MUMBAI: Owning a sports club has become the new status symbol for the uber rich of India, according to a new Forbes report.
India’s wealthiest man Reliance Industries chairman Mukesh Ambani leads the pack, with
his Indian Premier League (IPL) team Mumbai Indians being worth an estimated $200 million.
India’s richest are racing to own sports teams in the field of cricket, kabbadi, hockey and badminton, Forbes noted.
Other billionaire IPL team owners include GM Rao (ranked 98th in the Forbes India rich list), who owns the Delhi Daredevils, and media magnate Kalanithi Maran (ranked 38), who owns the Sunrisers Hyderabad.
The Ambanis are backing what they see as the next big thing: soccer. The newly launched
Indian Super League, in partnership with sports management firm IMG, debuts in
October with Brijmohan Lall Munjal’s (No. 23) Hero MotoCorp as the title sponsor.
Electronics magnate Venugopal Dhoot (No. 43).and Sanjiv Goenka (No. 69) are among the eight franchise owners.
For India’s super rich, having a sports club of one’s own is the newest status symbol. Mohit
Burman, the scion of the Burman family (No. 18) that owns the Dabur consumer goods empire, has two of them.
The family jumped into the fray in 2008, snapping up a stake in the Kings XI Punjab cricket team at the
inaugural auction of the IPL.
Burman explains his move: “In India cricket is like a religion with a mass following. The IPL has made it a household name.” The
tournament has generated $3.2 billion (in sponsorship fees and broadcasting revenues) over the years.
The cricket bonanza stoked Burman’s appetite. Last year, he picked up the Mumbai Magicians
field hockey team and the Pune Pistons badminton team. But he exited hockey in September because it proved financially
unviable.
Burman contends that sports needs patient money. Even his cricket franchise turned profitable just this year.Yet, team owners are flocking to sports.
The Forbes report noted that Kabbadi, an ancient Indian contact sport, recently got a fresh lease on life when Anand Mahindra (No. 74) created the Pro Kabbadi League in March—he played the sport in boarding school—and roped in.banker Uday Kotak (No. 15) and retail mogul Kishore Biyani as team owners.
The inaugural edition garnered 435 million TV viewers over the 37-day event as teams with names like the Telugu Titans, Bengaluru Bulls and Jaipur Pink Panthers went at it. It’s now the country’s second-most-viewed sporting
tournament.
http://www.televisionpost.com/news/indias-richest-racing-to-own-sports-teams-forbes/
India’s wealthiest man Reliance Industries chairman Mukesh Ambani leads the pack, with
his Indian Premier League (IPL) team Mumbai Indians being worth an estimated $200 million.
India’s richest are racing to own sports teams in the field of cricket, kabbadi, hockey and badminton, Forbes noted.
Other billionaire IPL team owners include GM Rao (ranked 98th in the Forbes India rich list), who owns the Delhi Daredevils, and media magnate Kalanithi Maran (ranked 38), who owns the Sunrisers Hyderabad.
The Ambanis are backing what they see as the next big thing: soccer. The newly launched
Indian Super League, in partnership with sports management firm IMG, debuts in
October with Brijmohan Lall Munjal’s (No. 23) Hero MotoCorp as the title sponsor.
Electronics magnate Venugopal Dhoot (No. 43).and Sanjiv Goenka (No. 69) are among the eight franchise owners.
For India’s super rich, having a sports club of one’s own is the newest status symbol. Mohit
Burman, the scion of the Burman family (No. 18) that owns the Dabur consumer goods empire, has two of them.
The family jumped into the fray in 2008, snapping up a stake in the Kings XI Punjab cricket team at the
inaugural auction of the IPL.
Burman explains his move: “In India cricket is like a religion with a mass following. The IPL has made it a household name.” The
tournament has generated $3.2 billion (in sponsorship fees and broadcasting revenues) over the years.
The cricket bonanza stoked Burman’s appetite. Last year, he picked up the Mumbai Magicians
field hockey team and the Pune Pistons badminton team. But he exited hockey in September because it proved financially
unviable.
Burman contends that sports needs patient money. Even his cricket franchise turned profitable just this year.Yet, team owners are flocking to sports.
The Forbes report noted that Kabbadi, an ancient Indian contact sport, recently got a fresh lease on life when Anand Mahindra (No. 74) created the Pro Kabbadi League in March—he played the sport in boarding school—and roped in.banker Uday Kotak (No. 15) and retail mogul Kishore Biyani as team owners.
The inaugural edition garnered 435 million TV viewers over the 37-day event as teams with names like the Telugu Titans, Bengaluru Bulls and Jaipur Pink Panthers went at it. It’s now the country’s second-most-viewed sporting
tournament.
http://www.televisionpost.com/news/indias-richest-racing-to-own-sports-teams-forbes/
