In the first deal of its kind, Coca-Cola "is picking up a 10% equity stake" in tennis player Mahesh Bhupathi-promoted Int'l Premier Tennis League, according to Ratna Bhushan of the ECONOMIC TIMES. An official involved in the developments said, "The part equity-part sponsorship deal, estimated at about Rs 18 crore ($3.3M), is being structured in a way that IPTL title sponsor Coca-Cola's sponsorship money will add up to 10 percent equity over a period of time." This "could stretch" over a three-year period. The official said the final closure of the deal "is in process." Coca-Cola India's spokesperson "declined to comment on the matter." Brand and Marketing Consultant Harish Bijoor said, "The equity deal would not only give the company first-mover advantage but in many ways help its brands to occupy long-term share of mind among consumers and goes beyond one tournament or a couple of series. Since it's early stages for tennis in India, the deal isn't expensive. Tennis may not be big in India now, but India is getting ahead as a multigame platform." This is the first time that Coca-Cola India is "picking up direct equity in a sporting property" (ECONOMIC TIMES, 3/30).
