wordpress blog stats
Connect with us

Hi, what are you looking for?

India Cements to demerge IPL Franchise Chennai SuperKings

India Cements Ltd, the owner of the Indian Premier League Cricket franchise Chennai SuperKings, plans to demerge the division into a wholly owned subsidiary of the company. India Cements will hold a meeting with its board of directors on September 26th, 2014.

“Our Company presently owns Chennai Super Kings (CSK) – BCCI-IPL Franchise 20/20 Cricket Tournament Team. We propose to demerge the said CSK Division to a wholly-owned subsidiary of our Company. Accordingly, we have included this proposal for consideration of the Board of Directors of our Company at the ensuing meeting on September 26, 2014.”

According to its FY13 Annual Report, India Cements has to pay $91 million to the Board of Control for Cricket in India (BCCI) over 10 years, as a fee for the right to operate the franchise. For this, the BCCI shares income from its sale of media rights and sponsorship, with all franchises. Chennai SuperKings also makes money via gate collections, team sponsorships, uniform sponsors etc, and costs include “remuneration to the players, travelling and accommodation expenses, advertisements, promotions etc”.

The FY13 annual report does not have information on Chennai SuperKings’ financials, and hiving the business, which is currently a division of CSK, will mean that, at least annually, there will be information on India Cements. A Business Standard report states that “CSK has clocked a revenue of Rs 166 crore in 2013-14.” The FY14 annual report for India Cements hasn’t been published yet. 

Also, do read this excellent article on N Srinivasan and India Cements’ involvement with Cricket in The Caravan.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

News

The Delhi High Court on Monday refused to stop Amazon from pushing regulators to stop the sale of the Future Group’s businesses to Reliance...

News

Pine Labs has raised around $100 million in fresh funds from Lone Pine Capital, a hedge fund based in the United States, at a...

News

Restaurant aggregator and food delivery company Zomato has raised US$660 million (over ₹4,850 crore), taking its valuation to ₹3.9 billion. CEO Deepinder Goyal tweeted...

Uncategorized

Minister of Road Transport and Highways Nitin Gadkari said on December 17 that GPS-based tolling will replace toll plazas in two years, The Hindu...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