The world economy might make for depressing reading, but the Indian Premier League seems to exist in its own recession- proof bubble.
When the Deccan Chargers franchise defaulted on payments and was liquidated, for a while there were doubts that the IPL would be reduced to eight teams. But the moniker ‘ Indian Paisa League’ was once again justified when one of India’s largest conglomerates, the Sun Group, bought the Hyderabad franchise rights for ` 425 crore 85.5 crore each for five years).
Then, soft drinks major Pepsi became the title sponsor of the league for five years starting this year, shelling out ` 396 crore, almost double what DLF had paid for the first five years.
Satellite TV major STAR India has also come on board, as has Yes Bank, while Vodafone remains constant.
Pepsi also became the official pouring partner’ for eight of the nine franchises, whose other sponsors have seen some movement as well.
Videocon, under their satellite television brand Videocon D2H, have shifted from Kings XI Punjab Mumbai Indians, who have lost the services of Hero as their main sponsor.
Insurance firm Bajaj Allianz, who had sponsored the Rajasthan Royals in the early seasons, has also signed a ` 30 crore deal with the Reliance Industries- owned franchise.
The Pune Warriors India franchise, owned by the Sahara India Pariwar, have a new title sponsor in electron- ics firm Sansui, which replaces automotive major TVS, in a deal reportedly worth ` 10 crore. Underwear brand Lux Cozi, which is associated with the Kings XI Punjab franchise, has also signed up with Pune for ` 5 crore.
No matter what the ups and downs of the market or the performances of the Indian team, the IPL is still a money- spinning bandwagon, and everyone wants to jump on to it.