Bollywood plays part as franchises sell for £364m
Friday 25 January 2008
As if to demonstrate the global shift in cricketing power to India, various companies and consortia paid more than $718m (£364m) yesterday to buy the eight franchises of the Indian cricket board's Twenty20 Indian Premier league, which begins in April.
The base price for owning a team for 10 years was set at $50m, but the bidding went beyond that. Mukesh Ambani, the chairman of India's most valuable company, Reliance Industries, successfully bid $111.9m for the Mumbai team while United Breweries, owned by another billionaire, Vijay Mallya – who last year bought into the Formula One team Spyker and renamed it Force India – snapped up Bangalore for $111.6m after losing out on the Mumbai bid.
The Indian cricket board retains the rights to each team, with the winning bidders paying their sums over 10 years – 10 per cent each year. The league, expected to feature many of the game's best players, is an effort to counter an unofficial Indian Twenty20 league which began late last year.
"I'm delighted that UB group has got it," Mallya said. "We will now use this as an active promotional platform for all our brands." Eleven companies and consortia were in the race to own teams from a choice of 12 cities where the franchises would be based. The Bollywood actor Shah Rukh Khan was part of the consortium that secured Kolkata for $75.09m, while the infrastructure company GMR Holdings won the Delhi franchise for $84m.
"I will support cricket and not promote cricket, otherwise people will say I am promoting my films," Shah Rukh said, in a reference to those who criticised his presence at the Twenty20 World Cup in South Africa last year.
Among other bids, Mohali went for $76m to a syndicate including the Bollywood actress Preity Zinta while the media group Deccan Chronicle won Hyderabad for $107.01m. India Cements won the Chennai franchise for $91m while Jaipur was snapped up for $67m by a British company, Emerging Media.
The 44-day IPL starts on 18 April and will feature eight franchises with 16-man squads in its inaugural season. Teams will play home and away games leading up to a grand final. The first year will feature 59 matches played in late afternoon for prime-time TV.
India has the largest global cricket audience. "To date we [the Indian Premier League] have made $1.749 billion," the board vice-president, Lalit Modi, said.
IPL WINNING BIDS: 1. Mumbai Reliance Industries £57.4m; 2. Hyderabad Deccan Chronicle £54.9m; 3. Bangalore Vijay Mallya's UB Group £54.3m; 4. Chennai India Cements $91m; 5. Delhi GMR Holdings $84m; 6. Mohali Preity Zinta consortium $76m; 7. Kolkata Shah Rukh Khan's Red Chillies $75.09m; 8. Jaipur Emerging Media (consortium including Manoj Badale, Lachlan Murdoch and other investors) $67m.
elephant appealThe first 23 lots have now gone. But there are 22 more still up for grabs
comedy'Fresh Meat' star sees off stiff competition from Alan Carr, David Mitchell, Graham Norton, Lee Mack and Sarah Millican to win top prize
Beatles rush out 'bootleg' album to defy EU copyright law
healthJames Bond's alcohol consumption puts him at 'high risk' of cirrhosis, tremors... and impotence
musicPolice chief rejects rappers' claims that his work is as dangerous as law enforcement or military service
tvSpoiler alert: Find out the result of a heated final show
Harvey Weinstein reveals his secret weapon on-set
Now that an oil trader's drinking has got him sacked, will we all have to make do with an afternoon latte?
Chiwetel Ejiofor and Idris Elba get nods for Best Actor, which no black Brit has ever won
Geoffrey Macnab reviews The Desolation of Smaug - the meat in Peter Jackson's Hobbit sandwich
peopleWhat advice would David Cameron give to his younger self?
World Cup 2014: Football Manager developers predict the team of the tournament - but which England player makes it into the XI?
Transfer news: Manchester United step up chase for Internazionale midfielder Fredy Guarin - reports
Ashes 2013/14 third Test: Is Waca on the way out?
Manchester City should have known rules in Bayern Munich match, says Rafa Benitez
Champions League last 16 draw 2013: Who could Arsenal, Chelsea, Manchester City and Manchester United meet?
- 1 French café starts charging extra to rude customers
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 Australia incest case: Severely deformed children found in remote farming community after generations of inbreeding
- 4 Physicists discover 'clearest evidence yet' that the Universe is a hologram
- 5 Fox News presenter tells viewers it is a 'fact' that both Jesus and Santa Claus are white