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1、IPL Valuation Study 2023BRAND VALUATION OF IPL AND FRANCHISEESPhoto Courtesy:BCCI.2Houlihan Lokey IPL Valuation Study 2023Table of ContentsForeword 3Valuation SynopsisIPL and Franchisees5IPL as Business and Brand5Franchisees as a Brand7IPL Business Valuation Methodology9 Broadcasters Efforts to Revi
2、ve IPL Fatigue11 Candid Conversation With Bhairav Shanth16Candid Conversation With Erin Walshe21Candid Conversation With Grant Elliott24Another Unicorn in the MakingWomens Premier League27Editorial Team32Houlihan Lokey Contacts32Limiting Conditions32 About Houlihan Lokey34Photo Courtesy:BCCI.3Houlih
3、an Lokey IPL Valuation Study 2023ForewordWelcome to Houlihan Lokeys first edition of its Indian Premier League(IPL)and franchisee brand valuation study Houlihan Lokey(NYSE:HLI)is the trusted advisor to more top decision-makers than any other independent global investment bank Globally,our clients re
4、cognize us for our product knowledge,industry expertise,and global reach,which deliver superior results Houlihan Lokeys reputation for independence in the field of valuation and other advisory services has been earned as a result of the focused platform we have built and governance controls we have
5、put in place We are happy to expand our Corporate Valuation Advisory Services into India,and we hope to bring our technical and industry expertise with critical real-world transaction experience and global geographical market knowledge to our clients in India and the broader APAC regionThe IPL has t
6、ranscended the boundaries of traditional sports and established itself as a global phenomenon Since its inception in 2008,this cricket extravaganza has captivated millions of fans,bringing together top-notch talent from around the world,unparalleled entertainment,and nail-biting competition Today,th
7、e IPL stands as a shining testament to the power of sports to unite,inspire,and create lasting memories The IPL is the inspiration behind many cricket leagues across the world,including the latest entrant,Major League Cricket,here in the USA Unlike other professional leagues,such as the English Prem
8、ier League(EPL)and La Liga,etc,where the teams are divided into top teams,mid-table teams,and relegation contenders,the IPL does not offer lopsided fixtures due to the team composition and presence of high-quality players Thats why a team like Chennai Super Kings(CSK)can finish in ninth place in one
9、 season and can immediately bounce back and be the champions in the next!The 2023 season of the IPL also showcased the new broadcast strategy of lead broadcaster Viacom18 It streamed the entire season for free on its OTT platform,JioCinema,which enabled it to set a new record for the highest concurr
10、ent viewership for a live-streamed event Around 32 million viewers tuned in to watch the Gujarat Titans(GT)vs CSK finale on JioCinema In fact,the broadcaster broke the viewership record thrice this season,with 25 million viewers for the Qualifier 1 and 24 million viewers for the South Indian derby o
11、f CSK vs Royal Challengers Bangalore(RCB)Its not just JioCinema;television broadcasting partner Disney Star also saw the highest viewership numbers in the IPLs history,with a 482 million cumulative viewership for the first 66 matches as reported by BARC Disney Star had more than 30 million viewers f
12、or each match,with a peak concurrency of 61 million for the second qualifier between the GT and Mumbai Indians(MI)In this comprehensive brand valuation report,we delve deep into the world of the IPL,uncovering the tremendous value it holds as both a business and a brand Our analysis aims to provide
13、a holistic perspective on the leagues economic significance,its impact on the sporting landscape,and the factors that contribute to its success 4Houlihan Lokey IPL Valuation Study 2023One of the key aspects we explore is the individual brand value of the 10 franchisees participating in the IPL This
14、evaluation will serve as a valuable resource for stakeholders,investors,and enthusiasts alike,shedding light on the financial and commercial aspects of each franchiseAdditionally,we touch upon two thematic articles that shed light on important aspects of the IPLs journey The first article explores t
15、he broadcasters efforts to revive IPL fatigue,shedding light on the innovative strategies and initiatives undertaken to keep the league engaging and vibrant We delve into the measures taken to captivate viewership,overcome challenges,and breathe new life into the IPL experience The second article ta
16、kes a visionary outlook towards the future,envisioning the birth of the Womens Premier League(WPL)With womens cricket gaining significant momentum globally,we delve into the possibilities of establishing a parallel premier league for women,celebrating their skills and elevating their status in the s
17、port We explore the potential benefits,challenges,and milestones that could shape the journey of this exciting ventureFurthermore,we have had the privilege of interviewing esteemed personalities who have been integral to the business side of sports Their expert insights provide invaluable context,hi
18、ghlighting the various dimensions of managing an IPL team and the strategies involved in building and nurturing a successful franchiseIn conclusion,this brand valuation report aims to provide a comprehensive understanding of the IPLs commercial significance,its impact on the cricketing landscape,and
19、 its potential for future growth We hope that the insights,rankings,and interviews presented herein will instill in readers a deep appreciation for the remarkable journey of the IPL and its enduring legacyWe extend our gratitude to all those who have contributed to this report,including the intervie
20、wees,experts,and,last but not least,the Board of Control for Cricket in India(BCCI)It is the boards collective efforts that have propelled the league to its current stature,inspiring fans and enthusiasts worldwide May this report serve as a testament to the enduring spirit of the IPL and its continu
21、ed success in captivating hearts and minds-Dimitri Drone and Tomasz StefanowskiDimitri DroneManaging Director and Co-Head of Corporate Valuation Advisory ServicesTomasz StefanowskiManaging Director and Co-Head of Corporate Valuation Advisory Services 5Houlihan Lokey IPL Valuation Study 2023IPL AS BU
22、SINESS AND BRANDIPL CROSSING US$15 BILLION VALUATIONValuation SynopsisIPL and Franchisees Sixteen years ago,the BCCI conceptualized the IPL in response to the alternative Indian Cricket League(ICL),which threatened the existence of international cricket as we know it It was also the time when T20 cr
23、icket had suddenly become a phenomenon as India won the inaugural ICC T20 World Cup in South Africa in 2007 Created on the American style of franchise-based systems of hiring players,the IPL has gone on to establish itself as a lucrative sports league in the world on similar lines to NFL and EPL How
24、ever,the remarkable thing about the IPL is that it has established itself as a premier sports brand within a very short span of time,and it continues to grow exponentially year over year We have valued both the business as well as the brand of IPL In valuation,a brand value is embedded in the enterp
25、rise value We have valued the business of IPL using a variant of the income approach popularly known as discounted cash flow(DCF),which is the present value of all future cash flows from the IPL as a business Meanwhile,the brand value of IPL is determined using a relief from royalty method(RFR)The v
26、alue of IPLs stand-alone brand stood at US$3.2 billion in 2023 up from US$1.8 billion in 2022 when valued using the traditional valuation approaches to value brands and trademarks The IPL brand has been valued using a relief from royalty method The IPLs business value stood at US$15.4 billion in 202
27、3,an increase of 80%over last years value of US$8.5 billion(pre-renewal of broadcast rights deal),largely due to the 20232027 cycle of media rights deal with JioCinema and Disney Star,which was three times the price of the 2017 five-year deal between Disney Star and the BCCI With the emergence of OT
28、T and the continued popularity and global reach of the IPL,the media rights are expected to further increase when they will be up for renewal in the next cycle in 2027,which contributes to the IPLs enhanced business value The IPLs media rights have grown at a phenomenal CAGR of 180%Harsh TalikotiSen
