The continuous rise in value of the Indian Premier League

Since 2008, the IPL has established itself as a global phenomenon and it has done so in a relatively short time. It attracts millions of fans and viewers, providing instant entertainment. All the signs are that it will continue to grow through increased sponsorship, viewer numbers and media rights income. (AFP)
Short Url
Updated 02 May 2024
Follow

The continuous rise in value of the Indian Premier League

In the aftermath of the Punjab Kings’ record chase of 262 runs on April 26, team captain Sam Curran, remarked that the Indian Premier League “(is) becoming a bit like baseball, isn’t it?”

This was likely a moment that opponents of the IPL had predicted and feared — and, conversely, one that proponents of the IPL and T20 cricket in general relished.

T20 cricket is in line with the age of fast food. Instantly consumable, quickly forgotten and underpinned by mass advertising and high-profile personalities. Around the world, its sponsors include KFC for Australia’s Big Bash League, the very title encapsulating the format’s frenzy.

In England, the Hundred has a five-year deal with KP Snacks. Given governmental policy to reduce consumption of products that are high in fat, salt and sugar, the partnership has drawn criticism.

Meanwhile, in South Africa, SA20’s title sponsor is Betway, one of a growing number of betting companies associated with cricket. In the IPL, there is a myriad of sponsors. The title one, Tata, is paying $300 million between 2024 and 2028. Then there are three associate partners — My11Circle, Angel One and RUPay — plus an official broadcaster in Star Sports, official digital streaming partner JioCinema, official strategic timeout partner CEAT and an umpire partner in Paytm.

Each franchise team has a plethora of principal partners, associate partners, media partners and merchandise partners. These represent a broad range of different industry sectors which boost the brand value of the franchises. According to brand valuation consultancy Brand Finance, the value of the ten franchises at the end of the 2023 season ranged from $43.7 million to $87 million. The estimated brand value of the IPL was $10.7 billion.

Estimates of brand value are derived differently by different bodies. This is because brands are not tangible assets — they are subject to beliefs, perceived reputation, trust and experience. Their value lies in how consumers associate with the brand and how it influences their behavior. Attempts to quantify these factors require measurable elements such as trademarks, logos, taglines, visual assets, digital assets, customer retention and social media engagement levels.

Since it began 17 years ago, the IPL has generated all of these in abundance. Along with experience and engagement within the stadiums, an exponential growth in viewership reached close to 500 million unique viewers in 2023. The new media rights regime in 2024 has created further growth, with the Disney Star Network acquiring broadcast rights for all IPL matches in 2024. Live broadcast of the first 18 attracted over 400 million viewers, a 17 percent like-for-like increase over 2023. 

There is a big shift in live streaming, with Viacom’s JioCinema awarded digital streaming rights in the 2024-27 cycle. In 2023 it streamed the entire IPL season for free on its mobile app and website, a feature continued into 2024. The move took many by surprise but enabled it to set a record for the highest concurrent viewership for a live-streamed event — some 32 million viewers tuned in to watch the final. Now, digital streaming appears to be gaining momentum over traditional TV broadcasting with IPL viewers, depending on market segment. This can only increase as technology advances and accessibility improves.

As a result, brand value estimates after the 2024 edition are likely to be affected. Close inspection of existing estimates reveals the different methodologies in use. Cost-based valuations focus on how much it has taken to build the brand. Market-based valuations take account of how much sales of similar brands have raised. Income-based valuations focus on how much money the brand brings into the organization compared with non-branded similar products for services. Customer-based valuations analyze existing customers and predict future consumption patterns.

Another approach is the relief from royalty method, used by global investment bank Houlihan Lokey. This calculates value based on hypothetical royalty payments that would be saved by owning an asset rather than licensing it. In 2023, this produced a brand value estimate for the IPL of $3.2 billion — a difference of some $10.7 billion compared with other estimates. The methodology also produces different estimates of the franchise brand values. In this case, they are in a higher range of $83 million to $212 million, with a slightly different ranking.

