The high-profile bidding for the two new teams in the Indian Premier League (IPL) on Sunday turned out to be a damp squib, leading many to say that IPL Chairman Lalit Modi may have bitten off more than he can chew. That, however, may be a hasty judgement.
For, the IPL Governing Council has only tweaked some norms, while deciding to retain the minimum bid amount at $225 million, which is almost double the costliest Indian team, Mumbai Indians which was bought by Mukesh Ambani for $111.9 million three years back. "The base price was not the issue," Modi said just after announcing the postponement of the bidding.
Modi's detractors say he has tried to ride his luck too often and is killing the brand slowly, but the man who conceptualized the tournament in 2008 says "IPL is going to become the world's biggest brand. In any case, we are already India's most global brand".
There are enough reasons for the confidence. IPL at 22nd position was ahead of corporate giants like Samsung and Microsoft in the list of the most innovative companies in the world compiled last month by Fast Company, a magazine that reports on innovation, digital media etc. The list was topped by Facebook.
Text: Business Standard
Image courtesy: AFP