29、ior Vice President,Corporate Valuation Advisory ServicesBusiness Enterprise Value80%Growth2022US$18 Billion2023US$3.2 BillionBrand Value80%Growth2022US$85 Billion2023US$15.4 Billion 6Houlihan Lokey IPL Valuation Study 2023from 2008 to 2023,while the growth in absolute terms between the 2017 and 2023
30、 cycles is 1960%The IPL is expected to go global by the next cycle in 2027 on similar lines to EPL,which would further enhance the growth in its revenue from broadcasting rights The IPL is one of the most watched cricket leagues worldwide and has gained immense popularity since its inception in 2008
31、 When the IPLs broadcasting fee is compared with other professional leagues in the world on a per match basis,the IPL fares well above the likes of the NBA,EPL,and Bundesliga and is second only to the NFL The IPLs revenues were further enhanced by the winning bids of INR56,250 million and INR70,900
32、million for the Gujarat Titans and Lucknow Super Giants by CVC Capital Partners and RPSG Group,respectively The franchise fees are payable to the IPL over a period of 10 years,while the existing eight franchisees continue to share a portion of their total revenue with the IPL as their portion of the
33、 franchisee fee We have also assumed that the IPL is not required to pay corporate taxes based on the Income Tax Appellate Tribunal(ITAT)ruling in 2021,where the BCCIs view was upheld However,in case there is a change in scenario and the IPL income is deemed not exempt from taxes,it will impact the
34、value of business by 25%Houlihan Lokey does not provide accounting,tax,or legal advice.The information and material presented herein is provided for informational purposes only and is not intended to constitute accounting,tax,or legal advice or to substitute for obtaining accounting,tax,or legal adv
35、ice from an attorney or licensed CPA.Photo Courtesy:BCCI.Broadcasting Fee on per Match Basis 7Houlihan Lokey IPL Valuation Study 2023Chennai Super Kings has established itself as an iconic brand in the IPL Probably the most consistent team,they have been in the finals for a remarkable 10 times out o
36、f the 14 seasons they have played,winning five titles The team has a cult pan-India fan following Captain Mahendra Singh Dhoni has been a big factor in the teams success,creating a strong brand identity that resonates with cricket enthusiasts across India Due to these factors,CSK is able to command
37、a premium from its sponsors The teams branding elements,fan engagement strategies,and CSR initiatives have all contributed to its enduring success and popularity With a brand value of US$212.0 million,growing year-on-year(y-o-y)at 45.2%,CSK is ranked No 1 in both brand ranking and the business enter
38、prise value rankingRoyal Challengers Bangalore is second in terms of brand and enterprise value ranking,with a brand value of US$195.0 million,growing by 52.3%from 2022,surpassing Mumbai Indians RCB is one of the most popular franchises in the IPL,well known for its passionate fan base and flamboyan
39、t team identity Along with CSK,RCB is hugely popular pan-India and also on social FRANCHISEES AS A BRAND2022 Brand Value (US$Mn)2023 Brand Value (US$Mn)Ranking based on Brand ValueRanking based on Enterprise ValueChennai Super Kings14621211Royal Challengers Bangalore12819522Mumbai Indians14119033Kol
40、kata KnightRiders12218144Delhi Capitals8313355Sunrisers Hyderabad8112866Rajasthan Royals5912077Gujarat TitansNA12089Punjab Kings639098LucknowSuper GiantsNA831010*NA:Gujarat Titans and Lucknow Super Giants were newly announced teams in 2022.Hence,no brand value was determined for them in 2022.8Houlih
41、an Lokey IPL Valuation Study 2023media,with massive fan engagements during the year that allow fans to stay connected with their team The presence of Virat Kohli,probably the best batsman of this generation,adds a distinct aura to RCB RCBs ability to connect with fans on an emotional level and its c
42、onsistent efforts to build a strong brand have contributed to its enduring popularity,which has also helped in bringing marquee sponsors to the team at premium pricing The recent multi-year Qatar Airways sponsorship deal is testimony to this fact Mumbai Indians(MI),another hugely successful and popu
43、lar team,is a close third on the table with a 2023 brand value of US$190.0 million,growing by 34.8%from 2022 brand value of US$1410 million With a rich legacy and a remarkable track record,MI has cemented its position as one of the most successful franchises in the history of the IPL MIs brand is bu
44、ilt on the foundation of being a team with a trophy-winning mentality under the astute leadership of team captain Rohit Sharma The franchisees history of nurturing young talent and creating next-gen superstars like Suryakumar Yadav,Jasprit Bumrah,Hardik Pandya,and many others bring a distinct aura t
45、o its brand MIs brand has a strong ability to attract sponsors every year who are willing to pay a premium to be associated with it Slice,a financial products firm,is the most recent one to jump on the MI bandwagonKolkata Knight Riders(KKR)derives significant leverage from the brand equity of its po
46、pular owner,Shahrukh Khan,but the teams lack of marquee Indian players this season has had an impact on its brand value KKR is probably one of the most well-run franchisees in terms of its business It has claimed to be the first IPL franchisee to turn profitable in early 2010s Well clear of the chas
47、ing pack,KKR is ranked fourth on the 2023 brand value chart with a value of US$181.0 million,growing at 48.4%y-o-y Among the rest of the teams,Delhi Capitals unfortunately lost its captain and most marketable asset,Rishabh Pant,this season Losing Rishabh Pant and letting go of Shreyas Iyer did impac
48、t the teams on-field performances They were ranked fifth with a brand value of US$133.0 million(from 2022 brand value of US$830 million),followed by Sunrisers Hyderabad,who was sixth with US$128.0 million brand value(from 2022 brand value of US$810 million)Rajasthan Royals(RR)and Gujarat Titans(GT)b
49、oth had a 2023 brand value of US$120.0 million,but RR showed a phenomenal growth of 1034%over its 2022 brand value,on account of good on-field performances Based on our discussions with experts associated with the business of the IPL,Gujarat Titans is quickly emerging as a popular brand that sponsor
50、s are keen to get associated with Winning the title in its very first season and topping the league table this year will further enhance its brand recognition The team plays its home games at the 132,000-seat stadium in Ahmedabad Led by the hugely popular all-rounder Hardik Pandya,it would not be su
51、rprising to see GT bridging the current gap with the top four brands in the IPL GTs massive cost outlay in terms of the franchise fee payments,required to be made to the BCCI every year,impacts its enterprise value Punjab Kings(PK)has a 2023 brand value of US$90.0 million(up from 2022 brand value of
52、 US$630 million),and LSG has a 2023 brand value of US$83.0 million 9Houlihan Lokey IPL Valuation Study 2023IPL BUSINESS VALUATION METHODOLOGYBRAND VALUATION METHODOLOGYWe have taken into consideration the income and cash-generating capability of the IPL on a stand-alone basis Typically,an investor c
53、ontemplating an investment in a business with an income and cash-generating capability similar to the IPL will evaluate the risks and returns of the investment on a going-concern basis The fundamental premise on which all investment decisions are based is that value to a potential investor is equal
54、to the present worth of future benefitsThe DCF method estimates the present value of the projected future cash flows to be generated by a company and theoretically available(though not necessarily paid)to the capital providers of the subject company The discount rate is intended to reflect all risks
55、 of ownership and the associated risks of realizing the stream of projected future cash flows It can also be interpreted as the rate of return that would be required by providers of capital to a company to compensate them for the time value of their money,as well as the risk inherent in the particul
56、ar investment The“free cash flow”figure used in the DCF method more accurately represents the true cash flow being generated by the operations of the business The cash flows are typically projected over a limited number of years,which depends on a companys planning horizon and other factors related
