The Board of Control for Cricket in India (BCCI) seems to be getter richer by the day, and the expansion of their wealth will also benefit the franchises in the Indian Premier League (IPL), as they will receive a major hike in their respective shares from the central revenue.
According to a report in Ahmedabad Mirror, the eight teams in the cash-rich league will now receive a sum of Rs 250 crore a year, which is a four-time increase from the Rs 60 crore that they used to receive annually in the last 10 years of the league's existence.
The news of the hike was conveyed to the franchise representatives in an IPL workshop in Ahmedabad on Sunday, the report added.
The BCCI settled for a massive Rs 16,347 crore media rights deal with broadcaster Star India, which beat all other bidders convincingly including previous rights holder SPN India. The deal effectively means that the BCCI will be receiving a sum of Rs 3,200 crore per season from Star, a four-fold increase from the Rs 800 crore that they used to receive from SPN.
The BCCI also hit a jackpot in the IPL title sponsorship deal in June last year, with Vivo retaining it with a Rs 2,199 crore bid — a 554 percent increase from the previous contract — for the period between 2018-2022.
However, the teams will also have to shell out 20 percent of their annual income — which includes the Rs 250 crore that they will be receiving — to the BCCI.
The 11th season of the Indian Premier League kicks off on 7 April, with defending champions Mumbai Indians and comeback team Chennai Super Kings facing off in the opening game of the tournament. The two qualifiers and the eliminator will be contested between 22 and 25 May, with the final taking place on 27 May. Mumbai's Wankhede Stadium will not only host the opening game, but also Qualifier 1 and the final.