The Board of Control for Cricket in India (BCCI) has earned a jaw-dropping 5,120 crore from the Indian Premier League (IPL) 2023 which marks an increase of 116% over 2,367 crore which the highest board made from IPL 2022. As per BCCI's annual report for 2022-23, the total income in IPL 2023 rose 78% year-on-year to 11,769 crores while the expenditure gained new heights increasing by 66% to 6,648 crores. The reason for this mammoth growth was new media rights and sponsorship deals. The new media rights deal worth '48,390 crore for the 2023-27 cycle was started in the IPL 2023 season.
Media Rights play key role in growth
Disney Star acquired the IPL TV rights for 2023-27 with a bid of Rs 23,575 crore in 2021, while Viacom18-owned JioCinema secured the digital rights with a bid of Rs 23,758 crore. Additionally, Tata Sons purchased the IPL title rights for Rs 2,500 crore over five years. The Profits also included Rs 1,485 crore from selling associate sponsorships to MyCircle11, RuPay, AngelOne, and Ceat.
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Income from media rights soared by 131% to Rs 8,744 crore in IPL 2023, up from Rs 3,780 crore in IPL 2022. Earnings from franchise fees rose by 22% to Rs 2,117 crore, while sponsorship revenue increased by 2% to Rs 847 crore. Between IPL 2018 and 2022, Disney Star was the sole media rights holder, having paid Rs 16,347 crore for the five years.
"The BCCI is in an enviable position in world cricket. Having achieved so much financially, BCCI should take the lead in spreading the game globally by supporting leagues or grassroots cricket," said Ajimon Francis, MD of brand valuation and strategy consultancy Brand Finance India as quoted by Economic Times.
Financial Year 2023 profits
For FY23 (Financial Year 2023), the board's profit grew by 38% to Rs 3,727 crore, with income rising 50% to Rs 6,558 crore and expenditures increasing by 70% to Rs 2,831 crore. The BCCI also earned an excess of Rs 377 crore from the Women's Premier League (WPL), which launched in 2023. WPL generated Rs 636 crore from media rights, franchise fees, and sponsorships, with an expenditure of Rs 259 crore. Interestingly Minister of State (MOS) for Finance Pankaj Chaudhary informed the Rajya Sabha that the BCCI paid Rs 2,038 crore in GST during FY23 and FY24.
As per Economic Times, the richest cricket board in the World had a bank balance of '16,493.2 crore in various savings and current accounts and Fixed Deposits at the end of FY23, up from '10,991.29 crore a year earlier. It paid '4,670 crore to IPL franchises from the central pool during the 2023 season, compared to '2,205 crore in the previous season. The current figures and profits are a testimony to the growing stature of Indian cricket particularly IPL.
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