Showing How To Manage Money
The rise of t20 has left critics simply stunned with its popularity and profit potential. The group that has learned most from it was Board for Control of Cricket in India (BCCI). IPL’s success has even left other cricket boards seriously envious. What’s more is that with every passing year, BCCI’s golden glory is also leaving an imprint on its victorious financial history in the international cricketing hall of fame.
Lead by Santosh Rangnekar, a brilliant financial mind and also the first CFO of BCCI, it has touched new heights in the world of sports in India. The structured financial framework, fulfilling Supreme Court norms pulled the BCCI back on track of transparency and credibility. This has made Rangnekar the right candidate for the ‘Outstanding Contribution & Financial Leadership’ award.
Cricket continues to dominate sports sponsorship in India and covers more than 51 per cent on ground, 61 per cent team and 64 per cent endorsement in India and BCCI has played the key role in achievements a remarkable feat. During Rangnekar’s tenure many of the IPL franchises have made good profit and proved that Supreme Court’s direction for the appointment of top roles like CEO and CFO was comprehensive and well calculated.
Under Rangnekar’s administration, the BCCI has attained better budgeting standards. In fact, as the first CFO of BCCI, Rangnekar has settled himself as an authority in dealing with corporate taxation, treasury, finance, accounting and formal relationship management (tax authorities and tax experts).
BCCI is the richest and the most dynamic sports body in the cricketing world. It has always scaled upwards in terms of financial growth and spirit of the game of cricket. Rangnekar says, “As a core finance professional, I have tried to strengthen the financial controls and developed financial strategies including robust online payment mechanism.”
Rangnekar has developed effective internal controls, internal audits and strengthened the “maker checker” concept at all stages. The organisation has moved to online direct payment mode, that is, payment / remittances into the respective bank accounts of the vendor / creditors /state cricket associations / players, etc., along with digitalisation of various accounting and financial systems. This has resulted in better liquidity and effective use of working capital funds.
“I have always worked to match the expectations of all my stakeholders with dignity, integrity and honesty towards my profession and imbibed best work ethics in my team members,” says Rangnekar, who has also ensured maximum return on the funds with bare minimum exposure to risk.
Rangnekar, who has law degree from Mumbai University, has also won the gold medal at the ‘The 18th Annual U.N. Information Test’ held by council for UN information.
