BCCI, IPL franchises set for ₹5,000 crore loss due to fatal insurance error: Report

coronavirus outbreak has massively impacted lives of people across globe. All major sporting competitions have come to a halt, which is why sporting organizations, leagues and teams alike, have suffered huge losses. much-anticipated IPL 2020 has been postponed indefinitely by BCCI currently as situation in country doesn't look promising. If IPL 2020 stands cancelled due to coronavirus crisis,  board is looking at a humongous financial loss.

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According to a research report by Howden Insurance Brokers, a private organisation that brokers insurance deals for several IPL teams, y had removed coronavirus from ir cover clause by time BCCI contacted ir insurance company.

Besides BCCI, various IPL franchises also buy insurance policies in case of any contingency. According to a report by Hindustan Times,  IPL franchises also began approaching ir respective insurance companies only by February-March and by n, World Health Organisation (WHO) had anunced  coronavirus crisis a pandemic. Subsequently,  cover was unavailable and  cost increased massively.

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report also said that chief executives of two IPL teams (names t disclosed) confirmed that y aren’t covered under insurance. official said that y checked with ir insurance company and added that it’s too late w as cancellation clause does t cover pandemic. Reportedly, total loss for stakeholders could be around ₹5,000 crore.

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Coaching staff's salaries won't be affected even if IPL 2020 is called off

Players' purses are set to take a major hit if IPL 2020 gets cancelled altoger. But that won't be case with  coaching staff of IPL teams as y won't be severely affected by it. A contingency plan is already in place for ir payments. According to sources, each team's coaching and support staff are qualified to receive a salary of ₹8-10 crores. All  personnel that have been working behind curtains since IPL 2020 auction are set to receive compensation for ir work. Ricky Ponting and Brendon McCullum are two big names, who are coaches of DC and KKR respectively. 

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IM COURTESY: INDIAN PREMIER LEAGUE INSTAGRAM