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3 IPL franchises are in the black; Delhi records first profit in four years
MUMBAI: Filings by five IPL franchises with the Registrar of Companies (RoC) show that three of them made a profit in 2013-14. While one franchise narrowed losses, the fifth reported a loss.
A report in ‘Mint’ stated that Jaipur IPL Pvt. Ltd, which owns the Rajasthan Royals, reported a profit of Rs 14.5 crore (145 million) in the fiscal ended 31 December compared with Rs 11.95 crore (Rs 119.5 million) crore a year ago.
Knight Riders Sports, which owns the Kolkata franchisee, also kept up its profit-making run while GMR Sports, which runs Delhi Daredevils, reported its first profit in four years.
IndiaWin Sports Pvt. Ltd, which runs Mumbai Indians, narrowed its loss to Rs 5.04 crore (Rs 50.4 million).
“Our revenues went up significantly. Our gate revenues were good and we were also champions that year, which got us prize money” an executive from Mumbai Indians told ‘Mint’.
Bangalore Royal Challengers didn’t file its latest earnings, while for Chennai Super Kings, which is owned by India Cements Ltd, there is virtually no separate public data available.
While more teams have shown a profit or narrowed losses in IPL-6, the sustainability of this trend is in question for IPL-7. In its filings to the RoC, Delhi Daredevils owner GMR Sports warns in the outlook section that “moving the league to UAE, the state of the economy and the general elections in India impacted gate receipts and sponsorship revenue”.