Businesses earn big as BCCI clears ODI WC 2023 payments

Businesses earn big as BCCI clears ODI WC 2023 payments. Twenty First Century Media, a sports marketing and management organization, received the largest payout from the BCCI for the World Cup, totalling Rs 39 crore.

India played some outstanding cricket during the ODI WC 2023. After winning ten consecutive games, the ‘Men in Blue’ were defeated by Australia at the Narendra Modi Stadium in Ahmedabad. The 13th edition of the ODI World Cup was hosted entirely in India for the first time. Several businesses generated significant profits as the cricket-crazed nation embraced the flagship event with open arms.

The BCCI made the highest payments to companies in various categories. Including advertising, airlines, and hotels, between August and November 2023, according to disclosures of payments over Rs 25 lakh made by the cricket board available on its official website. TCM (Twenty First Century Media), a sports marketing company, signed the most valuable contract with the BCCI during this period. They collected a huge Rs 38.60 crore. Out of this large sum, Rs 3.40 crore spent on organizing the final’s mid-innings celebration.

The remainder going toward the tournament’s public relations and marketing service

According to the company’s website, it was the official agency in charge of producing and managing static signs at all ten stadiums throughout the cricket tournament. GroupM, a media investment company that helps businesses strategize their advertising techniques. Came in second with payments of Rs 23.47 crore, according to BCCI records. Airline Vistara is third on the list, with payments totaling Rs 8 crore, followed by DNA Entertainment at Rs 6.9 crore and Akasa at Rs 3 crore.

The other big payments were Rs 2.9 crore to ground transportation provider KTC India Pvt Ltd. Rs 2.5 crore to ITC Hotels, and Rs 2 crore to SpiceJet. This list may be update in the near future because certain outstanding debts may been paid by the end of November or may have been divide into installments totaling less than Rs 25 lakh. According to the records, air travel accounted for a significant portion of the BCCI’s payments for the showpiece event, totaling Rs 16 crore. Charter flight companies Air Charter Service India Private Ltd and Charter X also got payments of Rs 2 crore and Rs 90 lakh, respectively.

The BCCI paid a total of Rs 10.4 crore to hotels over the duration of the Cricket World Cup. Hotels such as Radisson Blu Dharamshala, Leela Palace Chennai, Trident Nariman Point, and ITC Narmada Ahmedabad received the most payments, totaling Rs 1.50 crore, Rs 99 lakh, Rs 95 lakh, and Rs 86 lakh. Eagle Hunter, a security solutions provider, received a payment of Rs 1.6 crore from the world’s richest cricket board.

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The Tamil Nadu Cricket Association won the highest gross sum among all state associations

The cricket associations of Delhi, Himachal Pradesh, Bengal, Uttar Pradesh, Gujarat, Mumbai, Maharashtra, and Karnataka. Each earned Rs 10.80 crore in hosting costs for the 10-team tournament. The Tamil Nadu Cricket Association (TNCA) had the highest revenue at Rs 11.80 crore. Assam and Kerala cricket associations received only Rs 2.70 crore each. While Hyderabad, which did not host an India-related match, receive Rs 8.10 crore.

The BCCI also reported an increase in its income for the current fiscal year (FY24) of Rs 2,198.23 crore. According to the BCCI’s earnings report shared with Parliament in August last year. The cricket board earned $919 million (Rs 7,568 crore at current exchange rates. ) Spent $370 million (Rs 3,077 crore) for the fiscal year ending March 2022, leaving a $549 million (Rs 4,549 crore) profit. The cricket board is anticipate to generate roughly $230 million (Rs 1,913 crore. ) Annually between 2024 and 2027, or 38.50 percent of the International Cricket Council’s yearly income of $600 million (Rs 4,990 crore).

Brokerage firms’ estimates highlighted the World Cup’s major importance to India’s economy. Last year, economists from Bank of Baroda forecast a $2.6 billion (Rs 21,622 crore) boost to the country’s GDP. While a Kotak Securities research predicted the cricket event will bring roughly Rs 13,500 crore. According to analysts, the ODI WC 2023 had the greatest impact on the travel. Hospitality, media and entertainment, retail, and food and beverage sectors.

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