BCCI to give Rs. 250 crore a year to franchises
What's the story
The eight franchises in the Indian Premier League will be receiving a whopping Rs. 250 crore every year. According to a report, the teams are set to get this sum from the central revenue of the money spinning league. Till now, teams used to get Rs. 60 crore every year, and the amount has increased four times.
Huge sum
The reason behind the hike for IPL teams
The BCCI had reached a Rs. 16,347 crore media deal with giants Star Sports in 2017 for a five-year period. This new deal with Star Sports will see BCCI receive close to Rs 3,200 crore per season. Earlier the board used to get Rs. 800 crore a year from former broadcast partner Sony. This in turn will benefit the IPL teams' revenue.
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BCCI gets the money spinning
The board's mega sponsorship deal with Vivo is around Rs. 2,000 crore is a giant step to maximise revenues. Moreover, the BCCI is set to earn a windfall from the IPL in the coming years as teams have to pay 20% of their annual income.
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IPL 2018 schedule
The Indian Premier League 2018 kicks off on April 7 with defending champions Mumbai Indians hosting Chennai Super Kings. The final is to be played in Mumbai on May 27.