Finance Notes: BCCI Outstanding Tax Demand May Go Up To $129M
The oustanding tax demand by the income tax department of the BCCI "may go up" to more than Rs 860 crore ($129.3M), according to a response to intervention reply from the department. The tax department said that the total tax payable by the BCCI until Jan. 9 was Rs 1,325.3 crore for the assessment year '14-15, of which it had paid Rs 864.8 crore, leaving an outstanding tax of Rs 460.5 crore. The reply said that for '15-16, the assessment will be completed and the department is "likely to raise a demand" of Rs 400 crore on the cricket body, taking the total pending demand to Rs 860.5 crore (PTI, 1/19).
National League club Hartlepool United is "on the brink of administration" with debts of £1.8M ($2.5M) and immediate bills of £200,000 ($277,188). Fans of the club organized a sell-out for the Saturday home game against Wrexham alongside an online fundraising campaign that raised £67,000 ($92,858), meaning players "will be paid next week" (SKY SPORTS, 1/20).
Kit supplier PlayerLayer raised £7M ($9.7M) to "help it expand overseas." The company designs customized strips for teams including British speed skating, England lacrosse and American football side London Blitz. Pembroke VCT was among the big backers in the fundraising round (SUNDAY TIMES, 1/21).