When it comes to the highly popular Indian Premier League (IPL), we cannot ignore three things: ‘cricket’, ‘entertainment’, and of course ‘cash’. IPL has achieved a lot of fame and recognition in the last 6 years. However, the most unique accomplishment of the event is certainly bringing the world of Indian business into cricket and that too with ultimate success.
If we look back at the last five seasons of the game, the things that would draw our attention are the publicity, noise, and glamour of the event. But if we take a peek behind the curtain, we can find it as a completely operational business enterprise. The association of the league with the Indian corporate world has led to the establishment of a profound and meaningful partnership between business as well as cricket. As a result, private entrepreneurs have been getting exclusive access to Indian professional sport these days to a greater extent.
IPL, the unique cricket tournament, was brainstormed initially as an expensive commercial property. Now, it comes as an annual summer celebration that offers different corporate houses an opportunity to endorse, drive, publicize and assertively promote their businesses. Hence, if considered from the business point of view, the game of IPL is truly outstanding.
Even before a few years, private enterprises were completely separated from the cricket business, and it was the basic idea of IPL that tempted them to have a slice of it. When franchises were put up for sale in time without end, at an abrupt entry price, the business world was allowed to put their money in cricket, have possession of key components, and even trade on those in future. This scheme truly turned into a ‘masterstroke’ for both the cricket as well as the business world.
Prior to the Indian Premier League, there was no direct and evocative connection between the commerce and cricket. All we could see were a few famous faces of Indian cricket in various advertisements or television commercials. It was all about big TV deals as well as sponsorships. As different sponsors were ready to pay serious money to market their products, the Board of Control for Cricket in India (BCCI) was also quite pleased to let them come to blows for the most suitable rights.
With the development of IPL, the corporate India has been permitted to cross the threshold of the dressing room of the Indian cricket. Moreover, keeping the number of team below a certain limit in the tournament is also helping in maintaining an effective monetary balance. This way, demand is outperforming the supply, which is eventually boosting the value of the tournament as well as the business to a large extent.