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MUMBAI, Feb 17 (Reuters) - Global private equity investors such as KKR and Blackstone have a new investment hotspot in India: cricket. The Indian Premier League, the world's richest cricket league, counts Bollywood stars, Indian tycoons and spirits maker Diageo among its backers, but is now attracting major private equity firms with the prospect of rapidly rising revenues and profits and a large global viewership. The enterprise value of the league, colloquially known as the IPL, rose to a record $18.5 billion last year, says US investment bank Houlihan Lokey. That's much smaller than the US National Football League (NFL) at US$227 billion and the National Basketball Association (NBA) at US$165 billion, but on a per-match basis the IPL is now the second most valuable sports league in the world, behind the NFL. KKR and Blackstone have set their sights on last season's winners Royal Challengers Bengaluru (RCB), two banking sources said. KKR is also exploring a possible stake in the Rajasthan Royals team, while Swiss-based PE firm Partners Group is considering at least one team for investment, sources said. It was a blockbuster IPL deal from European private equity firm CVC Capital that triggered the new wave of investor interest, bankers say. CVC sold a majority stake in the Gujarat Titans, delivering a dollar return of more than 350% just four years after the acquisition. The deal valued the team at $900 million. "India's structural economic growth should continue to support long-term value creation," said Siddharth Patel, managing partner at CVC Capital. "Combined with the scarcity of IPL franchises, it is clear why there is such intense investment interest from industry groups, family offices and private equity investors alike." Since the CVC deal, there have been several inquiries from private equity clients in the US and Europe for IPL interests, said Harsh Talikoti, sports deals specialist at Houlihan Lokey in Mumbai. "The IPL model has proven that you can generate serious profits," he said. Blackstone, KKR, Partners Group and Royal Challengers Bengaluru declined to comment, while Rajasthan Royals did not respond to Reuters' requests for comment. Because the conversations are private, the sources do not want to be named. CENTRALIZED POOL AND BROADCAST RIGHTS BOUNTY The IPL has reshaped the game in a country where the best cricketers are often revered. Last year, IPL had a record 1.19 billion viewers across digital and TV, much bigger than the NFL. Every year after an auction for world players, IPL teams compete in matches in the 20-over format of the game. The next season starts on March 26. Key factors driving investor interest in the league include a doubling of the value of broadcast rights to over $6 billion at the latest auction in 2022, rising franchise revenues and Indian cricket board BCCI's pooled revenue sharing model boosting team revenues. The board pools the league's media rights and sponsorship dollars, keeping half and distributing the rest equally among the teams - a structure that is much more centralized and evenly distributed than, for example, the NBA. The model ensures each team is properly funded to recruit players, and with regular player auctions, each team can compete for the title within a season, CVC's Patel said. That helps "maintain strong audience engagement and provides franchises with predictable economics through the media rights cycle." Mohit Burman, an Indian businessman who co-owns the Punjab Kings team with Bollywood star Preity Zinta, said his sponsorship revenue was growing at 30% a year, but the main attraction for private equity firms was the revenue-sharing model. "The IPL can certainly rival - and in some cases outperform - US leagues in terms of investor returns, even if the absolute scale differs," Burman told Reuters. Each IPL franchise earns around $55 million annually from the board's pool alone, he said. Ticket sales and other sponsorship income are on top of this. "The asset class has clearly matured," Burman said. The BCCI and other IPL teams did not respond to Reuters' queries. THE INVESTMENT RISKS Reliance and Disney merged their Indian businesses in 2024 and now jointly own the streaming and TV broadcast rights for IPL until 2027, costing $6.2 billion. Jefferies analysts say the per-match value for these rights alone makes IPL the second highest value in the world after the NFL. But there are also risks for investors. With similar competitions gaining traction in South Africa, the United Arab Emirates and Australia, cricketers must navigate an increasingly busy franchise calendar in addition to their international commitments. The biggest issue is the concern that the Disney-Reliance merger will mean less competition and could result in fewer dollars for teams at the 2027 broadcast auction. Indian billionaire Sanjiv Goenka disagrees. He said in an interview last year that his 2021 acquisition of