57、to the particular industry and the general economy As a result,it is necessary to compute a terminal value as of the end of the last period for which cash flows are projected This terminal value is essentially an estimate of enterprise value at that future point in time,and it incorporates the assum
58、ptions of perpetual operations and implicit growth found in the market approach Discounting each of the projected future cash flows and the terminal value back to the present and summing the results yield an indication of enterprise valueA brand can be valued using the RFR valuation methodology Unde
59、r this method,royalty rate is expressed as a percentage of revenue where it is assumed that the IPL or the individual franchisees would have had to pay a royalty fee for the usage of the brand in a hypothetical scenario where they would have licensed it from a third party Since they own these brands
60、,this would result in royalty savings The tax-adjusted royalty savings for the projected period are discounted using an appropriate discount rate to estimate the value of the brand The selected royalty rate gives consideration to the following:The IPL franchises have undoubtedly benefited from the r
61、enewed broadcast rights deal as well as the ever-increasing popularity of IPL globally After a couple of seasons heavily impacted by COVID-19,we saw the teams return to their home venues,playing in front of their home fans The enthusiasm of the fans also brought renewed interest from sponsors All th
62、ese factors contributed to this massive jump in IPL business value and individual franchisee brands 10Houlihan Lokey IPL Valuation Study 2023 Third-party license agreements involving sports brands that can be considered reasonably comparable to the IPL and franchisee brands;The absolute and relative
63、 importance of the brand to the IPL and the respective franchisees operations and dealings with its sponsors,advertisers,and sports fans;The age and profitability of the company,nature of the business,and degree of competition;and The presence of marquee players such as Virat Kohli and MS Dhoni,who
64、are massive brands themselves,for whom the crowds throng to stadiums in India whenever their respective teams playPhoto Courtesy:BCCI.11Houlihan Lokey IPL Valuation Study 2023Broadcasters Efforts to Revive IPL FatigueIn the past few years,the IPL has become far more than just a cricket competition I
65、t has turned into an extravagant show that has attracted millions of admirers all over India However,IPL season 15(2022)saw declining viewership in the first four weeks,with each week showing a 30%35%fall in viewership compared to the previous years figures It was believed that the Indian audience w
66、as experiencing what is called“IPL fatigue”The highly anticipated IPL 2023 was expected to be a great show,as evidenced by the record-breaking mega media rights auctions in 2022,recording a cycle-on-cycle growth of 1960%Viacom18 through its OTT app,JioCinema led the drive in the evolution of the IPL
67、 2023,becoming triumphant in winning the digital rights for the 20232027 cycle,transforming the viewing experience by offering game-changing features like 4K quality,the ability for viewers to choose from different camera angles to watch the live game,and interactive commentary conversations However
68、,JioCinemas announcement to broadcast IPL matches for free shocked and surprised everyone,as people were unable to understand how Jio could make up for the lost subscription revenue This paradigm shift from Disney Star to Viacom18 has not only changed the economics of digital rights,but it also has
69、had the ability to transform the overall appeal of IPL cricket Until recently,broadcasters were willing to pay a premium to acquire IPL rights,as it helped them to increase the subscription of their pay-per-view TV channels For example,it helped Disneys OTT app,Hotstar,to exponentially increase its
70、paid subscriber base due to the IPLMAIN FACTORS OF IPL FATIGUESaturation of cricket contentLack of competitive balanceExhaustion of franchisee rivalriesPandemic related factorsPhoto Courtesy:BCCI.12Houlihan Lokey IPL Valuation Study 2023But the 2023 season of the IPL showed that Jios new broadcast s
71、trategy can work well!JioCinema streamed the entire season for free,which enabled it to set a new world record with the highest concurrent viewership for a live-streamed event Around 32 million viewers tuned in to watch the Gujarat Titans vs CSK finale In fact,the broadcaster broke the viewership re
72、cord thrice this season,with 25 million viewers for the Qualifier 1 and 24 million viewers for the South Indian derby of CSK vs Royal Challengers Bangalore Its not just JioCinema;television broadcasting partner Disney Star also saw the highest viewership numbers in the IPLs history,with a 482 millio
73、n cumulative viewership for the first 66 matches as reported by BARC Disney Star had more than 30 million viewers for each match,with a peak concurrency of 61 million for the second qualifier between the Gujarat Titans and Mumbai Indians According to an Economic Times interview of Sanjog Gupta,Head
74、of Sports Disney Star,the broadcaster saw close to 400 billion minutes of consumption during this years IPL,second only to the COVID-19 season in terms of engagement TV also saw a 630%growth in viewership by kids below the age of 14,indicating a bright future for IPL The TV broadcaster saw an additi
75、on of 11 million HD subscribers for its sports channels during the IPL season The viewership heatmap of the IPL offers a fascinating insight into the preferences and trends of cricket enthusiasts Chennai Super Kings matches have proved to have a remarkable impact on JioCinemas viewership figures,att
76、racting a devoted fan base to the streaming platform Additionally,the intense rivalry between the top three teams has consistently captivated audiences,resulting in a substantial surge in viewership during their encounters The below chart shows a rise in viewership whenever CSK,RCB,and MI are playin
77、g as well as the approximate estimates of the peak viewership of respective IPL matches in the 2023 season Note that JioCinema recorded a whopping 320 million concurrent viewers in the final match between CSK and GT,also shown below 13Houlihan Lokey IPL Valuation Study 2023The SCORE report also prov
78、ides insights into the viewing patterns of IPL audiences It indicates that 52%of people enjoy the IPL experience on both TV and mobile devices,while 30%exclusively stream matches on their mobile phones In contrast,18%of viewers prefer to watch the IPL solely on traditional TV In summary,the report u
79、nderlines the fact that approximately one-third of IPL viewers exclusively rely on digital platforms,while more than half of the viewers enjoy the matches on both mobile devices and TVsThese findings emphasize the changing preferences and habits of IPL viewers,with digital streaming gaining signific
80、ant momentum over traditional TV broadcasting As technology advances and accessibility improves,it becomes increasingly evident that viewers are embracing the flexibility and convenience offered by digital platforms to catch the thrilling IPL action Interestingly,data from GWI reveals that in countr
81、ies like Thailand,Indonesia,and India,the typical internet user relies on a mobile phone for more than 60%of their overall internet activities This presents a significant advantage for JioCinema,as it not only enables the company to further popularize the IPL but also provides an opportunity to esta
82、blish and promote its ad-supported OTT platform,JioCinema By leveraging the widespread usage of mobile phones for internet activities,JioCinema can tap into a vast audience base and maximize the reach and impact of its digital offerings,including the IPL broadcasts and JioCinema platformAccording to
83、 the SCORE report,a comprehensive IPL ad effectiveness measurement conducted by Synchronize India and Unomer,digital streaming on mobile devices and connected TVs has emerged as the preferred choice for IPL viewers,surpassing traditional linear TV The report reveals that an impressive 73%of viewers
84、opt to stream IPL matches on digital platforms,while only 27%rely on cable or DTH services Interestingly,the data highlights the dominance of smart TVs in the digital streaming landscape,with 62%of viewers choosing connected TV over cable or DTH(38%)Source:SCORE report.Viewership Data as of April 26
