Sport Cricket-Indian board says it faces $270 million hit from IPL suspension
Cricket-England paceman Archer to sit out rest of IPL season, says ECB
Cricket-England paceman Archer to sit out rest of IPL season, says ECBArcher, contracted to the Rajasthan Royals franchise, underwent surgery to remove a glass fragment from a tendon on his right hand after an attempt to clean his fish tank went wrong.
By Amlan Chakraborty
NEW DELHI (Reuters) - The Indian cricket board faces losing about $270 million in revenue after its lucrative and star-studded Indian Premier League (IPL) was halted by the COVID-19 crisis in the country, a senior official told Reuters on Wednesday.
The world's richest Twenty20 league was approaching its halfway stage before it was suspended indefinitely on Tuesday following bubble breaches in two venues.
No immediate plans to withdraw England players from IPL amid coronavirus crisis
The competition is continuing despite the surge of cases in India.The IPL has been carrying on against a grim backdrop of a public health emergency, with daily infections now topping 350,000 and reports of oxygen shortages and a lack of hospital capacity.
"The ballpark figure for revenue loss would be to the tune of 2000 crore rupees (20 billion)," Arun Singh Dhumal, treasurer of the Board of Control for Cricket in India (BCCI), told Reuters. That equates to about $270 million.
"Given all our contractual obligations, we are yet to find out what would be the actual figure," he said, adding that the governing body's immediate priority was to ensure the league's foreign players returned home safely.
The eight-team IPL, featuring celebrity owners including the great and the good of business and Bollywood, attracts the biggest names in world cricket to a nation devoted to the sport.
Players include the likes of India captain Virat Kohli, England all-rounder Ben Stokes and Australian batsman Steve Smith.
Surely, the IPL show cannot go on after Chris Lynn's jab revelation
PAUL NEWMAN - WORLD OF CRICKET: Chris Lynn, during a plea to his government to lay on a charter flight to get players out of the country, said matter of factly: 'We get vaccinated this week.'There on Tuesday was Aussie cricketer Chris Lynn, in the middle of a plea to his government to lay on a charter flight to get players out of the country at the end of this year's tournament, revealing, matter-of-factly: 'We get vaccinated this week.
STAR Sports bagged the IPL's television and digital rights for 2018-2022 for 163.48 billion rupees, agreeing to pay about 545 million rupees per game in a 60-match season.
With only 29 games of 60 completed before the pandemic halted this year's IPL, the BCCI could lose a chunk of that pot.
"You get paid for what you deliver," said Thomas Abraham, co-founder of SportzPower, a company that monitors sports business in India.
STAR Sports supported the decision to suspend the league but its officials were not available to discuss the financial implications when contacted by Reuters.
Indian cricket bosses are hoping to resume the league in late September, but that appears a tough challenge given the COVID-19 infection risks involved in a country being hit hard by the pandemic.
IPL BRAND DENTED
According to financial consultancy firm Duff & Phelps, the IPL's brand value had already shrunk 3.6% to $6.19 billion last year because of the pandemic, which forced the BCCI to stage the league in the United Arab Emirates.
Cricket-IPL indefinitely suspended due to COVID-19 crisis in India
Cricket-IPL indefinitely suspended due to COVID-19 crisis in IndiaNEW DELHI (Reuters) -The Indian Premier League Twenty20 cricket tournament has been indefinitely suspended due to the COVID-19 crisis in the country, the IPL said on Tuesday.
Duff & Phelps says its method estimates the value of a business based on the cash flows it is expected to generate over its lifetime.
Abraham said the league's brand value had suffered this year too, before the suspension, as it forged ahead with games in the face of criticism from some cricket pundits, columnists and fans.
"SportzPower's view is that IPL's brand value has taken a hit because IPL promoter BCCI was tone-deaf in how it went about delivering the IPL in the middle of a raging pandemic," he said.
The BCCI distributes half of its central pool of revenue, from broadcasting and the main IPL sponsors, among the eight team franchises.
A shrunken pool will mean a smaller share for the teams, but Punjab Kings co-owner Ness Wadia was unfazed.
"It is important that we considered the safety of the players. That is the utmost important factor," Wadia told http://www.cricbuzz.com
"Personally, I have not thought about the financial losses. We will deal with that later. Right now we are focusing on ensuring safe return of the players."
($1 = 73.89 Indian rupees)
(Reporting by Amlan Chakraborty in New Delhi; Editing by Pravin Char)
England players unlikely to feature in rescheduled IPL - Giles .
England players unlikely to feature in rescheduled IPL - GilesThe IPL was suspended indefinitely last week after several personnel tested positive for COVID-19. India reported 366,161 new COVID-19 infections on Monday, taking the case load to 22.66 million.