Indian Premier League Remains Most Financial Rewarding Sporting Event In India
A report published on Tuesday by KPMG and CII "has pegged" the Indian Premier League as the most lucrative sporting event in India, according to Manu Balachandran of the Indian BUSINESS STANDARD. This is "despite mounting criticism" against the IPL and allegations of rampant match-fixing. According to the report, the event's prize money of Rs 240 crore ($39M) is at least Rs 100 crore ($16M) more than the combined prize money of all other leagues currently played in the country. World Hockey Series "comes at a distant second" with prize money of Rs 78 crore ($12.5M) while Indian Badminton league comes in third at Rs 54 crore ($8.7M). KPMG partner Jaideep Ghosh said that Chennai Super Kings, owned by India Cements, and Mumbai Indians, owned by Reliance Industries, "have the highest valuation amongst the IPL teams." American Appraisal Associates had said that Chennai Super Kings and Mumbai Indians have a valuation of Rs 450 crore ($72.6M) each while Sun Risers Hyderabad has a valuation of Rs 155 crore ($25M). The report said, "The total value of various franchise brands in IPL is over $400 million. This does not represent the value of the IPL brand as a whole and only represents the value of individual franchise brands" (BUSINESS STANDARD, 2/25).