IMG retains event rights of the Indian Premier League

IMG will continue to be associated with the Indian Premier League

What's the story?

The International Managment Group (IMG) will continue to retain the event rights of the Indian Premier League (IPL). This UK based company defeated all the other bidders to clinch the deal which they first signed in 2008 with the introductory edition of IPL. 

The complete financial details of the new deal between BCCI and IMG have not been made public as of now. However, it is expected that BCCI will now pay IMG 40% more than the initial amount for the next five years. 

In case you didn't know...

IMG has been associated with the IPL since the time of the latter's inception. The deal between the BCCI and the IMG was first valued at Rs 27 crore per year for a period of ten years. The amount was increased to Rs 33 crores when the IPL was held in South Africa in 2009. 

The details

IMG went on to defeat Wizcraft International Entertainment, Group of 4 and Rhiti Sports to bag the deal. The renewed contract is bound to witness an increment in the financial prospects considering the growth of the tournament in the past ten years. 

Rajiv Shukla, the IPL Governing Council chairman and Rahul Johri, CEO of BCCI along with a team of BCCI officials looked into the technical and the financial aspects of the different bids and decided to renew the contract with IMG. The official announcement of the deal is expected to be made in few days.

What's next?

Next, the BCCI will announce the tender for the media right auctions on 17^th July which will also be allotted for a period of next five years. 

Author's take

IMG has been associated with IPL right from the beginning of the latter's journey. It played a crucial role in making this domestic league a multi-million venture and brilliantly executed their duty to assist IPL's growth over the past ten years.

It was a good choice made by BCCI in the first place and the deal's renewal speaks volumes about the efficiency of IMG. It is based heavily upon the experience thereby, making it a safe bet.