Aftermath of the IPL Ban: Stocks and Businesses Affected
BCCI declares the postponing of IPL 2021 by delivering a message to the world that one life is very much valuable than any game and revenue. Due to the booming rate of COVID positive cases in the country, also among the IPL players and supporting staff of IPL, the Board of Control for Cricket India (BCCI) decided to postpone the rest of the IPL games of 2021. Withholding every revenue loss this decision was delivering good positivity and support across the country towards the second wave of COVID-19 facing by our homeland. BCCI made every precaution without compromising the safety and travel of the players and staff involved in IPL 2021.
Numerous foreign cricketers, predominantly from Australia have left the IPL games in the middle and returned home. This decision was made after hearing the news about Australia planning to stop flights from India to their respective country. Soon after, Australia in reality stopped every passenger flight from India up to May 15. Several Australian players who played in the IPL matches in India are locked out in their country now. Nevertheless, BCCI has guaranteed that it will do everything potential to coordinate a secure and sheltered course for all the people who take part in the IPL 2021.
Unanimously, BCCI and IPLGC (Indian Premiere League Governing Council) decided to postpone the IPL 2021 in an emergency meeting with immediate effect. Some players who played in the respective games tested COVID positive results this postponing the entire tournament. Stakeholders of IPL agreed to this decision with an open hand for the sake of players and the entire country. Through this decision stake holders also reminded everyone that the value of a life is more important than any game or any profit or revenue. Health and safety is the keen factor that we all have to follow for us and the well-being of the society.
“These are difficult times, especially in India and while we have tried to bring in some positivity and cheer, however, it is imperative that the tournament is now suspended and everyone goes back to their families and loved ones in these trying times. The BCCI will do everything in its powers to arrange for the secure and safe passage of all the participants in IPL 2021.” Said, BCCI Officials
Value of Life beats the Revenue of IPL 2021
Before, the postponing of this IPL season a total of 29 matches were played by the teams. Delhi capitals were the leading one in the list with six victories from a total of eight matches. By the Indian Premier League (IPL) postponing, the broadcaster of BCCI Star Sports and around eight franchises look intently at immense sufferers. Postponing of the total session of IPL affected several tournament stakeholders. Almost 2000 crores hit were taken by most of the stakeholders. Esteemed at 6.2 billion, following IPL 2020, the fortune of the revenue sequence carries on chances of the season is recommenced afterward in the coming session. While excluding the calculated profits, the players who participated in this year will get waged incomplete as per their agreement. This means the official board supported the players with full payment amid this situation.
Following the standard terms and conditions of IPL players contract franchisees decided to pay their salaries in three installments. The primary payment has already been waged, by way of the last two installments assumed over pending with the ending of the IPL session. If BCCI fails to complete the rest of the games in the session, players will receive remain two installments of their wages without any fail. The salaries of all IPL players are secured by insuring their wages under the conditions and policies of insurance with respective franchises. The Sum of the total salaries of IPL players will be 483 crores. The business model hold by the entire season is a unique one; right now it took a financial hit by the current situation of the second wave COVID-19 pandemic.
The Star Network will reimburse BCCI on a pro data root basis for the count of matches played in the season. BCCI receives 54.4 crores for one match from the Star network. Consequently, the newscaster will only disburse 1,577 crores for the total matches played. BCCI will endure a loss of almost 1,700 crores for the leftover 31 matches. BCCI and the IPL teams work with an equal share of revenue equation each other with the franchises. As a result, BCCI will split 50 percent of the proceeds earned from the innermost pond with the charter. Dream 11, Upstox, CEAT, Cred, Unacademy, TATA, and PayTm are the official partners of IPL 2021. Normally they have to pay around 300 crores for the entire season. Now the situation changed because of the postponing, right now they have to pay around 150 crores. But Star Network is still in trouble, they will never get the full payment amount as per the agreement.
As India grapples with an unparalleled healthiness catastrophe, with hundreds of thousands of everyday report bags of COVID-19 cases, a larger amount of patients are suffering from the lack of oxygen and hospital beds, there is broad wisdom of obscurity and misery existing in the country.