Indian Premier League (IPL) franchises saw their revenues more than double in the financial year ending in March 2024, driven by a notable rise in profitability, according to a report by The Economic Times.
This boost was largely due to a larger portion of the league's central revenue pool received during IPL 2023. According to 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 pool in IPL 2022.
Increase in revenue in FY24
Reliance Industries-owned Mumbai Indians saw their revenue soar to Rs 737 crore in FY24, a significant increase from Rs 358 crore in FY23, according to their annual report. This made them the highest-earning team in the IPL. The franchise also turned around its financial performance, achieving a profit of Rs 109 crore in the last financial year, in contrast to a net loss of Rs 49 crore in FY23.
Similarly, the Chennai Super Kings saw its revenue increase to Rs 676 crore last year, up from Rs 292 crore in FY23, as detailed in their recent annual report. The team saw its profits increase four times 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 FY24, a turnaround from a net loss of Rs 12 crore the previous year. The team's revenue also surged to Rs 650 crore from Rs 247 crore.
In its FY24 annual report, Sun TV Network, the owner of Sunrisers Hyderabad, reported a significant increase in income from its cricket franchises, rising to Rs 659.03 crore from Rs 276.01 crore in FY23.
Additionally, the network, which also holds the SA20 franchise Sunrisers Eastern Cape, saw franchise fees soar to Rs 142 crore in FY24, up from Rs 64 crore the previous year.
In FY24, 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, reaching Rs 695 crore.
The BCCI has also experienced a substantial boost in earnings, thanks to a historic five-year media rights deal with Disney Star and Viacom18 valued at Rs 48,390 crore, starting 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 revenue has similarly increased, with new agreements with Tata Sons, MyCircle11, RuPay, AngelOne, and Ceat, collectively worth Rs 4,000 crore. The board's surplus from IPL 2023 jumped to Rs 5,120 crore, up from Rs 2,367 crore the previous season, due to the new media rights arrangement.
The franchise fees collected from the 10 IPL teams in 2023 amounted to Rs 2,117 crore, compared to Rs 1,730 crore in the previous season.
First Published: Sep 06 2024 | 5:46 PM IST