With players getting 50 per cent of their salaries for showing up fit for the Indian Premier League, several players from England, South Africa and West Indies have taken up personal insurance injury in international matches that may rule them out of the tournament, The Guardian reported.
The report quoted Vantage Sports Finance stating that the insurance policies jumped to a “significant number” this year.
“In the last month, our cricket business has underwritten more than 20 per cent of the total value of all the overseas players’ contracts from England, West Indies and South Africa – a figure more than $4m,” the chief executive of Vantage, Paddy O’Clery was quoted as saying.
He added, “The players know that once you have been auctioned, you are entitled to half the fees for the tournament if you arrive fit and ready to play. And that if they injure their knee, say, during a Test or one-day series beforehand and aren’t able to play, they could easily forfeit a six or seven-figure sum.”
Former England captain Michael Vaughan, who is a non-executive director of Vantage, said he has been advising some players about the policies. “There has never been a better time to be a cricketer,” he said.
“A huge amount of money has come into the game but in 10 or 15 years’ time it will be like football. People will think: ‘I can’t believe they only earned $1 million 15 years ago’ – when come 2030 it will be more like $4-5 million.”
IPL players earn more in one match compared to any other sport in the world. The 12th edition of the tournament kicks-off on Saturday with Royal Challengers Bangalore taking on reigning champions Chennai Super Kings.