IPL 2020 Loss Is Estimated To Be Rs 5000 Cr:- The coronavirus outbreak had a massive impact across the globe. All the major sports events across the world got canceled and the organizers suffered huge losses. The most awaited IPL this year was called off due to coronavirus. Though the BCCI wanted the event to be postponed, the global outbreak made IPL 2020 get shelved completely. The sports event will not take place this year and the estimated loss due to the cancellation of IPL 2020 is said to be Rs 5000 crores.
As per the research done by Howden Insurance Brokers, most of the IPL teams removed coronavirus from their coverage clause which made them look at huge losses. BCCI contacted their insurance policy and it could do nothing. Apart from BCCI, the IPL franchises also buy insurance policies to prevent loss during the calamities or any contingency.
After the World Health Organization (WHO) announced coronavirus as a global pandemic, the IPL franchises approached their insurance companies and they came to know that there would be no cover for them. The entire loss for all the franchises is estimated to be Rs 5000 crores. The pockets of all the players too will be badly hit as they would not get paid due to the cancellation of the competition. The coaching and support staff will receive their payments as they have been working for the competition for a long time. BCCI made it clear that cricket lovers will have to wait till 2021 if things turn normal.