an IPL team for $781 million is a "trophy business" and that broadcast rights will only become more expensive. Many investors, including Goenka's Group and Mukesh Ambani's Reliance, bet a total of £500 million in the England and Wales Cricket Board's hundred-ball competition last year. RISING TEA REVENUES The NFL opened its teams to private equity investors in 2024, and the NBA allows such investments, but with strict ownership limits. IPL has no such boundaries, allowing for greater play of private capital. Team turnover, profit growth and the limited number of teams are big draws. There are 10 teams in the IPL, compared to 32 in the NFL. A Reuters analysis of regulatory disclosures found that at least five IPL teams have more than doubled their revenue on an absolute basis since 2022, with two of them even doubling their profits. Three other franchises also doubled profits (but not revenue) during that period. Part-owned by Bollywood star Shah Rukh Khan, Kolkata Knight Riders reported revenues of $76.8 million for 2023-2024, up 119% from the previous year. Net profit rose six times to $19.4 million. Sumat Chopra, head of private equity at consultancy Kearney, which has advised clients on the IPL, said there are more benefits from big players increasing team revenues. Top players like India's Virat Kohli and Australia's Pat Cummins play the IPL. "IPL franchise valuations are likely to rise steadily over time, supported by the rising media economy." ($1 = 90.7500 Indian Rupees) (Reporting by Vibhuti Sharma in Mumbai; Additional reporting by Amlan Chakraborty; Editing by Aditya Kalra and Sonali Paul)
Brendon Kleynhans is a maths teacher at South African College School, one of the country's most prestigious alma maters. It luxuriates in the leafiness all around the most genteel part of Cape Town, with Newlands a mere long boundary away. If that brings to your mind's eye a slight, chinless, reticent, bespectacled individual sporting a combover, a pocket protector and - dread word - slacks who declines to step out of the safety of suburbia, you need that eye tested. "During camps it's half-pace," Kleynhans told Cricbuzz in the Kingsmead nets on Tuesday as the South Africans completed their ...Read More >
From Shah Rukh Khan's massive earnings to Akshay Kumar's socially relevant roles, these top Bollywood stars dominate the industry with their impressive net worth and paychecks. Bollywood's highest-paid actors, including Shah Rukh Khan, Salman Khan, and Akshay Kumar, continue to dominate the industry with impressive net worths and paychecks, setting records with their blockbuster films and socially relevant roles. Shah Rukh Khan Known as the "King Khan," Shah Rukh is the third-highest paid actor in India with a net worth of ₹6,300 crore. Globally, his most recent blockbusters, Jawan and Path ...Read More >
Air India launched a Black Friday Sale with discounts up to 20% on domestic flights and up to 12% on international flights to various destinations. The sale is available through the airline's website and mobile apps. Additional savings are possible with waived convenience fees and specific payment methods. The airline continues offering student and senior citizen discounts.Air India on Friday launched a limited-time Black Friday Sale offering discounts of up to 20 per cent off base fares for domestic flights within India. The Tata-owned airlines will also offer up to 12 per cent off base fares ...Read More >
Australia lost the first Test by 295 runsAustralia faced their first Test defeat in PerthAustralia are looking to make a comeback in Adelaide Australia retained their 13-member squad for their second Test against India, confirmed selector and coach Andrew McDonald. On Monday, the Aussies lost the Perth Test by 295 runs to go 0-1 down in the five-match series against India. It was also the first time Australia lost at the Optus Stadium after winning four matches on the trot since 2018. McDonald, however, showed faith in their squad to make a turnaround in the Pink-Ball Test, starting December ...Read More >
Mumbai Indians (MI) made strategic moves in the IPL 2025 mega-auction, securing New Zealand pacer Trent Boult for ₹12.50 crore. MI owner Akash Ambani praised Boult’s invaluable skill in swinging the new ball, acknowledging the team’s struggles when he wasn’t playing for them in recent years. The franchise also acquired England’s Reece Topley for ₹75 lakh and New Zealand spinner Mitchell Santner for ₹2 crore. MI further strengthened their spin department by signing young Afghan talent Allah Ghazanfar for ₹4.80 crore, who has impressed with his performances in international cricket. ...Read More >
Get latest articles and stories on Sports at LatestLY. Pakistan will play its share of matches in next year's inaugural blind women's T20 World Cup in either Nepal or Sri Lanka after a hybrid model for the event was finalised at the World Blind Cricket Council's (WBCC) Annual General Meeting in Multan. New Delhi, Dec 3 (PTI) Pakistan will play its share of matches in next year's inaugural blind women's T20 World Cup in either Nepal or Sri Lanka after a hybrid model for the event was finalised at the World Blind Cricket Council's (WBCC) Annual General Meeting in Multan. The development comes ...Read More >
