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Broadcasters set to present sponsors with two options to avoid loss

The 14th edition of the Indian Premier League was suspended on Tuesday after a number of members from multiple franchises tested positive for the COVID-19 virus. The IPL suspension could be a major cause of concern for its stakeholders, as it could mean that they might have to deal with substantial business and financial losses. Star India, who owns the official broadcasting rights for the cash-rich league, has come with two different options in order to tackle the unprecedented situation.

IPL latest news: Star India comes up with two options for sponsors
Considering the immense popularity of the Indian Premier League, a considerable number of brands and companies queue up to partner with the cricketing competition. Over 100 advertisers were associated with the latest edition of the T20 tournament as well. However, uncertainty looms over their contracts after the ‘IPL 2021 postponed’ news. Star India has come forward with two options that could help the brands minimise the losses they could incur after the sudden suspension as all the advertisers had non-cancellable deals for IPL 2021.

According to Exchange 4 Media, one of the options the broadcasters have suggested is of continuing with the existing deals. The Sourav Ganguly-headed Board of Control for Cricket in India (BCCI) is striving to find a suitable window to conduct the reaming matches of the tournament and the advertisers can choose to keep the previously signed deal intact. They also have pitched an alternative option.

According to the second option, the broadcasters will cancel all the existing deals. The brands will have an option to sign new deals for the remaining matches when the competition recommences. It surely is going to be an intimidating task for the BCCI to accommodate the matches in the calendar year. However, Sourav Ganguly and co. are reportedly already considering a number of potential options.

IPL new schedule updates
The BCCI will look to accommodate the remaining matches of IPL 2021 in the calendar year. A BCCI official quoted by ANI has revealed that the BCCI is keen to tap the September window to conclude the IPL 2021 before the T20 World Cup. It is to be noted that the T20 World Cup is set to be played in India in October and November. No official announcements have been made as of now regarding the ‘IPL new schedule’.

IPL 2021 postponed with immediate effect
The latest edition of the Indian Premier League was marred with a number of controversies, as a certain section of fans had expressed their apprehensions of conducting a tournament of such a grand scale amid the health crisis. Players from multiple franchises testing positive for the deadly virus proved to be the final nail in the coffin for the cash-rich league and the BCCI had to postpone the edition. The announcement of the same was made on Tuesday on the tournament’s official Twitter handle. Republic World

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