IPL media rights auction likely to be postponed
There are multiple reasons for the postponement.
Updated - Aug 12, 2017 2:20 pm
Indian Premier League is one of the most popular sporting events around the world. Fetching numerous viewers over the world, the annual cricketing fiesta of the cricket crazy nation India is a very strong source of income for companies who are associated with this mega event. Talking of the modern day game, social media is strongly attached to the events taking place in the field.
If a company is trying to announce its arrival in the online sports coverage market, IPL is the best step forward for it. Owing to the mountain-like popularity of the event, many companies are trying to get their hands on the exclusive media rights of IPL.
Many well-known companies like Reliance, Facebook, Twitter and Discovery have bought the bid documents which are needed to participate in the IPL media rights auction. 28th August was fixed as the auction date but there are high chances that it will get postponed.
What is the reason for the postponement?
Well, there is not one particular reason but multiple reasons for the tentative postponement. The main reason is the Supreme Court verdict which will come out on 23rd August. Member of the Rajya Sabha Subramaniam Swamy has moved to the court, demanding that the BCCI must keep the details of the auction transparent online.
BCCI is dead against the E-Auction system, stating that if such a process is introduced, then the board will get a much lesser revenue. BCCI is preparing to fight against this system on 23rd August.
Another reason for the delay is bank holidays. Ganesh Chaturthi is on the 25th of August, just three days before the auction. Banks will be remained close on August 27th as well, since it is Sunday. Hence, the companies participating in the draft might not be well prepared for the action.
Another reason for which the board is trying to postpone the auction is that it is trying to organize the vital process on such a day when they will be able to fetch maximum revenue, which can be as high as $2 billion.
The final date has not yet been decided but there is no possibility of an auction on the 28th. It is expected that the auction will be postponed for around a week and the all important process will finally undergo in the first week of September.