IPL council to hear DC mortgage case

August 14, 2012
DC


New Delhi, August 14: The IPL governing council will meet on Tuesday to decide the fate of Deccan Chargers, who have allegedly flouted rules by mortgaging their franchise to banks to enable them to tide over a tight cash situation, sources said on Monday.


Under IPL rules, franchise owners are not allowed to mortgage their teams and use the funds for other expenses. Members of the IPL governing council were recently informed by some lenders about their exposure to Deccan Chargers which is now part of Deccan Chronicles Holdings. The banks also wanted the cricket body to help get a security for their loan to the franchisee.

The Governing Council discussed the issue on August 9 but failed to arrive at a decision. They will be again grappling with the nettlesome issue on Tuesday.


IPL sources said that Deccan Chargers have taken a loan of Rs 480 crore from one private bank and Rs 170 crore from another by mortgaging their IPL franchise. Apart from these two banks, funds from other creditors are also said to be locked up in Deccan Chargers.

Owners of Deccan Chargers are expected to present their case while bank representatives will detail their grievances and seek a solution, the IPL sources said.

The promoters of Deccan Charges have been under financial stress of late and have pledged their shares with banks to raise funds.



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coastaldigest.com web desk
August 3,2020

The Board of Control for Cricket in India (BCCI) will not end its partnership with Chinese companies. Vivo, the Chinese smartphone maker, is the main sponsor of the new IPL season as well. Apart from Vivo, PayTM and Dream 11 will also be at the helm of the 13th edition of the IPL. The IPL governing council meeting on Sunday decided to retain the old sponsors.

As soon as the IPL GC announced the decision of retaining the sponsors, a huge number of fans took to Twitter to slam the board for the same. #BoycottIPL started trending as the users urged others to boycott the tournament for the Chinese connection.

Earlier, the demand for exclusion of Chinese companies from the IPL was strong in the wake of the India-China border dispute. But the BCCI cannot abruptly end its collaboration with them. Because of the signed contract itself. And in this age of declining economy, it is difficult to find new sponsors quickly.

The current BCCI contract with Vivo is for five years. Vivo has invested Rs 2,199 crore to become the main sponsor of the IPL. The contract was signed in 2017. However, the BCCI’s move is paving the way for new discussions as calls are mounting across the country to boycott Chinese companies.

The BCCI announced other important decisions besides retaining sponsors. The IPL will be held from September 19 to November 10. The Indian government has given permission to the BCCI to hold the IPL in the UAE. With this, all obstacles in the way of organizing the tournament were removed.

The IPL matches will be played at 7.30 pm Indian time (6 pm UAE time). Most matches are about one match a day. There are a total of ten ‘double headers’ (two matches a day) in the tournament. Franchisees are allowed to appoint as many replacements as they want in the new season in view of the new health situation. At the same time, the maximum number of players a franchise can accommodate is 24. The BCCI is also planning to host a women’s IPL tournament.

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News Network
May 21,2020

Mumbai, May 21: Former India opener Gautam Gambhir has chosen legendary Sachin Tendulkar over current skipper Virat Kohli as a better batsman in the ODI format, considering the changed rules of the game and the Mumbaikar's longevity of career.

Tendulkar, who retired in 2013, played 463 ODIs and amassed 18, 426 runs with 49 hundreds at an average of 44.83.

Kohli, on the other hand, has played 248 ODIs and scored 11, 867 runs with 43 tons at an average of 59.33.

"Sachin Tendulkar, because probably with one white ball and four fielders inside the circle, not five fielders outside, it will be Sachin Tendulkar for me," Gambhir said on Star Sports show 'Cricket Connected'.

Nowadays, a one-day innings is played with two white balls and with three powerplays.

In the first power play (overs 1-10), two fielders are allowed beyond the 30-yard circle, while in the second powerplay (overs 10-40) four fielders are allowed. In the last powerplay (overs 40-50), five fielders are allowed outside the 30-yard circle.

Gambhir, who was the star performer in 2011 ODI World Cup final which India won, feels that the change in rules has helped batsmen.

"It's difficult because Virat Kohli has done phenomenally well but I think the rules have changed as well, which has helped a lot of new batters," elaborated Gambhir, who played 58 Tests and 147 ODIs.

