IPL 2020: Franchise owners worried about incurring losses after coronavirus outbreak

Indian Premier League (IPL) franchises are concerned over the effect of the spread of Corona virus. It is reported that the spread of Corona Virus across major cities of India could harm the gateway revenues for the IPL teams.

New Zealand players in IPL

Team owners are worried about the potential losses they would incur because of the pandemic.

Also Read - India's T20 WC win over Australia more important: Brett Lee

Reassuring the owners, BCCI president Sourav Ganguly has confirmed that the IPL will go on as per schedule despite the disease threat.

An executive of IPL governing body said, “Between now and March 29 (when IPL starts), there are about three weeks left. The answer to this question depends on how these three weeks pass. If a newspaper headline tells me in the morning that Corona virus is spreading, then it’s going to play on my mind.

“I will not want to see myself entering a cricket stadium with large crowds. So, yes, it’s a worry right now but, time will tell,” the IPL executive was quoted as saying in The Times of India (TOI).
“Gate money, in-stadia branding, merchandising, hospitality these are few avenues from where those expenses can be recovered. If panic spreads and stays, it certainly will have a cascading effect on the whole thing,” the official added.
“The financial rewards have been reworked as a part of the cost-cutting measures,” the BCCI said in a circular sent to the franchises.

As a result, the champions will get $1.36 million instead of $2.72 million. The prize money for the runners-up has also been halved.

“The franchises are all in good health. They also have multiple ways like sponsorships to bolster their income. Hence the decision on prize money taken,” the Press Trust of India quoted a senior BCCI source as saying.

Each of the eight franchises will also have to shell out $68,119 to the state association for each game it hosts, up from $27,197.

Like and Share the news if you liked it.

Related Articles

Keeping sponsorship with Vivo left fans angry

Indian government gives green signal to IPL 2020

IPL final likely to postpone for 2 days owing to Diwali

Special flights’ for IPL players

IPL fate to be decided after April 15