The outbreak of the coronavirus pandemic has had an effect on all sphere of human lives. All the sporting activities have been shut in the wake of COVID-19 due to which the teams are incurring massive losses. Indian Premier League (IPL) franchise Chennai Super Kings also received a major jolt recently with their share price going by 20 percent due to the ongoing crisis.
The Board of Control for Cricket in India (BCCI) has postponed the forthcoming edition of the IPL until April 14 which was scheduled to commence from March 29. With no signs of improvement, the fate of the tournament hangs by the wire with chances of calling it off for this year looming ahead.
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Recently, BCCI President Sourav Ganguly also stated that they are yet to take any call on the future of the cash-rich league. With a complete lockdown in the country, all the offices and workplaces have been shut and the governing body is likely to take any call once the lockdown gets over on April 14.
Meanwhile, the uncertainty on the future of the biggest cricketing extravaganza has had its severe effect on one of the most successful franchises – Chennai Super Kings. The MS Dhoni-led franchise’s market value has dropped to Rs 800 crores which were estimated at Rs 1000 crores earlier. An investment banker in the know of things said that it is because of the coronavirus effect on the cash-rich league.
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“The last trades in CSK have happened at Rs 24, much lesser than the Rs 30 that happened a few months ago. Obviously, this is the impact of the likely cancellation of IPL 2020 on the team’s valuations,” an investment banker said as quoted by Economic Times.
Meanwhile, the picture over the future of IPL 2020 will only get clear in the coming days as BCCI is expected to come out with a decision.
