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RCB bid soars to 1.75 billion dollars: Former Indian Premier League (IPL) chief Lalit Modi has confirmed to IANS media agency that the bidding for Royal Challengers Bangalore (RCB) has already reached US$1.75 billion. According to reports, Manchester United co-owner Avram Glazer has also shown interest in it.

Lalit Modi said the current valuation is probably based on the league’s current 74-match structure and not the future 94-match format, which he believes is inevitable. According to him, the original concept of the IPL was to be a full-fledged home-and-away tournament and increasing the number of matches would significantly add to the value of the franchises and the overall income of the league.

Warning on possible reduction in ICC and bilateral revenues

He further said that such an expansion would be very important to strengthen BCCI at a time when the pressure on traditional revenue sources is expected to increase. Modi has warned that the Board’s share in the International Cricket Council’s revenue may reduce by 50-60 percent, while the income from bilateral media rights may also be reduced by at least half.

However, he believes the IPL will more than offset these potential losses. Modi has estimated that the value could at least double in the next media rights cycle of the IPL, which is expected to be finalized within the next year, which he does not doubt at all.

Indian cricket will benefit the most

Looking at the global cricket scenario, Modi said the number of bilateral and ICC events may reduce due to the increasingly busy international calendar and growing concerns over players’ workload. Also, the economic strength of the domestic T20 league will attract players towards franchise cricket.

Modi believes that this trend cannot be avoided. BCCI will benefit the most from this in the current market conditions. He said, “Indians love cricket, but most of all they love Indian cricket.” (With IANS inputs)