What About All Those Air India Charter Flights That Were Coming To Barbados?
Now that India is out of the Cricket World Cup finals, Indian businesses are taking a heck of a hit – and as this BBC article mentions, it’s not just the travel industry that is out millions.
In Barbados, we will realize a certain level of economic activity just from hosting the finals – but as many Indian businesses are reminding themselves, sponsorship and involvement in mega-events carries significant risks. No one can definitively predict the outcome of an endeavour that involves so many variables.
From the BBC…
The Financial Cost Of India’s Failure
With cricket-crazy India now out of the first round of the World Cup, the financial fallout is starting to become apparent.
India’s exit poses questions about the viability of heavy spending around a team that has not won a competition of note outside the subcontinent since 1985.
“The major stakeholders in the tournament – the television channels and major sponsors – risk losing millions, either in cash or kind, if India go out in the first round,” wrote Sambit Bal, the editor of leading cricket website Cricinfo last week.
“It’s a disaster waiting to happen.”
The disaster has now happened
It is difficult to pin down exactly how much money the television channels, advertisers and travel agents who sold packaged cricket trips to the West Indies have lost, but unofficial estimates say corporates will take a hit of at least $35m.
One of those hit by the debacle may be the World Cup’s official broadcaster Sony Entertainment Television…
… continue reading this article at the BBC (link here)