US, Spain, Thailand, China, Tokyo, Munich, and more will showcase Marriott International's trailblazing luxury experiences, offering transformative travel in 2025. At the International Luxury Travel Market (ILTM) in Cannes, Marriott International, Inc. has unveiled an exciting new phase of global expansion. The Luxury Group is introducing a range of innovative brand extensions, including luxury tented camps, remote lodges, and personalized experiences, all designed to elevate Marriott's position as a global leader in premium hospitality. With a portfolio that includes renowned names such as T ...Read More >
Meet Venkata Datta, Hyderabad techie, who is set to marry badminton star PV Sindhu The KYC Bubble: How digital ID's could trigger a global collapse 5 reasons why Allu Arjun will become biggest pan-India star with Pushpa 2: The Rule This is world's weirdest hotel where guests stay to get insulted, pay Rs 20000 room rent, it is located in... Vikrant Massey breaks silence on his 'retirement' announcement, says his post was misread: 'I'm not...' After breakup with Arjun Kapoor, Malaika Arora does 'Nain Matakka' with another actor, netizens react Naga Chaitanya-Sobhita Dhulipala wedding: Allu ...Read More >
ess than 24 hours after he asserted in Nigeria's Abuja that stepping out of the comfort zone, innovating and creating new paths has now become the very essence of today's India, Prime Minister Narendra Modi on Monday told the gathering of world's most influential leaders converged in Rio de Janeiro for the G20 Summit that the main reason for India's success lies in his government's 'back to basics' and 'march to the future' approach. Addressing the G20 session on 'Social Inclusion and the Fight Against Hunger and Poverty' at the bayside museum of modern art during the two-day 19th G20 Summit, ...Read More >
Mumbai, November 26: The final allotment for the NTPC Green Energy IPO has been confirmed, and investors can now check their status through bank debit messages or online platforms such as the BSE, NSE, and Kfin Technologies. The shares of NTPC Green Energy, which opened for subscription on November 19 and closed on November 22, are set to be listed on the stock exchanges on Wednesday, November 27, 2024. The public offering received strong investor interest, with the issue oversubscribed by 2.42 times, according to the National Stock Exchange (NSE). Analysts maintain a positive long-term outlo ...Read More >
Vaibhav Suryavanshi, a 13-year-old cricket prodigy, becomes the youngest player signed for IPL, bought by Rajasthan Royals for Rs 1.10 crore. His achievement has sparked pride in his hometown, with family replaying a vital role in his journey. Vaibhav marks a new era for young talent in cricket. In a groundbreaking moment for Indian cricket, 13-year-old Vaibhav Suryavanshi has made history by becoming the youngest player ever signed by the Indian Premier League (IPL). Acquired by the Rajasthan Royals for a staggering Rs 1.10 crore during the IPL 2025 auction, Vaibhav's remarkable achievement ...Read More >
Bigg Boss 18: Shilpa Shirodkar is termed 'biggest backstabber' after Vivian Dsena... Deepak Kalal fights with passenger in flight? Know the truth behind viral video Delhi court fixes Nov 28 for hearing former CM Arvind Kejriwal's plea over sanction copy in... Where will the Champions Trophy 2025 be played? ICC to take final call on THIS date Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan recalls telling Amitabh Bachchan he made 'big mistake' by... Deepinder Goyal's Zomato opens Rs 8500 crore QIP share sale, sets floor price at Rs... Delhi Capitals co-owner pens emotional fare ...Read More >
Parth Jindal, co-owner of the Delhi Capitals, welcomed new purchase KL Rahul with open arms and vowed to treat the experienced India batter with 'love and respect'. Rahul had a controversial exit from his previous franchise Lucknow Super Giants. The post-match scenes from the last IPL - which captured LSG owner Sanjiv Goenka publicly having an outburst on his captain, Rahul - were indications of cracks forming between the two. They even met at a dinner soon after to sort everything out, but it only lasted a little while. Finally, when the franchise did not retain Rahul, it became clear that th ...Read More >
Allan Border expresses his disappointment over the team's inability to contain Virat Kohli during the first Test in Perth Melbourne: Expressing his disappointment over the team's inability to contain Virat Kohli during the first Test in Perth, former Australia captain Allan Border questioned the tactics of skipper Pat Cummins. Kohli, who had not scored a Test century in 18 months, roared back to form with an unbeaten 100 in the second innings as India secured a thumping 295-run victory over the hosts. "I was really disappointed in the way we let Kohli roll on to a hundred without much resist ...Read More >
