New Delhi:The Indian Premier League proved out to be a profitable deal for all eight franchisee owners as they had close to 80% returns after it's first season, according to the BCCI.
In the two-day AGM at Mumbai, the Indian Cricket Board released the figures. On an average, most franchise owners paid Rs 289 crore to the board as the first annual installment of the amounts they bid to buy their team. In return each team earned around Rs 224 crore under the revenue sharing clause, mostly from TV rights revenues and sponsorship deals.
In fact, overall the IPL declared a profit of Rs 51 crore after paying the teams. Lalit Modi, the IPL Commissioner, said new franchises could sell for at least four times more than the first season.