Indian Premier League (IPL) franchises saw their revenues more than double in the financial year ending March 2024, driven by a notable increase in profitability, according to a report by The Economic Times.
This boost was largely due to a larger share of the league’s central revenue fund received during IPL 2023. As per the BCCI’s annual report for FY23, the 10 IPL teams collectively earned Rs 4,670 crore from the Board of Control for Cricket in India (BCCI) for IPL 2023, up from Rs 2,205 crore received from the central fund in IPL 2022.
Increase in revenue in fiscal year 24
Reliance Industries-owned Mumbai Indians’ revenue rose to Rs 737 crore in FY24, a significant increase from Rs 358 crore in FY23, according to its annual report. This made them the highest-earning team in the IPL. The franchise also turned around its financial performance, making a profit of Rs 109 crore in the last financial year, in contrast to a net loss of Rs 49 crore in FY23.
Similarly, Chennai Super Kings’ revenues rose to Rs 676 crore last year from Rs 292 crore in FY23, as detailed in its recent annual report. The team saw its profits quadruple to Rs 229 crore.
Royal Challengers Bangalore, owned by Diageo’s United Spirits and featuring Virat Kohli, reported a net profit of Rs 222 crore for the fiscal year 2024, turning around from a net loss of Rs 12 crore in the previous year. The team’s revenue also rose to Rs 650 crore from Rs 247 crore.
In its annual report for FY24, Sun TV Network, which owns Sunrisers Hyderabad, reported a significant rise in revenue from its cricket franchises, which increased to Rs 659.03 crore from Rs 276.01 crore in FY23.
Additionally, the network, which also owns the SA20 Sunrisers Eastern Cape franchise, saw franchise fees soar to Rs 142 crore in FY24, up from Rs 64 crore the previous year.
In fiscal year 2024, RPSG Sports, which owns the Lucknow Super Giants, posted a net profit of Rs 59 crore, reversing the previous year’s net loss of Rs 243 crore. The company’s revenue nearly tripled to Rs 695 crore.
The BCCI has also seen a substantial rise in earnings, thanks to a landmark five-year media rights deal with Disney Star and Viacom18 valued at Rs 48,390 crore, commencing with the IPL 2023 season. In comparison, the previous media rights cycle, which concluded with IPL 2022, generated Rs 16,347 crore from Star India.
BCCI’s sponsorship revenues have also increased, with new deals with Tata Sons, MyCircle11, RuPay, AngelOne and Ceat, collectively worth Rs 4,000 crore. The board’s surplus for IPL 2023 increased to Rs 5,120 crore, from Rs 2,367 crore in the previous season, due to the new media rights deal.
The franchise fees charged to the 10 IPL teams in 2023 amounted to Rs 2,117 crore, compared to Rs 1,730 crore in the previous season.
First published: September 6, 2024 | 17:46 IS
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.