New Delhi [India], November 29 (ANI): Former Australian captain Ricky Ponting lauded star Indian batter Virat Kohli for a century against Australia at Perth, pointing out how trusting his game during the second innings paid off well for him. After a terrible home Test season against Bangladesh and New Zealand, with horrific outings against the Kiwis in a losing cause, Virat rose above all critics, questioning and doubts with yet another magnificent ton at Perth's Optus Stadium. With this century, he shattered many records as a visiting batter and continued his love affair with playing in Aust ...Read More >
FRANKFURT (Reuters) - Import tariffs expected to be implemented by the administration of U.S. President-elect Donald Trump could lower economic growth and inflation in the 20 nations sharing the euro, European Central Bank board member Piero Cipollone said on Tuesday. Most economists agree that the possible tariffs would impact growth, though views diverge on the effect on consumer prices. Some argue the U.S. trade barriers will push up the value of the dollar, making imports of key commodities more expensive, while likely retaliation from Europe will also raise costs. Cipollone, speaking i ...Read More >
India’s star batter Virat Kohli, ahead of the Border-Gavaskar Trophy 2024-25, reflected on his memorable century on Perth’s challenging pitch during the 2018/19 series, calling it his best knock in Australia. However, Kohli faces immense pressure this series, struggling with form after scoring just 488 runs in 2024 at an average of 20.33. Once a dominant force in Test cricket, his performance has dipped since 2020, raising questions about his place in the team. With the five-Test series kicking off in Perth on November 22, Kohli aims to rediscover his magic on Australian soil and silence his c ...Read More >
The global smoke grenade market is expected to grow from $297.24 million in 2023 to $456.46 million by 2031, driven by a 5.5% CAGR. Military, law enforcement, and emergency services are the primary sectors fueling demand, especially for tactical operations, training, and crowd control. Advances in technology have led to safer, more effective smoke grenades, while commercial uses in activities like paintball and film production are rising. Environmental concerns are promoting the development of eco-friendly products. North America leads the market, with rising military expenditures further boos ...Read More >
Trump warns BRICS nations against replacing US dollar Dec 2 (Reuters) - A gauge of emerging market stocks rose on Monday, driven by positive manufacturing data from China and expectations of continued policy support from Beijing, while India's rupee hit a record low because of weaker-than-expected economic data. As of 0932 GMT, the MSCI's index for emerging market stocks had risen by 0.7%, on track for its biggest percentage gain in over three weeks. China's blue-chip CSI 300 climbed 0.8%, and the Shanghai Composite index jumped 1.1% after a private survey indicated that Chinese factory act ...Read More >
The much-delayed final schedule for the ICC Champions Trophy 2025 was set to announced at the start of this week after Pakistan Cricket Board (PCB) had agreed to the 'hybrid' model for the tournament. But PCB's new condition to agreeing to the proposal has put International Cricket Council (ICC) in a spot once again. The PCB have said that they will agree to the 'hybrid' model for the tournament if a similar model is implemented in all ICC tournaments hosted by India in the near future. The Board of Control for Cricket in India (BCCI) have categorically slammed the door on Pakistan over this ...Read More >
In a remarkable feat during the Syed Mushtaq Ali Trophy, Gujarat's Urvil Patel smashed a 28-ball century, making him the fastest Indian to achieve the milestone and the second-fastest in T20 history. Patel’s explosive knock of 113* off 35 balls helped Gujarat chase down 156 in just 10.2 overs. His innings featured 7 boundaries and 12 sixes, including 24 runs off 5 balls against Tripura captain Mandeep Singh. This innings broke Rishabh Pant’s previous record of 32 balls for the fastest T20 century by an Indian. Patel's power hitting has certainly added a new chapter to T20 cricket history! ...Read More >
Chris Silverwood has been appointed as Essex's new Director of Cricket, completing a return to the Club with whom he won the 2017 County Championship title. Silverwood, 49, succeeds Anthony McGrath after seven years away, and will begin the role in mid-December. He previously spent eight seasons on the Eagles coaching staff, two of which were as Head Coach, before departing to become England Men's fast bowling coach after the 2017 title triumph. Silverwood was initially appointed as bowling coach at The Cloud County Ground in 2010, and six years later, oversaw promotion to Division One in h ...Read More >