Houlihan Lokey also undertook a valuation of the IPL’s value as a business, based on the standard discounted cash flow technique. This amounted to $15.4 billion in 2023, an increase of 80 percent over 2022. Most of this can be attributed to the renewal of the media rights deal covering 2023-2027, worth three times more than the 2017-2022 cycle. It is reasonable to assume that, given the year-on-year increases in viewership, the IPL will be able to command even more enhanced terms in the next cycle.

Intuitively, this makes the use of DCF techniques understandable. Under normal circumstances, the IPL can be reasonably sure of its future revenue streams. Once they are expressed in terms of present values, investors can assess what rate of return they are likely to achieve. Ultimately, returns on investment and profits are more important to stakeholders than differences in brand valuations, although the franchisees remain committed to brand enhancement through fan engagement, association with star players and top sponsors. 

Since 2008, the IPL has established itself as a global phenomenon and it has done so in a relatively short time. It attracts millions of fans and viewers, providing instant entertainment. All the signs are that it will continue to grow through increased sponsorship, viewer numbers and media rights income which, in turn, proliferates advertising revenue for the media. This is big business and looks unstoppable, but it may morph into a caricature of the game from which it took its roots.


Swiatek into Rome Open final as trophy record beckons, Paul battles through

Updated 28 sec ago
Follow

Swiatek into Rome Open final as trophy record beckons, Paul battles through

  • World No. 1 Swiatek now stands one victory away from duplicating the Madrid-Rome clay trophy double achieved by Serena Williams 11 years ago
  • American Paul reached a clay court semifinal for the first time in his career with a 7-5, 3-6, 6-3 upset of Hurkacz

ROME: Iga Swiatek won her 11th straight clay-court match on Thursday as the top seed moved closer to another record with a 6-4, 6-3 semifinal defeat of Coco Gauff at the Rome Open, after Tommy Paul earlier survived a chaotic ending to emerge victorious from his quarterfinal encounter with Hubert Hurkacz.

World No. 1 Swiatek now stands one victory away from duplicating the Madrid-Rome clay trophy double achieved by Serena Williams 11 years ago.

The 22-year-old Pole defeated third-seed Gauff for the 10th time in their 11 encounters, with her only loss in the series coming last summer in a Cincinnati semifinal.

Swiatek, a four-time Grand Slam winner due to defend her Roland Garros title starting a week from Sunday, will play the Saturday Rome final against either second-seed Aryna Sabalenka or American Danielle Collins.

The top seed spent one and three-quarter hours in dispatching Gauff, the reigning US Open champion.

Swiatek ended with 26 winners and broke four times.

“I’m not thinking about statistics or history,” she said after the victory. “I’m just playing day by day.

“It’s easier that way, it lets you play more freely.

“I’ll just try to play as good as possible in the final, no matter who it is.

“I won’t be thinking of any records, there is still work to do.”

On the men’s side, American Paul reached a clay court semifinal for the first time in his career with a 7-5, 3-6, 6-3 upset of Hurkacz.

The 14th seed is the first American to reach the final four at the Foro Italico since Reilly Opelka in 2021.

The momentum-shifting quarterfinal came down to the wire, with a 15-minute final game capping off nearly two and three-quarter hours on court.

Paul finally came through on his fourth match point as Poland’s Hurkacz sent a return long.

The match featured 13 breaks of serve, with Paul advancing with 29 winners and 41 unforced errors; and Hurkacz having 22 and 44 respectively.

“I started well but it got away from me in the second and start of the third,” Paul said. “I had to stick around in the match.

“I found the energy to get it going again. I was hitting my forehand bigger and with more intensity because Hubii can really crush the ball.”

Paul will play Nicolas Jarry in the semifinals after the 28-year-old Chilean stunned sixth seed Stefanos Tsitsipas 3-6, 7-5, 6-4 to reach his first Masters semifinal in Rome on Thursday.

Hurkacz, who knocked Rafa Nadal out in the Rome second round, was unable to get his massive serve up to speed as he faced Paul, winner over defending champion Daniil Medvedev in the fourth round.

