MUMBAI: The BCCI, already one of the richest sports bodies in the world, just got richer.
In a note to the members in the BCCI’s Annual General Meeting on Tuesday here as the outgoing BCCI treasurer, new IPL chairman Arun Dhumal, revealed that the Board’s treasury had increased by nearly Rs 6000 crore in the last three years.
“When the current team took over the reins of the BCCI in 2019, the BCCI’s coffers had funds of Rs 3648 crores. We are handing over an organisation that sits over a treasury of Rs 9629 crores of funds, which is roughly thrice of what we got at the time of our taking over from CoA. This is remarkable in the light of the fact that the disbursement to the state associations has seen a jump of nearly 5 times; from Rs 680 crores during the CoA tenure to Rs 3295 crores now to the state associations,” Dhumal said in a note.
He pointed out to “the e-auction of the broadcasting and digital rights of the IPL from the business cycle of 2023-27, which fetched Rs 48,390 crores, and the valuation of the two new IPL franchises-Gujarat Titans and Lucknow Super Giants, which were auction for Rs 12,715 crores as the two achievements of the BCCI in the current financial year which have caught the fancy of the public, press and the OTT platforms.”
Dhumal also informed the members that the BCCI had managed to convince the Income Tax Tribunal in Mumbai that it “deserves concessionary tax treatment under the income tax law.
“Another significant milestone was achieved in the sphere of tax litigation in the current financial year. The BCCI succeeded in persuading the Income Tax Tribunal at Mumbai that it carries on activities of public utility and consequently, the BCCI deserves concessionary tax treatment under the income tax law. This judgement has the potential to save hundreds of crores in tax payments every year that have been unreasonably levied and collected from the BCCI,” Dhumal said in his note.
In a note to the members in the BCCI’s Annual General Meeting on Tuesday here as the outgoing BCCI treasurer, new IPL chairman Arun Dhumal, revealed that the Board’s treasury had increased by nearly Rs 6000 crore in the last three years.
“When the current team took over the reins of the BCCI in 2019, the BCCI’s coffers had funds of Rs 3648 crores. We are handing over an organisation that sits over a treasury of Rs 9629 crores of funds, which is roughly thrice of what we got at the time of our taking over from CoA. This is remarkable in the light of the fact that the disbursement to the state associations has seen a jump of nearly 5 times; from Rs 680 crores during the CoA tenure to Rs 3295 crores now to the state associations,” Dhumal said in a note.
He pointed out to “the e-auction of the broadcasting and digital rights of the IPL from the business cycle of 2023-27, which fetched Rs 48,390 crores, and the valuation of the two new IPL franchises-Gujarat Titans and Lucknow Super Giants, which were auction for Rs 12,715 crores as the two achievements of the BCCI in the current financial year which have caught the fancy of the public, press and the OTT platforms.”
Dhumal also informed the members that the BCCI had managed to convince the Income Tax Tribunal in Mumbai that it “deserves concessionary tax treatment under the income tax law.
“Another significant milestone was achieved in the sphere of tax litigation in the current financial year. The BCCI succeeded in persuading the Income Tax Tribunal at Mumbai that it carries on activities of public utility and consequently, the BCCI deserves concessionary tax treatment under the income tax law. This judgement has the potential to save hundreds of crores in tax payments every year that have been unreasonably levied and collected from the BCCI,” Dhumal said in his note.
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