ICC reports $474 mn surplus as T20 World Cup drives revenue
The
International Cricket Council
(ICC) reported a net surplus of $474 million for the financial year ended December 31, 2024, driven primarily by the success of the ICC Men's T20 World Cup, hosted in the West Indies and the USA, as per its audited financials.
India won the 2024 T20 World Cup by defeating South Africa, ending a 11-year drought in ICC event trophies. Despite timing-related issues, the T20 World Cup was one of the most-watched cricket events, with a television audience reach of 404 million.
In the previous fiscal year, the council had recorded a net surplus of $596 million, driven by the successful hosting of the ICC Men's Cricket World Cup 2023 in India.
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Total revenue from ICC events during the year stood at $728 million, compared to $839 million in 2023. Although overall event revenue declined slightly, the 2024 Men's T20 World Cup generated $691 million, underscoring the commercial strength of the short-format tournament, particularly in emerging markets such as the United States.
Additional revenue came from events including the
ICC Women's T20 World Cup
in the UAE, which contributed $18 million, and the U19 Men's World Cup in South Africa, which brought in $17 million.
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In 2023, revenue was largely driven by the ICC Men's Cricket World Cup in India, which alone generated $719 million, along with earnings from the World Test Championship Final and the Women's T20 World Cup.
The ICC earns most of its commercial revenue from the sale of media rights and sponsorships. It has signed a $3 billion media rights deal with Star India (now JioStar). In addition to India, the council has agreements with Sky Sports in the UK, SuperSport in Africa, Willow in the US and Canada, and Prime Video in Australia.
India contributes nearly 75% of the total value of the ICC's media rights portfolio, with the remainder coming from other markets.
Costs associated with ICC events in 2024 totaled $231 million, slightly lower than the $246 million recorded in 2023. The Men's T20 World Cup accounted for $159 million of that amount, followed by $43 million for the Women's T20 event in the UAE.
In fiscal 2023, the council incurred an expenditure of $147 million on the ICC Men's Cricket World Cup.
Cash and cash equivalents remained stable at $132 million, nearly unchanged from $131 million in 2023.
In July 2023, ICC members approved a financial model for the 2024–2027 period, aligning it with the council's largest revenue stream—the Indian media rights agreement.
The ICC stated that the principles of the new model are largely consistent with the previous one, with the addition of a Strategic Investment Fund and a Contingency Allocation.
Under the new model, the Board of Control for Cricket in India (BCCI) is projected to earn $230 million per year from the ICC's estimated annual revenue of $600 million.
Jay Shah, formerly the secretary of the BCCI, was appointed as the Independent Chair of the ICC, effective December 1, 2024.
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