Currency Converter

Enter amount in full numerical value, without currency symbol or commas (ex: 3000000).

From:
To:
 

SBD Global/May 8, 2014/Finance

Indian Premier League To See 2014 Revenues Fall By 20% Following UAE Matches

Though the games in the seventh edition of the Indian Premier League have "lived up to expectations," the eight teams in the tournament "may not see such action in their financials this year," according to Das Gupta & Malvania of the Indian BUSINESS STANDARD. Industry professionals said that the reason is the IPL's "shift to the United Arab Emirates for the first 20 matches." As a "result of the shift, the franchises have incurred added cost for traveling and accommodation overseas" and lost out on "gate revenues for the matches held in the UAE." This means that franchisees could see a "steep fall in their incomes" by 20-25% this year, "denting their already strained balance sheets." Kolkata Knight Riders CEO Venky Mysore said, "The franchisees have been hit by a double whammy -- costs have gone up and revenues have come down because of the shift in venue." IPL "top brass," however, has said that "they will 'take care' of the additional expense, though there is nothing specific which has been given in writing." An official "associated with a franchise from North India" said, "The franchises definitely have it tough this year. There has been a drop of 30 to 40% in sponsorship revenues on an average apart from the loss in gate revenues for matches in the UAE" (BUSINESS STANDARD, 5/7).
Return to top

Related Topics:

Finance, India

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug