. India is expected to bring in around $2.6 billion from its sole hosting of the ICC Men’s World Cup 2023, according to a study published Sunday. This sum of money being added to the abundant financial resources of the Indian cricket board should prove very beneficial. The country’s previous experience as a joint host of the event alongside Pakistan, Sri Lanka, and Bangladesh has now transformed into its own hosting of the mega tournament across 10 cities, including the record-breaking 132,000-seater Narendra Modi Stadium in Ahmedabad.
Comparatively, the 2019 World Cup in England generated over $350 million for the British economy. to contribute around Rs 10 billion to the overall revenue for the World Cup. The International Cricket Council (ICC) has taken responsibility for funding the staging of the World Cup, while India stands to gain financially from the event. With television broadcasting rights, ticket sales, food and related businesses, travel and merchandising, the ICC predicts that the nation will make at least PKR 360 billion in revenue.
The matches, which are both day and night, have drawn large crowds of spectators who come together to enjoy the matches with family and friends, creating a festive atmosphere. Estimates suggest that 15,000 crores in Pakistani rupee will be made from food delivery and related businesses due to the increased numbers of people congregating. In addition, the revenue from the sale of World Cup tickets is anticipated to be more than Rs60 billion, and travel and merchandising is expected to generate an additional Rs 10 billion.
ian Cricket Council has estimated that companies such as Coca-Cola, Google, Indian Unilever, Emirates Airline, Saudi Arabia’s Aramco and Nissan are estimated to generate an income ofR 660 billion in sponsoring the World Cup this year. The rate of commercials appearing on television during the World Cup is estimated at around 900,000 PKR per second, resulting in an amount of 9 million PKR for a ten-second advertisement. These advertisement rates have been 40% higher in comparison to those from the previous World Cup.
The International Cricket Council has announced that there will be a total prize money of 10 million USD for the present World Cup, with the winning team from Ahmedabad receiving 4 million USD on Nov 19 and the losing team to be given 2 million USD in prize money. Additionally, for each group match won, a team stands to receive 40,000 USD and a prize of 100,000 USD will be awarded to the six teams that could not make it past the semi-finals. The teams that were defeated in the semi-finals are entitled to 800,000 USD as consolation prices.
According to the income model formulated by the ICC for the years 2017 to 2023, India will receive the largest part of the revenue. According to former PCB chairman Ehsan Mani, Pakistan will be receiving an annual amount of between $12 and $15 million, as part of a total of $405 million, which is $112 million more than the original model, over an eight year period. He noted that India is the main recipient of the ICC Financial Model, and suggested that when both the countries were playing in the semi-final of the World Cup, this would generate more revenue.
He requested that Pakistan be allocated $10 million, but this was not agreed upon, and Zimbabwe and West Indies, who are not participating in the World Cup, are not to receive a share of the income, and Mani stated that this would affect their cricket. He asserted that the ICC’s financial model does not encourage an equitable distribution of funds from the World Cup.