If you thought that the Indian Premier League was nothing but s money-spinner, here's some startling news: the eight original IPL franchises have recorded a collective loss of a whopping Rs 315 crore.
Indeed, the books of the various teams were in red for amounts ranging from Rs 5.58 crore to 87.09 crore in the assessment year 2009-10. The shocking record has raised eye brows among a Parliamentary committee which is now asking the obvious question - how did they sustain business despite such high losses? But the equally bemused BCCI and IPL don't have any ready answers.
Deccan Chargers reported the highest loss of Rs 87.09 crore, while Vijay Mallya-owned Royal Challengers posted a loss of Rs 5.58 crore. The other franchisees have also reported substantial losses -- Kings XI Punjab (Rs 65.68 crore), Delhi Daredevils (Rs 47.11 crore), Mumbai Indians (Rs 42.89 crore), Rajasthan Royals (Rs 35.51 crore), Chennai Superkings (Rs 19.30 crore) and Kolkata Knight Riders (Rs 11.85 crore).
However in sharp contrast, the teams reported a collective total loss of Rs 4.41 crore during assessment year 2008-09. The concerned committee is also hugely curious why the the losses of Deccan Chargers soared from nil in 2008-09 to a staggering Rs 87.09 crore in the next year.
The BCCI top brass has been stalling for a proper response as their accountants are trying to solve these riddles.
The IPL was initiated in 2008 along the lines of the English Premier League (EPL) and the National Basketball Association (NBA), but in April last year, its founder and chairman Lalit Modi was sacked of his post by the League's other bosses. Sans Modi, the organisation is now trying ot launch the fourth season of the IPL.