The present global pandemic will cause a major hit to money spinning Indian Premiere League IPL and would cost more than half a billion dollars.
A top official of Indian cricket board, said the coronavirus pandemic would cost more than half a billion dollars loss, but cutting players’ pay was not yet being considered. The tournament had to be started on March 29th this year but start date was postponed repeatedly due to the coronavirus outbreak.
Cancellation of the IPL for 2020 would mean a huge financial hit. “The BCCI is looking at a big revenue loss. In case the IPL does not take place, the loss would be close to 40 billion Indian rupees ($530 million), or even more,” said Board of Control for Cricket in India treasurer Arun Dhumal.
“We are not sure whether we will be able to have it this year,” he admitted.
A one-day international series against South Africa in March has already been cancelled but it is the IPL, which began in 2008, that generates the bulk of BCCI revenue and is thought to be worth more than $11 billion a year to the Indian economy. “We will only be able to figure out the exact revenue loss once we are sure of how many games we have lost,” said Dhumal. The IPL brand value was estimated at $6.7 billion last year by the Duff and Phelps financial consultancy.
Earlier Amid the coronavirus outbreak globally Canadian Grand Prix in Montreal also postponed that scheduled on June 14 this year. Organizers of the Canadian Grand Prix management said tickets would remain valid. However spectators will informed of their options when a new date decided. The F1 season has yet to start, with the March 15 season-opener in Australia canceled along with the Monaco showcase in May.