sponsorship rights for ₹2,500 crore over a five-year period. Additional contributions totaling ₹1,485 crore came from MyCircle11, RuPay, AngelOne, and Ceat.
The BCCI’s media rights for IPL 2023 were valued at ₹8,744 crore, representing a 131% increase from the previous season’s ₹3,780 crore. Franchise fees also saw an uptick, rising to ₹2,117 crore from ₹1,730 crore the year before, and sponsorship revenue grew by 2% to ₹847 crore.
Ajimon Francis, Managing Director of Brand Finance India, noted that the BCCI’s financial achievements have positioned it strongly within global cricket. He advised that the BCCI leverage this success to advance the sport internationally by supporting various cricket leagues and grassroots programs.
“The BCCI is in an enviable position in world cricket. Having achieved so much financially, BCCI should take the lead in spreading the game globally by supporting leagues or grassroots cricket,” said Ajimon Francis.