News

IMG retains IPL deal for five years

News- IMG has been associated with IPL since 2008
UK-based International Management Group (IMG), the backbone of the Indian Premier League (IPL) over the last 10 years, has won the bid to be retained as events rights holders of the multi-million dollar tournament. Associated with IPL since its inception in 2008, IMG-UK left behind three other bidders in the race to hold on to the contract which they had first claimed 10 years ago at a value of Rs 27 crore per year for a period of 10 years.




In 2009, when the IPL shifted to South Africa, the annual contract between BCCI and the IMG got hiked to Rs 33 crore and was pegged at Rs 28 crore per year between 2012 and 2013 when the league remained the 10-team affair.
At incremental value, the renewed deal will see BCCI pay IMG close to 40% more of the previous one for services to be rendered over the next five years. The media rights auction, for which a tender will be floated on July 17, will also be allotted for a five-year term starting next season.
An official announcement on the deal is expected to be made by the cricket board on Saturday. The other three bidders in race for the contract were Rhiti Sports, run by cricketer MS Dhoni’s managerial team; Wizcraft, an event-management company that specialises in Bollywood and Group of 4, a company with logistical expertise.




Of the bids that were submitted in two different parts – technical and financial – only the technical aspect of the bids were opened by a select team of BCCI officials, including IPL governing council chairman Rajiv Shukla and CEO Rahul Johri, on Thursday based on which the BCCI decided to renew its contract with IMG.
Via

Click to comment

Most Popular

To Top