India, the exclusive host for the ICC Men’s World Cup 2023, is reaping substantial financial benefits, as indicated by a news report on Sunday. According to the details, the country is projected to amass over 660 billion Pakistani rupees in revenue from this significant cricket event.
This sum, which totals $2.6 billion, serves to enhance the financial assets of the cricket board, which was already quite prosperous.
The 2019 World Cup held in England had a positive impact of $350 million on the British economy. In the past, India had the opportunity to co-host World Cups in collaboration with Pakistan, Sri Lanka, and Bangladesh.
This marks the inaugural occasion where the nation serves as the exclusive host for the major tournament, featuring 48 matches spread across ten of its cities. Among these, Ahmedabad boasts the world’s largest cricket stadium, the Narendra Modi Stadium, with an astonishing record-breaking seating capacity of 132,000 spectators.
The ICC will cover the expenses of the World Cup, with India’s primary source of revenue stemming from the event. Indian media reports indicate that the most significant income will be derived from TV broadcasting rights, with a projected receipt of PKR 360 billion.
The World Cup has brought a significant influx of foreign tourists, media personnel, broadcasters, and commentators, in addition to ten foreign teams, to India for the tournament.
In the ICC’s financial framework from 2017 to 2023, India is slated to receive a substantial portion of the revenue. The Indian cricket board is set to gain an additional $112 million compared to the prior model, resulting in a total sum of $405 million over an eight-year period. Pakistan is expected to receive $128 million, with an annual allocation of $12 to $15 million from this total.
Former PCB chairman Ehsan Mani, who previously chaired the ICC’s financial committee, suggested to the ICC that Pakistan and India should not be scheduled to play a group match in the World Cup.
Ehsan Mani requested the ICC allocate $10 million to Pakistan in anticipation of increased revenue when both teams compete in the semi-final, citing Pakistan’s significant contribution to revenue generation. However, the ICC did not endorse this proposal.
The current ICC financial model primarily favors India, as pointed out by the statement. It was mentioned that Zimbabwe and West Indies, by not participating in the World Cup, would miss out on a share of the revenue, which could have adverse effects on their cricket. The statement also criticized the ICC’s financial model, stating that it does not prioritize a fair distribution of the income generated from the World Cup.
