Since its inception in 2008, the IPL has not only elevated numerous players to millionaire status but has also generated billions through media rights        

Gujarat Titans' players celebrate with the IPL trophy, Ahmedabad, India, May 29, 2022. —BCCI/IPL/File

The Board of Control for Cricket in India (BCCI) stands as one of the wealthiest governing bodies in the realm of global sports, largely propelled by the immense triumph of its flagship Twenty20 tournament, AFP reported.

Since its inception in 2008, the Indian Premier League (IPL) has not only elevated numerous players to millionaire status but has also generated billions through media rights, inspiring the creation of similar leagues in other cricket-enthusiastic nations over the ensuing years.

The BCCI's annual reports spanning the five years up to 2021-22, which were made public on the BCCI's website on Thursday, showcased a surplus of 320 billion rupees (equivalent to $2.7 billion) as of April 2022.

Newly released financial documents have unveiled that India's cricket board reaped a staggering sum of nearly $300 million from the previous year's IPL tournament.

The financial records from that particular year's IPL reveal a net income of $292 million, stemming from revenues totalling $771 million, while expenses accounted for $479 million, according to audited financial figures.

Up until now, the BCCI had maintained a practice of not extensively disclosing its financial particulars. The comprehensive financial accounts had remained undisclosed since 2017, until their release on Thursday.

This year, the BCCI staged its inaugural women's edition of the T20 tournament, earning nearly $700 million in combined franchise and media rights.