| Log in

Two Teams Join IPL For $703 Million

22 March, 2010

Two more teams will enter the Indian Premier League, the world’s richest cricket tournament, after bids worth a combined $703 million for team franchise rights were announced on Sunday.

Counting some of India’s best-known Bollywood stars and billionaire tycoons among its owners, and some of the world’s most illustrious cricketers on its teamsheets, the IPL will have 10 teams from next season and the number of matches will increase from 60 to 94.

The league’s chairman Lalit Modi said the high sums involved in the bidding showed the tournament was recession-proof, and is striving to compete for size with the likes of the National Basketball Association (NBA) in the United States.

India, Asia’s third-largest economy, is pulling away from the global slowdown faster than many of its peers in the west, and is forecast to grow at 8.5 percent in the next fiscal year.

Sahara Adventure Sports, part of the Sahara Group, won the rights for a team in the western city of Pune for $370 million. A consortium named Rendezvous Sports World won the franchise for the city of Kochi for $333 million.

“The IPL is recession proof. It’s all about building the eye balls and building the fan base, and we have been able to do that extremely well,” Modi told CNN-IBN news channel from the southern Indian city of Chennai.

“Our ambition is of course to become number one in the world in terms of sporting league.”

Mukesh Ambani, who controls Reliance Industries, and film actors Shah Rukh Khan and Shilpa Shetty, all own teams in the Twenty20 tournament.

Ambani owns the most expensive team playing at the moment, the Mumbai Indians, which he had bought for $111.9 million.

“I don’t think IPL is recession proof, but the economy is pretty good now and cricket remains a very good advertising vehicle in India,” Latika Khaneja, director of Collage Sports Management, told Reuters.

Broadcasting rights to the tournament were sold for $1 billion for 10 years in 2008.

Leave Your Comment
Muthoot Group Consortium To Make A Pitch For New IPL Team

Muthoot Group Consortium To Make A Pitch For New IPL Team

Boby Kurian 8 years ago
God’s own country Kerala may be working to join the Indian Premier League ),...
IPL Teams Eye Deal Play On Higher Valuations

IPL Teams Eye Deal Play On Higher Valuations

Boby Kurian 8 years ago
In the third Indian Premier League (IPL) season, the action will perhaps shift...
Peek at Intex's marketing gamble with IPL team franchise

Peek at Intex’s marketing gamble with IPL team franchise

Bolstered by its newly won rights to operate the Rajkot franchise of the money...
No Comments

Two Teams Join IPL For $703 Million

Powered by WordPress.com VIP