85、,2023Viewership Preferences as of April 26,2023 14Houlihan Lokey IPL Valuation Study 2023JioCinemas strategic push towards promoting digital viewership in India has undeniably reignited the much-needed excitement surrounding the IPL This shift is clearly evident in the remarkable viewership numbers
86、witnessed during the current season on JioCinema JioCinema broke the world record for concurrent viewership thrice this season,with the finale garnering an astounding viewership of more than 32 million The previous best was on Disney Hotstar during the final match of the 2019 IPL season,which had 18
87、6 million viewersSource:GWI.Source:The Hindu.15Houlihan Lokey IPL Valuation Study 2023This remarkable response to IPL matches on JioCinema further underscores the growing popularity and acceptance of digital platforms for sports consumption JioCinemas efforts to provide an enhanced viewing experienc
88、e,coupled with the convenience and accessibility of digital streaming,have struck a chord with Indian audiences By leveraging its extensive subscriber base and innovative features,JioCinema has successfully captured the attention and engagement of millions of viewers,solidifying its position as a ma
89、jor player in the digital broadcasting realmPhoto Courtesy:BCCI.16Houlihan Lokey IPL Valuation Study 2023Candid Conversation With Bhairav ShanthBhairav ShanthManaging Director,ITW Consulting“The franchises themselves have smartly created newer assets and associations that go beyond just presence of
90、a brand name on their shirt!”ITW Consulting is regarded as one of the leading sports consulting groups in India What has been the key driver for your success,and how are you able to make a strong connection with the sponsors,the IPL/BCCI,and the franchisees?The key driver for our success is simple:W
91、e were able to offer previously disparate and fragmented services in the sports sponsorship and commerce space through a“single window”that majorly reduced friction for brands and clients looking to get the most efficient bang for the bucks they were spending on sports properties and platforms.The s
92、ports industry in the early 2000s was poised for growth,but it had a major problem in that a lot of its elements were fragmentedthere was no way for brands and rights holders to have all their needs,from strategic alignment to execution to activation of sponsorships,to be serviced in an integrated m
93、anner.We looked at bringing together the unorganized and fragmented industry by providing a one-stop shop,a“single window”service,for clients by having in-house teams who could take care of end-to-end executionfrom signing up a client to servicing their creative needs to monitoring their brand expos
94、ure and more.This has helped us build and maintain our network in sports and build a reputation as one of the best sports consultancies,not just in India but in the world.The industry has evolved,and it was imperative that we kept up with the pace,which we have done successfully by diversifying thro
95、ugh opportunities in other media spacesOTT,digital,and the likeas well as crossing over to the entertainment and tech space where we take our experience in crafting branding solutions on-ground and are able to transfer that on to other arenasboth offline and virtual.Our strength is our ability to wo
96、rk with cross-disciplinary teamswe like to position ourselves as a veritable Swiss army knife of sports consultingwhich creates the possibility of offering truly integrated solutions to clients.Q:SB:What is your brand positioning strategy for your clients in the IPL?As a consultant,do you also ensur
97、e that a sponsor and the franchisee are a perfect fit?Our strategy for finding the right fit for our clients is to focus on finding the correct alignment between brands and teams and not just finding the most lucrative one in terms of monetary value.We adopt a multipronged process of mapping a brand
98、s Q:SB:17Houlihan Lokey IPL Valuation Study 2023The WPL generated a lot of eyeballs due to the bidding war to acquire teams,which fetched nearly$600 million for the BCCI as well as for the$120 million media broadcasting rights deal with Viacom18 Though the WPL has already become the second biggest l
99、eague in India in terms of media rights fees,what would its impact be on non-cricketing leagues such as the PKL and ISL?Middle Eastern brands such as Aramco,Saudi Tourism Authority,Qatar Airways,and DP World are showing increased interest in being associated with the IPL How are they able to monetiz
100、e their association with the IPL,especially for B2B brands like Aramco or DP World?The BCCI has very successfully charted out a roadmap for the WPL based on its learning over the years with the IPL.The fact that WPL teams commanded such a premium is a testament to this.In terms of media value,the BC
101、CI has set the benchmark and made it much easier for other sporting leagues to increase media value by creating engaging formats,which we have seen them do successfully so far.A key driver for this will also be the fact that there are now multiple broadcasters within the country vying for digital an
102、d television rights to these leagues.The competition is sure to help the leagues attain a higher media value,which will be sustained by engaging programming.Q:Q:SB:We keep hearing about massive multi-year team sponsorship deals that various IPL franchisees have entered in the past couple of years In
103、 your view,has the interest of sponsors to be associated with the IPL or franchisees increased more in recent years?If I look at it purely from our share of voice in the business,we certainly have seen an uptick in interest,not just in terms of the deals that you see happening but also the number of
104、 queries we get from brands wanting to be a part of the IPL or one of its franchises in some form.The franchises themselves have smartly created newer assets and associations that go beyond just presence of a brand name on their shirt to absorb and accommodate this growing demand.It helps that the I
105、PL has proved its mettle time and againthe fact that the league has been able to build its worth over the years,the growing popularity of the league,and steady increase in viewership all contribute to help build a property that has grown in value.From startups to legacy brands alike,we have seen a r
106、ising interest in being associated with the IPL.The very fact the IPL finals in 2023 saw a viewership on OTT of 3.2 million at nearly 2:00 a.m.IST,a far stretch from prime time,puts an exclamation mark to the popularity of the league,and sponsors are aware of this.Q:SB:SB:objectives to team initiati
107、ves,ensuring that both the brand and team have a natural synergy.Ensuring that the sponsor and franchisee are a perfect fit is at the core of our process,the first step of which is understanding the brands goals and objectives and essentially working as an extension of the brand in order to provide
108、customized services.We also analyze a particular franchises current marketing and sponsorship plans and map this against a brands marketing and sponsorship strategy to identify and develop a natural synergy.18Houlihan Lokey IPL Valuation Study 2023When it comes to monetization or thinking about retu
109、rns brands are getting from investing in sports assets,it is useful to deploy a return on opportunity or return on objectives framework rather than an ROI framework.For brands like Saudi Tourism and Qatar Airways,the motivation is clear:Associating with the IPL ensures visibility at scale,and India
110、is a key market for both these brands because of the demographics.Incidentally,we have seen airlines use sports platforms very effectivelythink of Emirates with the ICC and with Arsenal,and of course Etihad and Manchester City.For brands like DP World and Aramco,which is one of the most valuable com
111、panies in the world,associating with the IPL is not about drumming up business;rather,its purely a brand-building exercise.The fact that Aramco is associated with the orange and purple cap,awarded to the highest run-getter and wicket-taker in an IPL season,they are ensuring they are associated with
112、values like aspiration,growth,excellenceand what brand wouldnt want that!Brand recall,visibility,and the value of the exposure they get are the metrics these brands would be using to evaluate their associations.From a synergy point of view,the Middle East is growing as a hotbed for sports,with footb