Hurkacz won the clay title in Estoril last month and suffered only his third loss on clay this spring.
 


Schauffele gets another major scoring record and sets the pace at PGA Championship

Updated 6 min 29 sec ago
Follow

Schauffele gets another major scoring record and sets the pace at PGA Championship

  • The three-shot lead matches the 18-hole record held by Bobby Nichols in 1964 at Columbus (Ohio) Country Club and Raymond Floyd in 1982 at Southern Hills
  • cord 64 players broke par. The previous record for the first round of a PGA was 60 sub-par rounds in 2006 at Medinah, according to the Elias Sports Bureau

LOUISVILLE, Kentucky: Xander Schauffele is playing some of his best golf without a trophy to show for it. He at least put his name in the PGA Championship record book Thursday with a 9-under 62, and gave himself another entry in the record book for all majors.

Schauffele seized on the rain-softened conditions at Valhalla with a bogey-free 62, the lowest round in PGA Championship history, and matched the PGA record for largest margin after 18 holes with a three-shot lead over Tony Finau, Sahith Theegala and Mark Hubbard.

Schauffele, a 30-year-old who oozes California chill, kept this one in perspective.

“It’s just one day,” he said. “Very happy with how I played. I can’t think much more of it. I have to tee it up tomorrow.”

Masters champion Scottie Scheffler saw Schauffele’s score and cared only about putting together a good round in his first competition since his son was born last week.

That he did, holing out with a 9-iron from 167 yards on the first hole for eagle, the highlight in a round of 67. Scheffler failed to birdie the par 5s on the back nine and had a few other mistakes that sent him to the range after his round, but otherwise felt OK about it.

“I felt like there was a couple things I can clean up going into tomorrow, but overall today was a solid round,” Scheffler said after his 41st consecutive round at par or better.

This was an easy day to keep that streak going. A record 64 players broke par. The previous record for the first round of a PGA was 60 sub-par rounds in 2006 at Medinah, according to the Elias Sports Bureau.

Even players who stumbled from the start had ample opportunity to turn it around.

Jon Rahm opened with four bogeys in six holes, threw a club in disgust on the 16th hole and still managed a 70 by making four birdies down the stretch. Collin Morikawa was 2 over through five holes, but he responded with three straight birdies and finished with a 65.

Even so, this was a special round. Schauffele one-putted 12 times — two of them for par that he considered crucial to his round — and he didn’t go more than one hole without a birdie until the very end when he finished par-par for the record.

The three-shot lead matches the 18-hole record held by Bobby Nichols in 1964 at Columbus (Ohio) Country Club and Raymond Floyd in 1982 at Southern Hills. Both went on to win.

Schauffele had plenty of attention, playing alongside Louisville native Justin Thomas and in the group ahead of Tiger Woods, who was followed by Rory McIlroy. Thomas rallied late for a 69 that required some perspective of his own.

“When you’re playing with one of the easiest 9 unders you’ve ever seen, it makes you feel like you’re shooting a million,” Thomas said.

Finau closed with four pars for his 65. Theegala had 65 by finishing with three straight birdies. Hubbard had three birdies over his last four holes to join them late in the afternoon.

McIlroy, back on the course where he won his last major 10 years ago, ran off three birdies late in his round for a 66 that left him in a large group that included Morikawa and Tom Kim.

“You knew there were a lot of birdies out there,” Morikawa said. “It played soft and the greens were pretty slow.”

Defending champion Brooks Koepka played his final three holes in 3 under for a 67, while Jordan Spieth bogeyed his last hole for a 69 in his bid for the final leg of the Grand Slam.

There had been 17 scores of 63 at the PGA Championship, most recently Koepka in the opening round at Bethpage Black in 2019. The list includes Jose Maria Olazabal at Valhalla in 2000 during the third round.

Schauffele had to get up-and-down from behind the green on the par-3 eighth to a front pin, a chip of 60 feet that was right in the jar until stopping 2 feet short. His two-putt par from about 30 feet on the ninth hole gave him the PGA record.

