BCCI refunds franchise fee to CSK and RR

The Board of the Cricket Control in India (BCCI) has refunded 30 percent of franchise fees paid for IPL 2016 by suspended franchises. Suspended franchises Chennai Super Kings and Rajasthan Royals both received Rs 11.4 crore and 8.4 crores respectively.

Both these franchises, which have been suspended for two years from playing in IPL by the Justice Lodha committee as punishment for their owners indulging in betting.

According to information put up on the BCCI website, Chennai Super Kings Cricket Ltd, that owns and operates the southern franchise, was last month refunded the first instalment of Rs 1,141,14,000 that amounts to 30 percent of the franchise fees paid to BCCI.

Similarly, Jaipur IPL Cricket Pvt Ltd, that owns and operates Rajasthan Royals, had been paid Rs 8,40,18,000, constituting to their share of 30 percent of the franchise fees paid by it to BCCI.

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Both the franchises had paid the fees strongly opposing it and had moved the Bombay High Court in April against levying of franchise fees by the BCCI.

The apex board later decided for an out of court settlement by waiving the annual franchise fees to these two teams during their suspensions at its working committee meeting held in New Delhi last month.

The BCCI also rewarded the Hyderabad Cricket Association with a cash prize of Rs 28.75 lakh for providing good wickets and outfield for IPL 2016.

Earlier, the BCCI revealed that it made a surplus of Rs 111.83 crore in the last fiscal year. However, it was Rs 55 crore less than what they made in the previous year, according to Treasurer Anirudh Chaudhry.

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He explained that the dip in the last fiscal was due to the distribution of additional amount due to associations, additional payments to players and mainly because of the absence of Champions League T20 Tournament which was scrapped after the first six editions.