New Delhi: The Board of Control for Cricket in India (BCCI), the sport’s richest body in the world, has parked a whopping Rs 1,175.86 crore in banks and accrued a handsome Rs 97.55 crore as interest income from the various fixed deposits in 2011-12.
Of this amount, the Board has put in Rs 688.86 crore in long-term fixed deposit schemes and Rs 375 crore in short-term schemes. Besides, it has Rs 112 crore in the savings account, according to top BCCI officials.
“The deposits worth Rs 688.86 crore have a maturity period of one year and more from the date when it was deposited and Rs 375 crore has been parked in short term deposits, with a maturity period between seven and 45 days,” disclosed a top official to MAIL TODAY .
While its 2011-12 balance sheet is still being prepared, the Board has budgeted an overall surplus of Rs 256.84 crore in 2011-12. It expects the media rights to fetch Rs 437.5 crore, Rs 209.94 crore from the IPL, which was played in April-May 2011, and Rs 193.16 crore from Tests, One-day Internationals and Twenty20 Internationals played till March 31. However, the income from the 2011 World Cup, which finished on April 2 with India winning the trophy, will be included in the 2012-13 financial year accounts on the auditors’ advice.
The BCCI, as per its 2010-11 balance sheet, was worth Rs 2,530.88 crore — and the richest sports body in the country by a huge distance.
The income from interest on bank deposits has been rapidly rising in the previous three years.
It was Rs 65.68 crore in 2009-10 and Rs 73.67 crore in 2010-11. And in 2011-12, it exceeded the BCCI’s own expectations as it touched Rs 97.55 crore — Rs 17.55 crore more than the Rs 80 crore that it had budgeted.
The Rs 97.55 crore interest income is an increase of Rs 23.87 crore on 2010- 11financial year. “In 2010- 11, the income from bank interest was Rs 73,67,90,500.91 and in 2011-12 it jumped to Rs 97,55,42,148.35 — an increase of Rs 23,87,51,647.44. It’s a compliment to the Board and its various marketing and other initiatives,” the official said.
The official emphasised that the Board’s income has been rising consistently despite the markets not being very conducive to sponsorship.
The interest has been earned on two kinds of deposits – savings account and fixed deposits. In 2010-11, the BCCI earned an interest income of Rs 3.73 crore on savings accounts and Rs 69.94 crore on the short term as well as long terms deposits. And in 2011-12, income from the savings accounts was Rs 2.63 crore and Rs 94.92 crore from short and long term deposits.
“The balance sheet for 2011-12 is still not complete, but the income from bank interest has been approved by the BCCI’s finance committee. A draft balance sheet will be placed at a working committee meeting, most probably in August, and the final one will be presented at the annual general body conclave, which is usually held in September,” the official said.
He pointed out that cricket was still selling like hot cakes despite controversies and India’s poor results in Test matches played abroad. India have now lost eight successive Tests in England and Australia. But in the upcoming season the team will play all Tests at home, raising hope of breaking the losing streak.
The BCCI official specifically emphasised the increase in per match income from media rights holder. The Rupert Murdoch-owned STAR India Ltd. (http://cricket.yahoo.com/news/how-star-grabbed-bcci-media-rights.html) will pay Rs 40.11 crore per match as against Rs 32.50 crore that Nimbus was paying before its contract was scrapped due to regular payment defaults.
In April, STAR bid Rs 3,851.52 crore for six years, during which India will play 96 matches at home till March 31, 2018. STAR beat Multi Screen Media, the only other bidder, which quoted Rs 3,700.032 and lost the race by a huge margin of Rs 151.788 crore.
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