Sachin Tendulkar will reportedly earn an estimated five-fold return on investment.GETTY IMAGES
Former Indian cricket captain Sachin Tendulkar is selling his stake in Indian Super League football franchise Kerala Blasters, according to Indulal P.M. of the ECONOMIC TIMES. The holding will be acquired by the Lulu Group controlled by Dubai-based businessman Yusuff Ali, multiple sources said, in a deal valuing the franchise at about Rs 350 crore ($52.6M). That would mean an "estimated return of nearly five times for the cricket legend on his four-year-old investment." Tendulkar said, "I have decided to exit my association with Kerala Blasters as a co-promoter. I strongly believe that Kerala Blasters is in very good shape and on its path to attain many more successes with the backing of its fans offering unconditional support." Tendulkar is selling his stake of more than 20% to Andhra Pradesh-based industrialist Nimmagadda Prasad, who in turn will sell the shares to the Lulu Group, sources said. According to industry sources, Tendulkar invested close to Rs 15 crore ($2.2M) "in addition to his brand value" in Blasters and had a 20% stake as of March. Tendulkar acquired the Kochi-based franchise in April '14 along with entrepreneur Prasad V. Potluri. Neither Lulu Group or Prasad responded to requests for comment. Star India Managing Dir Sanjay Gupta said that India's sports sector is set to become a $10B industry in the next five years. He added that sports is still at a 0.1% share of India's GDP, while globally it is about 0.5% of GDP, "indicating a sharp upside" (ECONOMIC TIMES, 9/17).