That makes four rounds of 62 in all the majors, and Schauffele has two of them. He and Rickie Fowler shot 62 in the first round of the US Open last year at Los Angeles Country Club (par 70), while Branden Grace shot 62 in the third round at Royal Birkdale in the 2017 British Open.

And then he began the 24-hour wait before his next shot on Friday afternoon.

“The greens will be a little bit bumpier with a lot of foot traffic coming through. Who knows with the weather — it might rain — so the course might be playing completely different,” Schauffele said. “Just going to bed knowing I’m playing some pretty good golf, might just wipe the slate clean.”

Good golf, indeed. Just no trophy since the summer of 2022.

Schauffele had a one-shot lead last week in the Wells Fargo Championship and McIlroy zoomed by him on the back nine with a 65 to win by five. He also had a one-shot lead going into the final round at The Players Championship until Scheffler shot 64 to win by one.

“I’ve just been playing some really solid golf,” he said. “Been having close calls. My team and I, we just say let’s keep chugging along.”

This felt like a sprint from when he hit 6-iron to a pin back and left on the par-3 11th to 2 feet, followed by a 15-foot par save on the 12th, one of the few times he was out of position. Schauffele birdied three of the last four holes on the back nine for a 31, and then he ran off three birdies in a four-hole stretch — no putt longer than 10 feet — on the front nine.

It was the perfect recipe for scoring — the sun above, soft turf below, not much wind, and greens still relatively smooth.

“You for sure know there’s going to be some holes there for the taking,” Finau said. “You’re going to hit some good shots. You’re going to have a lot of looks. That’s what you saw out there today. ... I think you can go on a run here with the conditions.

“And it’s going to make for a fun week.”

It was frustrating for Woods, who holed enough putts and hit enough good shots that he was 1 under going to the final three holes. But he failed to take advantage of the par-5 seventh, and then he three-putted for bogey on his final two holes for a 72. That marked the eighth straight round in which he failed to break par in a major.

“That wasn’t the way I like to finish off a round,” Woods said. “Long way to go, and we’ll see what happens.”
 


Fury and Usyk fuel tensions ahead of ‘Ring Of Fire’ showdown in Riyadh

Updated 17 May 2024
Follow

Fury and Usyk fuel tensions ahead of ‘Ring Of Fire’ showdown in Riyadh

  • Fury dominates press conference with his larger-than-life personality and wit as he dances on stage and generally pays little attention to his rival
  • In stark contrast, Usyk displays stoic calm and unwavering determination, speaking quietly but firmly and ignoring Fury’s attempts to rattle him

RIYADH: Ahead of their highly anticipated showdown in Riyadh on Saturday, boxing titans Tyson Fury and Oleksandr Usyk exchanged words on Thursday, setting the stage for what promises to be an electrifying encounter billed as the “Ring Of Fire.”

Their press conference ahead of the clash, which took place at Boulevard City in front of a packed audience of media representatives and fans, underscored the intense rivalry between the fighters and the high stakes of their clash.

Both men are at the pinnacle of their careers: Fury holds the WBC heavyweight title, while Usyk is the unified WBA, IBF and WBO champion. The bout on Saturday is not only a battle for individual supremacy but also represents a historic moment in boxing, with the winner set to be crowned the first undisputed heavyweight champion since Lennox Lewis defeated Evander Holyfield in 1999.

True to form, Fury dominated the press conference with his larger-than-life personality and razor-sharp wit. The British fighter took the opportunity to entertain the crowd with his trademark banter, danced on the stage and generally paid little attention to his rival. Clad in a striking suit, he exuded confidence and made bold predictions about the outcome of the fight.

“I’m gonna make this short and simple,” he said. “Thank God for the victory that I’ve received already. And I want to thank everybody involved in this massive event. And I want to thank Oleksandr Usyk for turning up and challenging me.”