113、all,golf,and even cricket leagues gaining popularity across the region.We at ITW recognized this and set up our Dubai office,which services clients across the Middle East,and we have been able to put together some iconic partnerships for them.SB:Are sponsors willing to pay a premium to certain teams
114、 due to the presence of marquee players and a loyal fan base,or are most team sponsorships largely driven by brand IPL?Having a marquee player on the roster does contribute to the value a team is able to demand for sponsorships,as most deals include player appearances,ad shoots,meet and greets,and o
115、ther activations,which are driven by the players star power.Franchises themselves are aware of this,and this is why you often see a premium being charged by someone like,say,an RCB as compared to Punjab Kings.The guidelines do not allow sponsors to use individual players in their ads or marketing co
116、llateral,but brands naturally feature the star they are gunning for in every ad(among the stipulated minimum of three players).While the BCCI drives value for the league as a whole with media rights and central sponsorships,individual franchises are responsible for their own sponsorship deals and cr
117、eating a value proposition that brands want to be associated with.The presence of a star whose appeal cuts across the masses,be it an MS Dhoni or a Virat Kohli,makes that case much more persuasive.Q:SB:How much would on-field performances matter for a sponsor while choosing to be associated with a p
118、articular franchisee in a closely contested league like the IPL?RCB has not won an IPL title yet but is regarded as one of the hottest properties for advertising A couple of seasons ago,we at ITW had commissioned a survey for tracking sponsor visibility,recall,and affinity during the IPL,and we foun
119、d a bit of a correlation between better metrics and better on-field performance.And while on-field performances Q:SB:19Houlihan Lokey IPL Valuation Study 2023SB:are definitely a factor for brands to be associated with the team,RCB is possibly that classic exception which reinforces the rule.RCB has
120、been a hot ticket,and while they have zero trophies,they usually are competitive throughout the season.The fact remains that RCB has had some incredible on-field performances with the likes of Kohli,Gayle,and AB de Villiers as part of the team.This,combined with the fact that they have successfully
121、built a lifestyle brand with brands like RCB Cafe,Dash of RCB(cocktail mixes),and RCB Uncut(plant-based meat)as well as a very valuable social media following with stellar content and some of the best engagement of sporting teams in the country,is what makes RCB a hot property.It ultimately boils do
122、wn to how brands work in the non-sports arena,as wellyou build one based on a loyal set of followers,and their affinity provides the cushion against the vicissitudes of on-field performance.CSK is another such case.One other factor to consider is that performance is usually positively correlated wit
123、h higher viewership.In IPL 2020,when Mumbai Indians won the championship,they also attracted the highest social media engagement.The champions the following year,Chennai Super Kings,were the only team in the IPL to feature amongst the top 10 sports teams in terms of social media engagements and vide
124、o views for 2021.So,while these teams have fairly stable supporter bases,performance dictates how those fans engage with the team,even down to the viewership,but the effect is often marginal and fleeting.Gujarat Titans is probably the fastest-growing brand in the IPL What is the key to their success
125、?Gujarat Titans,owned by CVC Capital,are a great example of a combination of astute business sense as well as great cricketing minds.The fact that CVC chose the Gujarat franchise,whose home ground is the newly built,state-of-the-art Narendra Modi Stadium,the largest cricket stadium in the world,was
126、a masterstroke.Add to this a popular figure like Hardik Pandya at the helm and the fact that they have made the finals both years they have been a part of the IPLall contribute to the growth of the brand.Gujarats success is a sum of its parts and is a sustainable formula for growth.Their cricketing
127、decisions seem to be based on smart investmentsthey have picked players like Rashid Khan and scouted ones like Noor Ahmad,apart from identifying a lot of local talent,to build the ideal modern T20 side.Their record across both editions they have been part of so far is a testament to their winning pr
128、owess.That winning record has helped create the basis for affinity because casual fans are often attracted to being part of bandwagons and winning teams,which in turn allows the franchise to monetize the following better when it comes to sponsorship,marketing,and commerce.Q:SB:The TV vs OTT debate i
129、s getting intense in India and more importantly on IPL broadcasting Are we seeing advertisers paying a premium to JioCinema over pay-per-view television broadcasters due to Jios reach?Is Jios idea to broadcast the IPL free of cost sustainable in the long run?We have seen plenty of headlines claiming
130、 the crown when it comes to IPL viewership,and the battle between digital and TV has been an interesting one this season.But for Q:SB:20Houlihan Lokey IPL Valuation Study 2023ad sponsorships,each platform provides a unique set of benefits to the brand.A lot of rural India still consumes sport throug
131、h linear TV,and for brands wanting to tap into that market,TV is a sound choice.The fact that digital broadcasting gives brands the ability to target a specific cohort and create more impactful micro campaigns is a draw,but choosing a platform comes down to the brands target group.New-age brands pre
132、fer spending more on digital to capture new and digital-only users,whereas beverage companies,FMCG,etc.,are likely to invest higher in TV,as their target audience is all India,urban and rural.So,it is less a case of them paying a premium and more a case of reallocation of how they split their budget
133、 between the two media and picking horses for courses.SB:Though JioCinemas idea to broadcast the IPL free of cost has worked wonders this season in terms of viewership,is it sustainable in the long run?I have said before,the“free”strategy is not a novel concept;it is one that Hotstar employed when t
134、hey first launched,as well.Many prominent tech products,such as Google and Facebook,have employed this approach to initially attain a substantial user base and subsequently implement astute monetization strategies.What Jio has done very well,however,is supplement the free-to-air strategy with great
135、programming.Additions like vernacular commentary,hype mode,and other interactive features,a well-rounded commentary panel boasting of Gayle,AB,Robin Uthappa,etc.,are the factors which will contribute to sustainabilitythat is,building a stable and loyal audience base who will stick around when the mo
136、netization beginsin the long run.Q:SB:Photo Courtesy:BCCI.21Houlihan Lokey IPL Valuation Study 2023Candid Conversation With Erin WalsheErin WalsheCEO,cricHQ“India is the powerhouse in cricket when it comes to the enormous number of players and fans.”cricHQ is one of the leading digital sports platfo
137、rms that combines competition management and administration software with live scoring and statistics for cricket clubs How have the core products of cricHQ contributed to fan engagement at professional leagues like the IPL and other leagues across the globe?The main goal of cricHQ is to bring the“p
138、rofessional”-style tools to the grassroots of cricket,to make the grassroots players feel that they are just as important and getting the same experiences as the professional levels,such as the IPL.Therefore,any features we release for competitions such as the IPL,we want to first judge if they will
139、 have application to the grassroots.For this years IPL,we teamed up with our partners at Precision Data to release some predictive tools.These tools are in their very early stages,and we released a score predictor and a winner predictor.In future,we will have more models to release for T20 with Prec
140、ision Data,who are experts in data science,but our goal is to see if models like these are transferrable to the grassroots game.If they are,then like our MVP calculator,we want them to be available across as many grassroots levels as possible.Our MVP results are very popular for fantasy cricket when
