An "upstart" sports league in India is "suddenly drawing comparisons" with the NBA and the Premier League, and "for good reason," according to Gauri Bhatia of CNBC. The Indian Premier League has "become one of the richest sporting events in the world." A "glitzy 47-day extravaganza," the IPL is Indian cricket's "marquee event." With foreign and Indian players being bought at auctions for "eye-popping prices," advertising slots sold at an estimated premium of 250% over other TV shows and Bollywood and corporate heavyweights "vying to own a team," the IPL "underscores cricket and cricketers' enormous money power in India." Former IPL side Delhi Daredevils COO Amrit Mathur said, "Cricket has shown especially through the IPL that it defies normal economics." No cricket property -- whether it is broadcast rights, tournament sponsorships or brand endorsement contracts -- has "ever seen a jump of less than five to eight times on renewal," marketing experts said. Cricket in general and the IPL in particular have had "more than their share of controversies." Yet any dent that has been made to its credibility "has yet to affect its financial health." Mathur: "The BCCI's revenues are very well protected, it has a fantastic product in the IPL and makes $600 million a year from that alone." Everyone associated with cricket "can feel its Midas touch." Top IPL teams attract 20-25 sponsors, making upward of $5M-7M a year, and cricket commentators can attract contracts of more than $750,000 for a six-month season excluding the IPL, people associated with the business of cricket said. Baseline Ventures Managing Dir Tuhin Mishra said, "Since India won the World Cup in 1983, cricket has become this huge giant. It's amazing how the BCCI has been able to market cricket" (CNBC, 9/27).
