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BCCI Hits Jackpot with IPL 2023: The Board of Control for Cricket in India (BCCI) has earned a lot from IPL 2023. For the first time in the history of IPL, BCCI has saved more than Rs 5000 crore from a single season of IPL. The surplus in IPL 2022 which was about Rs. 2300 crore, more than doubled in the next season itself. Indian Premier League (IPL) is the second largest sports league in the world today.
BCCI made a profit of Rs 5120 from IPL 2023
According to a report, BCCI has made a profit of Rs 5120 from IPL 2023. The board saved Rs 2367 crore from IPL 2022. Thus the amount of savings has increased by 116% compared to last year. If we talk about earnings on an annual basis, then there has been an increase of 78% in it. In 2023, earnings have increased to Rs 11769 crore. The report states that this increase is mainly due to the new media rights and sponsorship deals that came into effect with the IPL 2023 season.
Major contributor to media rights revenue
According to the report, a major contributor to this financial success was media rights revenue, which grew 131% from Rs 3,780 crore last year to Rs 8,744 crore. The BCCI bagged a lucrative media rights deal of Rs 48,390 crore for the 2023-2027 IPL cycle, with Disney Star bagging TV rights worth Rs 23,575 crore and Viacom 18's Jio Cinemas digital rights worth Rs 23,758 crore.
In addition, the IPL title rights were sold to Tata Sons for Rs 2,500 crore for a period of five years. On the other hand, brands such as MyCircle11, RuPay, angelOne and Ceat joined as associate sponsorships, earning the board an additional Rs 1,485 crore. The report also stated that the Women's Premier League (WPL), which began in 2023, also contributed to BCCI's financial success by generating a surplus of Rs 377 crore. The WPL's revenue, which stood at Rs 636 crore, came from media rights, franchise fees and sponsorships, while expenses stood at Rs 259 crore.
BCCI's expenditure for IPL 2023 rises 66% to Rs 6,648 crore
Talking about expenditure, BCCI's expenditure for IPL 2023 has increased by 66% to Rs 6,648 crore. The board also distributed Rs 4,670 crore to IPL franchises from the central revenue pool, which was double the amount distributed in the previous season. BCCI's surplus for the overall financial year increased by 38% to Rs 3,727 crore, total revenue grew by 50% to Rs 6,558 crore, while expenditure increased by 70% to Rs 2,831 crore.
The Board of Control for Cricket in India is the richest cricket board in the world
BCCI's financial position has strengthened. Its bank balance in various savings and current accounts and fixed deposits stood at Rs 16,493.2 crore at the end of the financial year, up from Rs 10,991.29 crore last year. The Board of Control for Cricket in India is the richest cricket board in the world and these figures themselves testify to this, as many leagues in the world pale in comparison to the Indian Women's Premier League.