Wednesday, 29 June 2022

BCCI to hire KPMG firm for media rights bid process

BCCI to hire KPMG firm for media rights bid process

Indian Board BCCI has hired accounting firm KPMG to advise them on the IPL media rights. It is learning that Jay Shah's Board secretary office has decided this.

According to an official, the BCCI (The Board of Control for Cricket in India) expects around Rs 30,000 crores from media rights for the upcoming five-year cycle from 2023-2027, while KPMG would guide them on the tender procedure. The present IPL media rights with Star India, TV, and digital are worth Rs 16,347.50 crore. The ongoing deal expires next year.

The media rights of IPL tender are expected to be published soon, although the Indian Board is thinking about options about whether to go for choose a sealed bid or e-auction. The IPL governing council meeting is making KPMG's name official on Sunday.

In a release after the governing council meeting of IPL on 28th September, the BCCI had stated: "IPL Media Rights tender for the year 2023-2027 will be released immediately after the commission of two new IPL teams, which is line up to be announced on 25th October 2021."

BCCI to hire KPMG firm for media rights bid process 1Twitter image: @IPL

Read More: Ipl Mega Auction to be held on February 12 and 13 in Bangalore

CVC to stay in Ipl

The BCCI will also discuss the report submitted by a governing council meeting committee that had looked into CVC's IPL franchise ownership competence. It understands that the committee has given Irelia Company Pte. Ltd (CVC) to own the Ahmedabad franchises, one of the two new franchises in the tournament from next year. CVC was the second-highest bidder when two new IPL teams were auctioned in October, winning the Ahmedabad franchise's rights for Rs 5,625 crore. Sanjiv Goenka's RPSG Group bagged the Lucknow franchise for Rs 7,090 crore.

A day after CVC was announced as the successful bidder for the Ahmedabad team, reports emerged that it has a connection with betting companies abroad. However, the committee has found no reason to scrap CVC.

CVC has two finance, and while its European fund connects to betting companies, where sports betting is not illegal, its Asian fund is said to be "clean." The company has invested in the IPL franchise ownership from its Asian fund.

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