While the Indian cricket team may not have clinched the Asia Cup trophy last month, the Board of Control for Cricket in India (BCCI) is certainly winning big financially. Hosting the tournament is expected to inject over Rs 100 crore in net surplus revenue into the board’s coffers.
According to an internal BCCI annual budget document for 2025-26, which our sources have reviewed, the board anticipates a staggering net surplus of approximately Rs 6700 crore for the fiscal year 2025-2026. This impressive projection comes despite the Indian Premier League (IPL) facing a slight dip in valuation for the second consecutive year.
The document highlights several key contributors to this projected financial boost:
- An estimated increase of Rs 109.04 crore in surplus from international tours, primarily due to Asia Cup hosting fees, media rights income, and participation fees from the ICC T20 World Cup.
- A further rise of Rs 138.64 crore in media rights surplus, driven by an increased number of international home matches, higher per-match media rights fees, and income from hosting the Asia Cup.
The recent Asia Cup itself was not without its share of drama. Following a terror attack in Pahalgam earlier this year, the tournament was relocated to the UAE, adhering to the government’s policy of playing Pakistan only in multi-nation events. The tournament concluded with a notable controversy: Asian Cricket Council president Mohsin Naqvi (who also heads the Pakistan Cricket Board and serves as Pakistan’s interior minister) reportedly declined to present the trophy to winners India after the Indian team chose not to receive it from him.
Surplus Soars Tenfold in Eight Years, but IPL Valuation Presents Future Challenges
The BCCI’s anticipated surplus for this financial year marks a remarkable ten-fold increase compared to the actual surplus recorded in 2017-18. This dramatic growth began after the groundbreaking IPL media rights deal in 2018, which saw the board’s surplus jump by an astounding 222 percent.
The board is on track to achieve a net surplus of around Rs 6700 crore, a significant leap from the Rs 666 crore it netted in 2017-18.
However, the future might hold some uncertainties for the board, particularly with the IPL’s valuation declining by Rs 16000 crore over the past two years, according to a D&P Advisory report. This downturn is attributed to factors like the merger of media giants Jio and Star, and the ban on real money online gaming apps, which historically contributed substantial sponsorship revenue. Consequently, the board’s growth trajectory could decelerate in the next cycle of media rights, set for renewal in 2028.
It’s worth noting that since 2018-19, the BCCI has strategically diversified its revenue streams, reducing its reliance on the IPL through improved media rights deals and increased revenue share from the ICC. In 2018-19, only five percent of BCCI’s overall surplus came from sources other than the IPL, which then contributed a hefty 95 percent to its nearly Rs 2100 crore surplus. Currently, the IPL continues to be a consistent high earner, accounting for nearly Rs 5000 crore of the BCCI’s projected Rs 6700 crore surplus.
The budget document also indicates a significant increase in media rights fees per match, up by approximately 27% compared to the previous year. For 2025-26, the revenue allocation ratio is set at 20% for BCCI, 76% for IPL, and 4% for WPL. This is a slight shift from the 2024-25 budget, which allocated 24% to BCCI, 72% to IPL, and 4% to WPL.
Women’s Domestic Cricket Funding Trails Men’s by 3.5x
In terms of expenditure, the BCCI has allocated Rs 96 crore for women’s domestic tournaments. This figure represents only 26 percent of the surplus generated solely by the Women’s Premier League, not even accounting for media rights fees from international matches.
In stark contrast, the BCCI plans to spend Rs 344 crore on men’s domestic cricket across various age groups. The Ranji Trophy alone commands a budget of Rs 111 crore. Currently, women’s cricket lacks a structured inter-state First-Class tournament akin to the Ranji Trophy, instead featuring an inter-zonal multi-day format alongside one-day and T20 tournaments across age groups.
Despite this disparity, the WPL has proven to be a significant revenue generator, consistently producing a surplus of over Rs 350 crore. Last year, the WPL recorded a surplus of Rs 390 crore, with a projected surplus of Rs 358 crore for 2025-26.
Substantial Boost for India A and Junior Programs
The BCCI has dramatically increased its investment in developmental programs, with expenditure on India A and junior cricket nearly tripling. The board intends to spend Rs 42 crore this financial year, a sharp rise from Rs 12.9 crore last year.
This renewed focus comes after a recognized decline in these developmental programs following Rahul Dravid’s elevation to India’s head coach in 2021, moving from his role leading the National Cricket Academy and developmental sides. Before the Covid-19 pandemic in 2020, frequent A and youth tours were organized, which played a crucial role in building a robust talent pipeline.
Sources indicate that the current head of the NCA, VVS Laxman, and chief selector Ajit Agarkar have prioritized this area, successfully reviving the A tours this year.
GRS Reduced by Rs 231 Crore, Test Cricket Incentive Introduced
The board has adjusted its gross revenue share (GRS), reducing it to Rs 171 crore from last year’s Rs 412 crore. A notable addition is the Test match incentive for players who participate in all scheduled Test matches in a year. Last financial year, Rs 48 crore was disbursed for this incentive, with Rs 45 crore allocated for 2025-26.
Historically, BCCI’s policy dictated that 26 percent of the GRS was allocated to cricketers, with 13 percent going to international players and the remaining 13 percent shared among domestic cricketers. It will be intriguing to observe if the board has revised its GRS policy given these changes.