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Wednesday, October 17, 2007

Indian cricket board is worth nearly Rs.10 bn

Mumbai, Oct 17 (IANS) Irrespective of the national team's performance, the Indian cricket board is getting rich each year and its current total assets stand at a whopping Rs.9.6 billion ($245 million; 120.6 million pounds), thanks largely to its marketing policy and investments by sponsors.

In addition, the Board of Control for Cricket India (BCCI) has made investments worth nearly Rs.7.5 billion ($190 million; 93.5 million pounds) and its 'current assets, loans and advances' stand at almost Rs.2.1 billion ($53 million; 26.2 million pounds), as per its 2006-2007 annual report, a copy of which is with IANS.

Out of its total assets of Rs.9.6 billion, the board has 'fixed assets' of Rs.71 million ($1.8 million; 891,268 pounds) at the end of the 2006-2007 fiscal year. The worth of the fixed assets has shot up from Rs.16.3 million ($416,007; 204,657 pounds) during the previous fiscal year.

BCCI's marketing committee, headed by vice president Lalit Modi, is credited with bringing in most of the money during 2006-2007. Income from grant of media rights alone stood at Rs.3.1 billion ($80 million; 39.3 million pounds).

The BCCI spent Rs.37.5 million ($956,301; 470,459 pounds) on its brand new, all-glass headquarters, 'Cricket Centre', built on the Mumbai Cricket Association (MCA) land inside the Wankhede Stadium, venue of the seventh India-Australia One-Day International Wednesday. This amount is an additional expenditure during the year and is in "excess of the budget", says the report.

The prominent fixed assets include 'improvements to leasehold premises' worth Rs.26.1 million ($664,299; 326,805 pounds); furniture and fixtures worth Rs.13.9 million ($354,646; 174,470 pounds); 'intellectual rights' under intangible assets worth Rs.3.9 million ($99,390; 48,896 pounds); office equipment worth Rs.8.5 million ($217,685; 107,091 pounds); air conditioners, refrigerators and water coolers worth Rs.7 million ($179,453; 88,283 pounds); 'buildings' representing the National Cricket Academy Indoor School constructed on land owned by the Karnataka State Cricket Association in Bangalore, worth Rs.3.7 million ($95,229; 46,848 pounds) and trophy replicas and cricket memorabilia worth Rs.1 million ($26,413; 12,994 pounds).

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