Anuj Kumar, Director & CEO of CAMS, highlights that despite recent market corrections, the company expects FY25 to be one of its strongest years. CAMS continues to dominate by winning 70-80% of new bids, focusing on execution and margin expansion, and anticipates significant revenue and profit growth driven by mutual funds and associated business lines.Anuj Kumar, Director & CEO, CAMS, says there has been some market correction and some flattening of the mood in the last two months. But as things come back, we should be holding our projections and FY25 should be one of the strongest years in t ...Read More >
Uber has launched India's first Shikara ride on Srinagar's Dal Lake, offering a unique and scenic experience. This new service allows passengers to enjoy the tranquil beauty of the lake while riding in a traditional Shikara boat. Booking is easy through the Uber app, with rides available daily from 10 AM to 6 PM. This initiative aims to boost tourism in the region while providing locals with a new way to experience the lake. With Uber's entry into the Shikara market, visitors can now enjoy a blend of modern convenience and traditional charm on Dal Lake. ...Read More >
Indore, December 3 (IANS): Gujarat opener Urvil Patel on Tuesday smashed his second T20 century in just six days, in the Syed Mushtaq Ali Trophy against Uttarakhand at the Emerald High School Ground. Patel blazed to a 36-ball hundred, leading Gujarat to a commanding eight-wicket victory in just 13.1 overs. Patel's century made him the first batter in T20 cricket history to notch up two hundreds in fewer than 40 balls. This milestone comes hot on the heels of his record-breaking 28-ball century last week against Tripura on the same ground. Chasing a target of 183, Patel unleashed a breathtaki ...Read More >
CABI chairman Mahantesh G. Kivadasannavar slammed Pakistani media for falsely reporting that India lost hosting rights for the Women's T20 World Cup for Blind, set for November 2025. He clarified that India secured hosting rights last year and recent discussions confirmed plans for a hybrid model involving Nepal or Sri Lanka if Pakistan participates. The confusion arises amid India’s refusal to visit Pakistan for the ongoing Men’s T20 Blind World Cup, citing government clearance issues. Kivadasannavar warned against spreading misinformation, emphasizing that Pakistan’s participation hinges on ...Read More >
New Delhi: The IPL 2025 mega auction has concluded, with all teams finalizing their squads of at least 18 players. As is often the case, the RCB management finds itself under scrutiny for its player selections. Retaining only three players -- Virat Kohli, Rajat Patidar, and Yash Dayal -- RCB entered the auction with three RTM (Right to Match) cards but opted to use just one, securing Swapnil Singh. Former Indian cricketer Mohammad Kaif expressed his thoughts on RCB's decision to let Will Jacks go to Mumbai Indians for ₹5.25 crore in the IPL 2025 auction. Kaif termed it a "massive miss" for RC ...Read More >
Asian and European stocks surged thanks to tech companies driving Wall Street to record highs. Japan's Nikkei and several European indices rose, while the US dollar stabilized after a previous surge. Political tensions in France and tariff threats from the US also affected market movements and currency valuations. Stock markets across Asia and Europe experienced a resurgence on Tuesday, driven in part by a strong performance in tech stocks in the US. Japan's Nikkei index surged by 1.91%, and the MSCI Asia index saw a 1.16% rise, bolstered by Wall Street's record highs overnight. European ind ...Read More >
ollywood actor Aayush Sharma, who was recently seen in the theatrical movie 'Ruslaan', is celebrating his 10th marriage anniversary with Arpita Khan Sharma. On Monday, the actor took to his Instagram, and shared a series of pictures featuring his wife and their kids. He wrote in the caption, "Congratulations Mrs. @arpitakhansharma for successfully completing a decade of togetherness. If I could I would have awarded you with the highest honour for handling my madness day in and day out. Happy Anniversary". One of the pictures shows Aayush planting a peck on Arpita's cheek. In another picture ...Read More >
The IPL 2025 mega auction, held on November 24-25 in Jeddah, saw a record-breaking total of Rs 639.15 crore spent by 10 teams on acquiring 182 players. Among the 577 players up for grabs, 13 Australians were sold, with pacer Josh Hazlewood fetching the highest bid at Rs. 12.50 crore from Royal Challengers Bangalore. Other notable signings included Mitchell Starc (Rs. 11.75 crore, Delhi Capitals), Marcus Stoinis (Rs. 11 crore, Punjab Kings), and Mitchell Marsh (Rs. 3.4 crore, Lucknow Super Giants). Punjab Kings made a significant splash, purchasing five Australian players, including Glenn Maxwe ...Read More >