He also thanked the fans who have traveled from around the world to support him at the event “because I know it’s tough times at the moment. Money is hard.”

He added that he is fully prepared for the challenge, saying: “I’m ready for a good fight and if it’s tough or easy, either way I’ll be ready.”

In stark contrast to Fury’s flamboyance, Usyk displayed stoic calm and unwavering determination. Known for his technical prowess and agility, the Ukrainian ignored Fury’s attempts to undermine his confidence, speaking quietly but firmly as he expressed his respect for Fury and confidence in his own abilities.

“I’m happy to be here,” he said, adding that he is excited to visit the Kingdom. “Let’s make history”

Despite the verbal jabs and competitive spirit on display, both fighters expressed mutual respect for each other’s accomplishments. Fury acknowledged Usyk’s remarkable rise through the heavyweight ranks, while Usyk lauded Fury for his resilience and fighting spirit.

This respect did little to ease the palpable tension, however, as the fighters faced off for the cameras. Though Fury refused to take part in the traditional stare-down finale, the steely gazes nonetheless served as the precursor to a fierce battle.

Usyk’s manager, Alexander Krasiuk, said: “There is only one task left. It is to take this green belt and return it to Ukraine, the country it belongs to.”

In response, Spencer Brown, Fury’s manager, said: “We have come from Britain here to win the belts and take them back.”

Fellow fighters and boxing pundits also took the stage on Thursday to share their perspectives on the big fight. Press conference host Dev Sahni noted the historical significance of the bout, saying: “Both (fighters) are going to let their fists do the talking on Saturday night. It is the fight of the century; the first undisputed world heavyweight champion will be crowned right here in Riyadh on Saturday. Do not miss it.”

American boxer Ryan Garcia described Usyk as a “hell of a man” but added: “Fury is the man. I think he is the best heavyweight of all time.”


Messi’s record $20.4 million salary dwarfs entire MLS teams

Updated 17 May 2024
Follow

Messi’s record $20.4 million salary dwarfs entire MLS teams

MIAMI: Lionel Messi’s record $20.45 million annual salary from Inter Miami makes him by far the best paid player in Major League Soccer but also puts him ahead of the entire squads of 25 of the league’s clubs, according to data released by the MLS Players Association on Thursday.
The players union regularly releases the full pay details of the entire league and while it was no surprise to see the eight-times Ballon d’Or winner at the top, the gulf with other players and indeed teams is striking.
Messi has a guaranteed compensation of $20,446,667 made up of a base salary of $12 million plus various bonuses.
The figures from the players’ union do not include the huge income the Argentine World Cup winner receives in commercial deals, endorsements and sponsorships from companies such as Adidas and Apple.
Messi signed his last contract with Spanish club Barcelona in 2017, a four-year deal that gave him the potential to earn 138 million euros per season including salary and add-ons.
Messi moved to Paris Saint-Germain in August 2021, after his contract with Barca ended and was reported to be earning between 30-35 million euros with the French club.
The 36-year-old joined Miami in July last year on a deal which runs until the end of the 2025 season but he may still be receiving payments from Barca.
Joan Laporta, the Barca president, said in January 2022 that the club were scheduled to make deferred salary payments to the player until 2025.
Toronto’s Italian striker Lorenzo Insigne, who was MLS’s best-ever paid player until Messi’s arrival, was second on the list with a guaranteed income of $15.4 million from the Canadian club.
Messi’s Spanish team-mate, Sergio Busquets, the 35-year-old former Barca midfielder, is the third top earner in the league on $8.8 million guaranteed.
Miami’s former Barca duo of Uruguayan striker Luis Suarez and Spanish full-back Jordi Alba each earn $1.5 million per year.
Inter Miami’s total wage bill is $41.68 million with Toronto second on $31.41 million. Current league champions, the Columbus Crew, had a total salary cost of $15.19 million, ranked 21st in the league.
Messi shares a dressing room with a number of team-mates earning just a tiny fraction of his income — defender Noah Allen, a regular part of the matchday squad, earns a total of $91,383.
The average MLS salary is $594,390 in 2024 which is up 12.1 percent from last year.
Miami are able to pay Messi such a high salary because of the ‘Designated Player’ rule which was brought in to allow Los Angeles Galaxy to sign David Beckham in 2007 on a base salary of $6.5 million a year with his total deal earning him around $50 million in five years.
While Messi’s income is huge by MLS standards it is well below the levels of top performers in other major sports in the USA.
Last year Cincinnati Bengals quarterback Joe Burrow signed a five-year deal worth $55 million per season, a new league record.
The NBA’s top earner Stephen Curry of the Golden State Warriors makes $51.9 million.