141、 users want to make their team selections for the IPL.They are also popular with grassroots players who want to see how cricHQ has judged their performance in a game or a season.Being applicable to both professional leagues and grassroots is what drives good engagement.Q:EW:How has cricHQ leveraged
142、data analytics to drive innovation and improve the business aspects of professional cricket around the world?Can you share some specific examples of how data-driven insights have led to tangible improvements for your clients around the world?There is a big difference between our“customers”and our“us
143、ers.”cricHQ operates under a B2B2C model.We know that we have the best tool for grassroots cricket in the world,and therefore our customer,the governing body of organized cricket,needs to be able to drill down into our data to help them make decisions.Q:EW:22Houlihan Lokey IPL Valuation Study 2023EW
144、:We administer many top-level competitions for the PCB in Pakistan,and we are able to deliver great insights to them.For example,we may have administered their Under-19 Tournament,and at the conclusion of that competition,we are able to run the reports and say to them,“Here are your top batters,here
145、 are your top bowlers,”etc.Those are very valuable talent identification tools.With grassroots,we drive innovation to drive engagement from users,i.e.,players and fans.The innovation behind the predictive model work by Precision Data is an example of this.What role does data analytics play in the bu
146、siness operations of cricHQ,particularly in the context of the IPL?How does it impact decision-making processes?Are there any specific initiatives or features that have been implemented by your team to enhance the spectators experience recently during the IPL?Is there increased web traffic experienc
147、ed during IPL matches?Can you share some insights on how that compares traffic during other cricket leagues/international tournaments?We are always looking to innovate,and cricHQ sits on a huge amount of data,so it only makes sense for us that we try to leverage that data to innovate,with innovation
148、 driving our decision-making.But while we may test this innovation in competitions such as the IPL,the key for us comes back to answering the question of if it can also apply to grassroots.India is the powerhouse in cricket when it comes to the enormous number of players and fans.Therefore,naturally
149、 the IPL is going to be the most important tournament of the year,and we see this in our engagement numbers during the tournament.Its only a natural result of a huge local tournament being held in the biggest cricket country in the world.Q:Q:EW:EW:Do you think the predictive and highly specialized a
150、nalytical tools provided by cricHQ enabled fans to be more engaged/involved at fantasy sports competitions around the IPL?Yes,I do.Players of fantasy cricket are looking for any advantage that they can get,and we are looking to give them as many tools as we can.Also,we know people multiscreen while
151、watching IPL games,i.e.,they are watching the game on a TV or device but are also engaged potentially on another device.If we can relate that second screen to what they are watching,then it becomes really engaging for them.We also want to do this at live games whereby we are providing extra insights
152、or even just the simple graphs like run worms,etc.in the fans hands so they can view them when they want to view them while they may be sitting in the stand watching the game.Q:EW:23Houlihan Lokey IPL Valuation Study 2023However,the IPL lasts only a short time,so we need to work on giving a great ex
153、perience to all competitions,be they professional or grassroots,so our users have a reason to return and engage when there is no IPL.The great thing about grassroots is its also incredibly engaging.But the fans engaging in grassroots content are doing so because there is a connection for them.Their
154、son or daughter could be playing,their old school could be playing,or their old club could be playing for the local championship.This is why they deserve the same experience digitally as competitions such as the IPL because they are just as engaged in that game and experience.EW:Looking ahead,what a
155、re the future plans for cricHQs involvement in the IPL and other cricket tournaments?How do you see data analytics evolving in the cricketing landscape?For this years IPL,we ran just two models,and we want to ramp that up with several other models that Precision Data is planning.These models are inc
156、redibly exciting and an example of how we just need to keep upping the stakes to provide as much engagement as we can.We have some other really good ideas in mind,as well,that we think followers of all forms of cricket will just love,but you will have to wait and see what they are.Q:EW:Photo Courtes
157、y:BCCI.24Houlihan Lokey IPL Valuation Study 2023Candid Conversation With Grant ElliottGrant ElliottNew Zealand International Cricketer and Advisor,cricHQ“In the arc,out of the park!”As a former cricketer,how do you think data analytics has influenced the game of cricket,both at the professional leve
158、l and in grassroots development?How has cricHQ played a part in this transformation?Its no surprise that when cricHQ started its live scoring more than a decade ago that a crazy amount of traffic was pushed towards the platform to see scores from all around the world.As a parent,I hang on to every d
159、elivery my son faces,be it through live commentary,ball-by-ball stats,or live footage.Grassroots cricket produces a lot of interest,and the people interested are the economic buyers of cricket tickets.To be able to deliver professional statistics and data to grassroots cricketers is the perfect way
160、to get parents and the kids to follow the game and understand it at a professional level.Data in professional cricket is crucial.The ability to analyze individual cricketers and teams weaknesses so you can target your efforts and focus in the right area can be the difference between winning and losi
161、ng a game.It is not uncommon nowadays to get a message coming out as to what the best“match-up”is for specific players to either halt or accelerate a position in the game.The data is something objective and takes all subjectivity out of decision-making.Decision-making can be made now out of calculat
162、ing all the permutations and giving you the best chance of a favorable outcome.Q:GE:From a players perspective,how do data analytics and predictive models help in understanding your opponents and formulating game plans?Can you share any personal experiences where these insights made a significant di
163、fference?I mentioned match-ups above.This has become a common tool used in the relationship with data.For example,whenever Shoaib Malik came in,we bowled our quickest bowler,and the target was a line and length just outside off stump and around waist height.His record wasnt great against anyone bowl
164、ing 140+kmph in that area.Recently,I saw the Multan Sultans using“code”by means of scoreboard numbers to indicate which bowler the analyst thought should bowl next in that period of play.It was a way of facilitating the captains decision-making around the players that were Q:GE:25Houlihan Lokey IPL
165、Valuation Study 2023currently batting.For example,a left-arm orthodox bowler would be a bad option against an attacking left-handed batter.GE:With the increasing use of data analytics in cricket,do you believe it has changed the way teams identify and recruit talent in tournaments like the IPL?Does
166、cricHQ contribute to this process?Data has contributed massively to the recruitment of players.The best example would be players who are not proficient facing spin bowling.They generally have a slim chance of getting picked up in the IPL.cricHQ captures ball-by-ball data,so this can be used in a pre
167、dictive way and also drilled down into micro statistics,which can help identify the players needed(wicket takers through the middle order,power hitters against spin,fast bowlers who take wickets in the powerplay,etc.).Q:GE:How do teams leverage data analytics and performance metrics to make informed
168、 decisions and optimize player performance in the IPL?Every team has an analyst,and the bowling and batting coaches will sit down with individual players and work out a strategy to maximize their chances of performance for an upcoming fixture.Just like in the NBA,where the analyst will say,“If you c
