With the conclusion of the bidding process of two new IPL teams, let us have a look how much BCCI (who owns IPL) earned by selling two franchises.
Also Read:- Hardik Pandya finally starts bowling in the nets
With about 22 heavyweight entities getting involved in the bidding for two new IPL franchises, we can understand how far IPL has come as a financial behemoth. The BCCI on Monday named RSPG Ventures Limited and Irelia Company Pte Ltd. (CVC Capital Partners) as the owners of two new IPL teams – Ahmedabad and Lucknow from 2022. RSPG Group bagged Lucknow by paying a price of INR 7090 crore while CVC Capitals bagged Ahmedabad by paying a price of INR 5600 crore.
The tournament was started way back in 2008 with 8 franchises. The combined cost of acquiring all the IPL franchises was INR 3000 crore. It averaged about INR 375 crore per team. BCCI made INR 12715 crores by just selling out two IPL teams. The average price of an IPL team now stands at INR 6357 crore. The price has grown 17 times in 13 editions of the tournament.
In 13 years, IPL’s valuation has grown thrice and the earnings from broadcasting rights have grown equally. BCCI’s revenues from broadcasting rights have grown from an average annual of INR 1160 crore in 2009 to INR 3269 crore now. The revenue is expected to go up to INR 6,000 crore from 2023 when media rights are due for renegotiation.
Naresh Gupta who is the Brand strategist and co-founder of Bang in the Middle says: “I would say that Brand IPL is still undervalued, given the kind of numbers being talked about. Everything associated with Brand IPL has grown manifold in the last 13 years.”
The Indian Premier League has also helped team India financially. The league has also helped talented youngster to prove themselves at the biggest stage of them all and get a chance in the Indian team.
According to Wikipedia, the Indian Premier League has overtaken many football leagues in Europe such as Bundesliga, Laliga, Serie A, Ligue 1 and many more in terms of revenue earned.