What’s the story?
The JSW Group are no strangers to owning sports teams. They are proud owners of the popular I-League football club Bengaluru FC and they are now interested in buying an IPL team. The JSW Group is led by businessman Sajjan Jindal, and his son Parth, who, while speaking to reporters at a function revealed that they have plans of buying an IPL team in the near future.
"We are looking at IPL as a big opportunity. There are a couple of franchises, which we know, are looking to exit. So, we are actively looking at that. The IPL will be a profit—making venture. I think all IPL teams will make money.”
In case you didn’t know...
This is not the first time the JSW Group are keen to buy an IPL team. Apparently, in 2015 the conglomerate was close to buying a franchise in the glamorous league before it was hit by an ugly betting scandal which saw teams like Chennai Super Kings and Rajasthan Royals get suspended from the cash-rich tournament.
Back in 2015, it was rumoured that the JSW Group will invest in the Royal Challengers Bangalore outfit which was then headed by Vijay Mallya but in the wake of the betting scandal, they decided to pull the plug.
The heart of the matter
The JSW Group have a strong affiliation with sports for quite some time now. They bought the Bengaluru FC in 2013 and were on the verge of boasting another Bangalore-based football team in the Hero ISL before legal complications put off the move.
In addition to this, the JSW Group have stepped up their interest to own a team in the IPL. Parth Jindal, who is currently the CEO of the Bengaluru FC said that the interest to buy an IPL team has now surged. He added that there is a soon-to-be-signed TV deal which is almost thrice the value of the current TV deal in place for the infamous tournament.
The businessman also highlighted that cricket in India already boasts enough money and does not require the owners to make additional investments. He asserted that he firmly believes that a tournament with grandeur like the IPL is definitely a profitable investment.
With Chennai Super Kings and Rajasthan Royals set for a return in 2018, there is no news yet on the player retention policy and also on how many teams will take part in the next edition of the IPL.
Meanwhile, the 10th edition of the IPL is set for a grand opening ceremony on 5th of April and it will be followed a match between the 2016 champions Sunrisers Hyderabad and the team JSW were linked with a couple of years back – Royal Challengers Bangalore.
Business and entertainment in sports now go hand in hand. In a cricket frenzy nation like India, the IPL is a household name and attracts excellent viewership because it is scheduled in the summer. Therefore it is safe to say that investing in an IPL team will yield decent gains.