World judo championship in Abu Dhabi attracts record entries 

Updated 16 May 2024
Follow

World judo championship in Abu Dhabi attracts record entries 

  • 682 athletes from 110 countries set to perform at Mubadala Arena from Sunday
  • World Championships will feature one of the legends of the sport, Frenchman Teddy Riner, who holds the distinction of having been both the youngest and oldest world champion

ABU DHABI: A record number of judokas will be seen in action at the Abu Dhabi World Championships Seniors 2024 Individuals and Mixed Teams to be held at Abu Dhabi’s Mubadala Arena from May 19-24.

Organized by the International Judo Federation in coordination with the UAE Judo Federation, the week-long competition witnessed last-minute registrations from all parts of the world, with the number of athletes standing at 682 from 110 countries.

A total of 362 men and 320 women will compete in seven weight categories each, all vying for a share of the €1 million ($1.09 million) prize money.

The last World Championships, which were held in Doha, attracted a field of 657 judokas from 99 countries.

In Abu Dhabi, the women will compete in the -48 kg, -52 kg, -57 kg, -63 kg, -70 kg, -78 kg and +78 kg weight categories, while the men will be in action in the -60 kg, -66 kg, -73 kg, -81 kg, -90 kg, -100 kg and +100 kg weight categories.

The UAE national team will be among the leading favorites along with strong contenders from France, Japan, Brazil, Canada along with Egypt, Saudi Arabia, Lebanon, Bahrain, Algeria and Tunisia.

The World Championships in Abu Dhabi will also feature one of the legends of the sport, Frenchman Teddy Riner, who holds the distinction of having been both the youngest and oldest world champion.

Riner became the youngest world champion when he won at the 2007 edition as an 18-year-old, and he also clinched gold at the 2023 championships in Doha last year to become the oldest champion at 34 years and 36 days.

Other world champions who will be seen in action include Yang Yung-wei of Taiwan (-60kg), Matthias Casse of Belgium (-81kg), Tajikistan’s Temur Rakhimov (+100 kg), all in the men’s competition.

Confirmed so far in the women’s categories are Italy’s Assunta Scutto (-48kg), the Canadian duo of Christa Deguchi (-57kg) and Catherine Beauchemin-Pinard (-48kg) and Croatia’s Barbara Matic (-70kg).

Each gold medal winner will get almost $28,300, while the silver medal winner will get $16,000 and the bronze almost $8,700.

In the teams competition, the gold medal will fetch $98,000, the silver almost $52,200, and the bronze almost $27,200.

Mohammed Bin Tha’aloob Saleem Al-Darie, president of the UAE Judo Federation and chairman of the Supreme Organizing Committee, said he is thrilled with the overwhelming response to the competition, which has given the UAE a new certificate of excellence in hosting international sporting events.

“The overwhelming response to the registration till the final hours of deadline reflects the keenness of all countries and players to participate in the competition. Not only have we been able to attract a record 110 countries, we have also managed to have most of the former and current world champions lining up for a slice of the action in Abu Dhabi,” he said.

Teams from across the world have been landing in Abu Dhabi, and various national cadres have been working round the clock to ensure that everything works to precision during the build-up to the main competition on Sunday.

The draw of lots will take place on Saturday, May 18, while individual competitions will get under way from Sunday and go on till May 23. The final day of the championships, May 24, will be dedicated to the mixed teams competitions.