IMG keen to retain IPL event management deal
IMG is gearing up for the challenge to retain the IPL event management contract. The existing 10 year contract, signed in 2008,…
IMG is gearing up for the challenge to retain the IPL event management contract. The existing 10 year contract, signed in 2008, with the Board of Control for Cricket in India comes to an end with the current edition of the league.
The IPL governing council is initiating the process for signing fresh contracts, expectedly for a five-year cycle. This also includes plans for an open bidding process for IPL event management contract. The services are delivered by IMG since the inception of the league.
The multinational, that was involved with the IPL concept and has also the driving force behind the Caribbean Premier League, is in no mood to let this lucrative and prestigious contract go away.
“IMG has enjoyed a very successful partnership with the IPL since inception and is hoping to continue that role going forward,” the agency was quoted as saying by Sportcal.
Though, IMG is set to face tough competition, the experience in delivering the flawless event and existing relationship with the BCCI are expected to way in its favour.
However, the IMG-BCCI relationship was seemed to running into a dead end after the first IPL in 2008. IMG were to be paid 10% of the gross IPL revenues, as per 10-year management pact. The BCCI working committee had felt the amount asked by IMG was ‘disproportionate to the services rendered’ by the agency. The multinational was asked to submit a fresh proposal for the second season.
Since, IMG refused to submit a revised proposal, BCCI had decided to scrap the contract. However, the Parties agreed to renegotiated terms and a fixed annual fee was sanctioned for IMG. The agency then continued to work for the IPL. The revised deal was a significant 20% less than the first contract.