169、an push player X left,he shoots at 67%,but if you push him right,he shoots at 90%,”the game plan is to always push the player left.These data sets can help mold game plans and situations to give everyone the best chance,which in turn gives the team the best chance.Q:GE:As a former elite cricketer,wh
170、at are your insights on the development and evolution of the IPL as a brand over the years?What would you consider to be the main elements that have enhanced the IPLs overall brand value?Q:The media hype,the spectacle,the player auction,and the size and following of the tournament.In my opinion,only
171、 the NBA comes close to it.Cricket is a global game and played in the country with the highest population.I dont think we are close to the ceiling of where IPL cricket and cricket in India can go.The IPL is the full package for a professional player,and the financial reward is extremely attractive a
172、nd also draws attention from fans.GE:RCB and CSK have probably the most loyal fan bases seen in the sporting world,on similar lines to some of the biggest teams in the world We saw pan-India support for these two teams where even the away games felt like home games for them What clicks for brand CSK
173、 and RCB that some other teams fail to replicate?Q:26Houlihan Lokey IPL Valuation Study 2023I think it is as simple as:RCB has always attracted big names(Gayle,AB de Villiers,Faf du Plessis,Virat Kohli,Brendon McCullum)CSK has always qualified except for one of the years They are the most successful
174、 and consistent team in the IPL Consistent with selection,tooBoth teams social presence has been noticeable for me on Instagram,and with the two biggest names in Dhoni and Kohli,the only other team to touch their following is Mumbai.(Mumbai,CSK,and Royal Challengers Bangalore all have over 10 millio
175、n followers on Instagram.The likes of Rajasthan and KKR only sit around 3 million).GE:IPL franchisees are trying to create a franchisee universe by acquiring teams in CPL,SA20,and ILT20 Would having teams with similar names enhance the brand value of the mother brand?A consistent brand and the abili
176、ty to feel part of a“family”as a fan and follower is pretty special.It would be far greater if the Indian players were available for these tournaments because its not only the brand but the consistency in players and the star power players like Rohit,Kohli,and Dhoni bring.There needs to be a relatio
177、nship in the naming of the teams,just like KKR has done with Trinbago Knight Riders,in my opinion.Q:GE:Photo Courtesy:BCCI.27Houlihan Lokey IPL Valuation Study 2023Another Unicorn in the MakingWomens Premier League“Dont let anyone make you fall out of love with the sport youre passionate about or wh
178、at you are doing in life”-Lindsey HoranAs rightfully said above,women athletes today have proved that we no longer live in a world with limited opportunities for womens sports Women athletes have gained various accolades and proved to be of equal competition within and beyond them The world of crick
179、et has witnessed enormous growth and evolution in recent years,and the future looks bright across generations and genders The BCCI,which is known for successfully establishing one of the premier sporting leagues in the world,the IPL,announced and concluded the first season of a new league for womens
180、 cricket in India known as the Womens Premier League(WPL)The WPL has emerged as a pathbreaking success story,providing a platform for womens cricketers to shine on a grander stage and captivating audiences worldwide,and is expected to revolutionize womens cricket The WPL is expected to inspire count
181、less young girls to pursue their sporting dreams and be the cricketing equivalent of Serena Williams,Mary Kom,and PV Sindhu or the next Smriti Mandhana,Harmanpreet Kaur,Sarah Taylor,Meg Lanning,and Mithali Raj The WPLs success can be attributed to various factors,including the leagues ability to sho
182、wcase the immense talent,determination,and skill set of women cricketers,challenging preconceived notions and breaking gender biases Another key aspect of the WPLs success is the strategic partnerships the BCCI was able to forge with corporates who were willing to spend massive sums to own a team an
183、d the media broadcasters who paid a significant premium to acquire the rights,something which was in parallel to mens cricket In fact,the WPLs broadcast rights fee of$23 million a season is second only to the WNBA and ahead of popular womens soccer leagues such as WSL and UEFA Womens Champions Leagu
184、e The WPL is also ahead of the WNBA if you analyse the per-match broadcast fees,as it has fewer matches due to the WPL being a five-team event versus the 12 franchises that exist in the WNBA Photo Courtesy:BCCI.28Houlihan Lokey IPL Valuation Study 2023The newly announced league was destined to attra
185、ct attention,and it came as no surprise when the speculation for its media rights distribution preceded the notion,with Viacom18 emerging as the winning bidder with a whopping INR971 Cr(US$120 million)for both television(Sports18 TV)and digital rights(JioCinema)for a five-year cycle(20232027)On a pe
186、r-match basis,this is the highest in the world amongst womens sporting leagues The media rights auction proved that the league holds huge potential in terms of viewership and commercial success,while Tata bagged the title sponsorship rights for the same,continuing its association with Indian T20 fra
187、nchise cricket To encourage corporates to be involved with womens cricket and help franchisees develop a profitable business model,the BCCI has decided to share 80%of the media rights fee with the teams,relative to the 50%in the case of mens IPL Its a decisive step towards empowering womens cricket
188、in IndiaRIGHTS DISCUSSIONWomen Leagues (Per match media rights fees,(US$Mn)0.900.610.02Another notable distribution was relating to the five-team/franchisee rights that were selected from a closed-door bidding process,fetching interest from more than 30 corporates,which included such marquee corpora
189、te giants in the country as Haldirams,Aditya Birla Group,Torrent Group,Adani Group,Capri Global,and Kotak,along with existing IPL franchisees who already had the taste of this leagues success The emerging winners and their franchises are listed below Interestingly,the number of cumulative winning bi
190、ds for the WPL franchisees were greater than the 2008 IPL franchisee auction bidsPhoto Courtesy:BCCI.29Houlihan Lokey IPL Valuation Study 2023FranchiseOwner2023 Auction Price(INR Crores)Men IPL Team Price:Inflation Adjusted%WIPL Price to Men IPL PriceGujarat GiantsAdani Sportsline1,289Mumbai Indians
191、Indiawin Sports9131,410648%Royal Challengers BangaloreDiageo9011,400644%Delhi Capitals JSW GroupGMR Group8101,060764%UP WarriorzCapri Global Holdings757IPL FranchiseeOwner2008 Auction Price(INR Crores)Inflation Adjusted Price of 2023(INR Crores)Chennai Super KingsIndia Cements4121,140Deccan Chargers
192、Deccan Chronicle4851,350Delhi Daredevils (now Delhi Capitals)GMR Group3811,060Kings XI PunjabPreity Zinta,Ness Wadia,Karan Paul,and Daburs Mohit Burman344940Kolkata Knight RidersShah Rukh Khans Red Chillies Entertainment340340Mumbai IndiansMukesh Ambanis Reliance Industries5071,410Rajasthan RoyalsEm
193、erging Media-Led Consortium304840Royal Challengers BangaloreVijay Mallyas United Spirits5061,400Photo Courtesy:BCCI.30Houlihan Lokey IPL Valuation Study 2023The player auction for the WPL was not far behind the media rights and team rights auction A total of 448 cricketers went under the gavel,of wh
194、ich 269 were Indians and 179 were from overseas,with each one competing against the other for a spot in one of the five teams The auction purse for the inaugural edition was kept at INR120 crore for 2023 and is set to increase by at least INR15 crore per year during the five-year cycle The auction s
195、aw a total of 87 players getting sold,with a total spend of INR595 crores amongst the five franchises The first bid in the history of the WPL player auction was also the most expensive,with Royal Challengers Bangalore bidding INR34 crores for Indian cricketer Smriti Mandhana PLAYER AUCTION DISCUSSIO
196、NIn recent times,the Indian national womens cricket team has made great strides,and the team is now ranked fourth in the world in T20 cricket The Indian womens team has left no stone unturned to make the country proud,and the WPL is a step to indicate the upswing of womens cricket in India The WPL c
