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BCCI profit soars a whopping 928% to Rs 1,714 cr

Sarkar

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Board of Control for Cricket in India — the richest cricket board in the world — reported a whopping 928% jump in net profits to Rs 1,714.94 crore for the year ended March, 31, 2016, reports Devendra Pandey and Malyaban Ghosh in Mumbai. The surge in the bottom line can be attributed to an exceptional gain of Rs,603 crore realised by discontinuing the Champions League T20. While the board earned more from income from the grant of media rights and a surplus from the Indian Premier League, it lost out on revenues from the Champions League T20 rights.

Cash and bank balances with the governing body for cricket increased by 65.6% to Rs 3,576.17 crore. The size of the balance sheet expanded 44.28% at the end of March 2016, to Rs 7,847.07. The Indian Express and The Financial Express have reviewed a copy of the board’s accounts.

Had it not been for the extraordinary gain, BCCI’s profits would have fallen by 33% to Rs 111.83 crore during the year. In fact, revenues or total income fell 11.85% to Rs 1,365.35 crore since the board did not receive any income from the rights of Champions League T20.

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“We have one of the most robust domestic structures and we will constantly strive to make it stronger and better. I am committed to deliver a state of the art High Performance Centre very soon,” Anurag Thakur, president, BCCI, noted in the annual report.

“This year has seen considerable reform brought about in functioning of the BCCI and its continuous endeavour to to improve its management and functioning on all fronts. The team of professional managers has been considerably strengthened by the appointment of a CEO and CFO to look after the day operations,” Ajay Shirke, secretary, BCCI, observed. During the year the BCCI transferred Rs 750 crore to the state cricket associations for the development of infrastructure and R500 crore towards the Cricket Development Fund.

BCCI profit soars a whopping 928% to Rs 1,714 cr; all you want to know - The Financial Express
 
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