"The new generation, with 2 new balls, no reverse swing, nothing for the finger spin, five fielders inside for the 50 overs, probably that makes batting much easier.

He said he would also go with Tendulkar, considering his longevity and flow of the ODI cricket format at that time.

"Probably I’ll go with Sachin Tendulkar if we see the longevity and flow of the one-day cricket format.

"Look at how Sachin Tendulkar has played, different rules, that time 230 to 240, was a winning total," Gambhir signed off. 

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Agencies
April 2,2020

Lausanne, Apr 2: The postponement of the Tokyo Olympics and the shutdown of the sporting calendar because of the coronavirus pandemic are going to hit international sports federations hard financially.

Many sports that are part of the Games depend heavily on the payouts every four years from the International Olympic Committee (IOC).

"The situation is tense and very gloomy. An assessment will be made, but clearly some posts are under threat," said an official of a major international federation.

The 28 international federations (IF) of the sports that were due to be present at the Tokyo Olympics, would have received substantial sums from the IOC.

However, the postponement of the Games until 2021 could lead to a freeze of their payment.

"We have a lot of IF with substantial reserves, but others work on a different business model, they have income from major events which are suspended, which can be a problem for the cashflow if they don't have enough reserves," said Andrew Ryan, director general of the Association of International Olympic Summer Sports Federations (ASOIF), which is responsible for distributing this money.

The five additions to the Tokyo Games programme - karate, surfing, skateboarding, climbing and baseball/softball - are not eligible.

The Olympic payout totalled 520 million after the Rio Games, four years ago.

"The Olympic money could be less than for Rio 2016," Ryan warned before adding: "My advice is to budget the same as in Rio".

The federations receive money on a sliding scale determined by their audience and size.

The three largest (athletics, swimming and gymnastics) can expect approximately 40 million.

For the second tier, made up of cycling, basketball, volleyball, football and tennis, the sum is 25 million.

For group three, which contains eight sports, including boxing, rowing, judo and table tennis, it is 17 million.

The nine sports in the next level (including sailing, canoing and fencing) receive 12 million.

For the three in the last category (rugby, golf, modern pentathlon) the payout is 7 million.

For the largest associations, such as football's FIFA which has a 1.5 billion nest egg, or basketball body FIBA which has CHF 44.4 million (42 million euros) in reserves, IOC aid represents a small proportion of their income.

For others, it is vital.

"Some IF probably don't have the cashflow to survive one year," said Ryan.

For most federations, the postponement of the Olympic Games has a domino effect, forcing them to reschedule their own money-earning competitions.

"The revenues from these events will eventually come in," said Ryan. "But this impacts the cashflow." World Athletics has already postponed the 2021 World Championships in Eugene, Oregon to 2022.

The International Swimming Federation (FINA) will have to do the same for its World Championships scheduled for next summer in Fukuoka, Japan, when they would probably clash with the Tokyo Games.

"One edition of the World Championships means for us 10 million in revenues," said one sports federation official, speaking on condition of anonymity.

"If this income is postponed, totally or partially, for a year, we will face major problems, especially if the IOC money, originally expected in September, is not paid out."

The Singapore-based International Table Tennis Federation has already taken steps, with "the Executive Committee agreeing to reduce their expenses and senior staff offering to take a salary reduction," said marketing director Matt Pound, but, he added,"further cuts will take place if needed."

- 'Significant loss of revenue' -

The ITTF has suspended all its competitions until June and that is costly.

Kim Andersen, the Danish president of London-based World Sailing, said commercial revenues are not immune.

"The IOC will eventually pay out its aid, but what weighs most heavily is the uncertainty about whether our competitions will be held and whether our sponsors will be maintained," he said.

The IOC is not prepared to go into details of what it plans.

"It is not possible at this stage to assess the overall impact" of the postponement of the Tokyo Olympics, an official told AFP.

"It depends on a number of variables that are currently being studied." According to an official of one federation: "the IOC will discuss on a case-by-case basis, sport by sport".

Another option is for the federations to ask for a share of the public aid set up to deal with the coronavirus crisis, in Switzerland, where 22 ASOIF members are based and also in the United Kingdom, home of World Sailing.

"Can sports federations benefit from federal aid? The answer is yes, in principle," Philippe Leuba, State Councillor of the canton of Vaud, in charge of the economy and sport, told.

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