197、an be seen as a crucial step taken by the BCCI to ensure the continued growth and progress of womens cricket in India The league will provide players with an opportunity to play alongside as well as against some of the best women cricketers in the world,and this is expected to improve the standard o
198、f womens cricket in the countryAlthough there have been many womens cricket franchise leagues around the world,the WPL is unparalleled in this sphere when it comes to money and influence This is one of the premier global leagues where domestic and international players compete together as a team WOM
199、ENS CRICKET IN INDIAPhoto Courtesy:BCCI.31Houlihan Lokey IPL Valuation Study 2023 Opportunities for young women cricketers will significantly increase,and the league would serve as a huge platform for them to showcase their talent Given that the number of womens games is significantly lower than tha
200、t of men,the WPL will give young players a stepping stone to the national team It has the potential to change the face of the sport It is a major commercial opportunity and holds immense marketing possibilities for both the franchisees and the players The tournament is expected to generate significa
201、nt revenue through media rights sales and sponsorship deals,which can be reinvested in the sport,providing much-needed infrastructure and resources for womens cricket The league will also serve as a platform to push the state cricket associations to organize minor cricket leagues for budding female
202、cricketers,which will benefit the sport from the grassroots level The final of the inaugural season of the WPL between the Mumbai Indians and Delhi Capitals saw more than 10 million new viewers tune in The digital platform also claimed that the first season of the WPL has delivered the highest viewe
203、rship on any womens event globally The BCCI has taken a major step to bring womens cricket to a comparable level as the mens game in terms of popularity,not only in India but all over the world The WPL has the potential to change the way one looks at womens cricket in India The BCCI has hit the bull
204、s eye and attracted attention from cricketing nations and investors The idea of making the WPL the biggest platform for women cricketers and for them to come and perform in the most competitive tournament that womens cricket is ever going to witness is just remarkable In 2008,the IPL started with ei
205、ght teams,while the WPL kicked off with five teams in 2023 The difference is significant,but it is worth noting that the WPL is still in its early stage and has room for steep expansion in the years to come Overall,we see the WPL as an opportunity for women cricketers and as the beginning of a new d
206、awn where they would also be able to create brand value for themselves It is important to remember that the 2008 IPL season had a modest beginning and eventually grew into a billion-dollar conglomerateWHY IS THE WPL SUCH A BIG DEAL?CONCLUSION https:/wwwmykhelcom/cricket/women-s-ipl-teams-auction-bas
207、e-price-of-wipl-franchises-big-companies-in-race-all-you-need-to-know-207037html https:/wwwwplt20com/auction https:/wwwbusiness-standardcom/article/sports/women-s-premier-league-bcci-awards-title-sponsorship-rights-to-tata-group-1_1html https:/cricketaddictorcom/womens-cricket/wpl-2023/wp
208、l-2023-icc-chairman-greg-barclay-commends-bccis-efforts-in-promoting-womens-cricket/https:/economictimesindiatimescom/news/sports/pushing-the-boundaries-why-wpl-is-a-big-step-towards-levelling-the-playing-field-for-womens-sports/articleshow/98416689cms?utm_source=contentofinterest&utm_medium=text&ut
209、m_campaign=cppst https:/wwwmykhelcom/cricket/wpl-2023-auction-vs-ipl-2008-auction-major-difference-salary-female-male-cricketers-mandhana-dhoni-208536html https:/wwwindiatvnewscom/sports/cricket/73-viewers-are-watching-ipl-2023-on-digital-says-score-report-2023-04-26-867059 https:/wwwgoodreadscom/qu
210、otes/tag/get-back-up https:/wwwthehinducom/sport/cricket/ipl-2023-rcb-csk-match-breaks-live-streaming-viewership-record/article66752991ece#:text=The%20sheer%20size%20of%2024,broken%20all%20the%20previous%20records https:/datareportalcom/reports/digital-2022-october-global-statshotSources:32Houlihan
211、Lokey IPL Valuation Study 2023Editorial TeamVibhor GoelAryan SinghVaibhav SachdevaShagun KejariwalHoulihan Lokey ContactsHarsh TalikotiSenior Vice PresidentCorporate Valuation Advisory Services+91 98 8616 1612HarshTalikotiHLcom Brian MarlerDirector Financial and Valuation Advisory+1 3107126548BMarle
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224、ranchise ExpertiseCorporate Valuation Advisory ServicesFinancial and Valuation Advisory BusinessHoulihan Lokey has extensive experience within the professional sports industry We have provided fairness opinions,valuation opinions,and other financial advisory services to numerous sports franchises an
225、d sports-related entities across all major leagues globally,including NFL,EPL,MLB,MLS,NBA,Ligue 1,and Serie A Our bankers have also acted as sellside advisors for mergers,financial advisors for fundraises,bankruptcy process,bookrunners,and placement agents within the sports industryThese engagements
226、 and the experience of our bankers have enabled us to develop strong relationships with professional sports team owners globallyHoulihan Lokeys CVAS practice advises companies on all valuation matters affecting their financial reporting,tax,and strategic planning initiatives Our valuation services s
227、upport planning and reporting across multiple jurisdictions and for a variety of situations Offerings include:Business and Legal Entity Valuation|Purchase Price Allocations|Goodwill Impairments|Real Estate and Tangible Asset Valuation|Complex Securities|Deal Modeling for M&A and Carve-Outs|Strategic
228、 Finance|Valuation Consulting and Management Planning|Pre-Acquisition ConsultingOver the past several decades,Houlihan Lokey has established one of the largest worldwide financial and valuation advisory practices Our diversified suite of valuation and advisory services provides our clients with a“on
229、e-stop shop”for transaction and advisory solutions We offer an integrated suite of services throughout the lifecycle of a transaction,investment,or business decision with a focus on stable growth,innovation,and change agency We are the only investment bank that provides in-house due diligence capabi
230、lities with Big Four accounting,tax,technology,and cybersecurity expertise Specialists in“high-touch”processes that require creativity and analytical rigor Recognized leader in rendering opinions and advising clients in complex,conflicted situations Our 50+year history as a pioneer in the valuation
231、industry and our technical expertise across all asset classes provide our clients with best-in-class analysis that can be successfully represented to investors,regulators,and auditors 34Houlihan Lokey IPL Valuation Study 2023About Houlihan LokeyHoulihan Lokey(NYSE:HLI)is a leading global investment
232、bank with expertise in mergers and acquisitions,capital markets,financial restructuring,and financial and valuation advisory.Houlihan Lokey is uniquely positioned to serve as a trusted advisor to private funds given our comprehensive capabilities and our ability to offer an integrated solution and t
233、eam to address bespoke portfolio transactions.For more information,visit .Source:Refinitiv.Excludes accounting firms and brokers.Source:Refinitiv.Source:Refinitiv.Announced or completed transactions.Source:PitchBook.Corporate Finance No 1 Global M&A Advisor Under$1 Billion Leading Capital Markets Ad
234、visor Raising More Than$100 Billion in Past Five Years2022 M&A Advisory Rankings Global Transactions Under$1 Billion1 Houlihan Lokey2 Rothschild 3 JP MorganAdvisorDeals381369217Financial and Valuation Advisory No 1 Global M&A Fairness Opinion Advisor Over the Past 25 Years 1,000+Annual Valuation Eng
235、agements1998 to 2022 Global M&A Fairness Advisory Rankings1 Houlihan Lokey2 JP Morgan3 Duff&Phelps,A Kroll BusinessAdvisorDeals1,2321,030938Financial Sponsors Coverage No 1 Global Advisor to Private Equity Firms 1,000+Sponsors Covered Globally2022 Most Active Global Investment Banks to Private Equit
236、y Firms1 Houlihan Lokey2 Lincoln International3 DeloitteAdvisorDeals242192190Financial Restructuring No 1 Global Restructuring Advisor$30 Trillion of Aggregate Transaction Value Completed2022 Global Distressed Debt&Bankruptcy Restructuring Rankings 1 Houlihan Lokey2 PJT Partners3 LazardAdvisorDeals5
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