Reports: IPL may take a financial hit of 10,000 crores if it gets cancelled this year

Indian Premier League 2020 is approaching fast and the voices are being raised by the state governments in India that this edition of the cash-rich league would be postponed due to the severe threat of Coronavirus.

The sports industry has dealt a massive blow after Coronavirus came into the picture. The events have been cancelled and postponed after the disease has taken several lives across the globe. The schedule of Indian Premier League 2020 has already has been released and the tournament will commence from 29th March.

And the inaugural game will be played between Mumbai Indians and Chennai Super Kings at Wankhede Stadium in Mumbai. However, there have been questions over the feasibility of the tournament. Meanwhile, the IPL governing council is expected to meet on March 14 to discuss over the same.

BCCI and organizers to incur a major financial loss

Now, Vinit Karnik,  business head, ESP Properties, GroupM has opened up saying that BCCI and IPL organizers will be dealt with a major loss if the league gets abandoned this year. Karnik said that about 35% of the players and crew comes from foreign countries. And with new visa rules, they will not be allowed to enter the country until 15th of April. Due to all the aforementioned reasons, the organizers of IPL 2020 will have serious issues over the tournament’s execution.

“Around 35% of IPL talent (players) and the production crew comes from other countries. With the new visa curbs, their entry might get restricted until they get work visas. All the safety and execution related concerns are valid as there are multiple stakeholders involved with obvious cost implications,” Vinit Karnik said as quoted by Livemint.

According to the reports, the sports experts feel that IPL might get a major financial hit of and around 10,000 Crores if IPL 2020 doesn’t initiate. And, it includes several major areas where the council will have to suffer losses like gate receipts, sponsorships, media rights, franchise revenue and players fees as well as hospitality and travel-related costs. Moreover,  BCCI and the organizer will have to incur all these losses.