Intex acquires rights to IPL’s Rajkot franchise
Dated: December 15, 2015
Intex Technologies has officially bought the Rajkot team to be played in the upcoming season of Indian Premier League 2016. Another team to be introduced, the Pune team, will be owned by Kolkata-based New Rising.
Interestingly, Intex mentions that it does not expect to break even in the two years its team will participate in the IPL, instead it will look to minimize losses.
The company will likely use this as a marketing tool instead, getting its brand name more widespread, while not having to spend that amount on advertising.
The two interim teams will not get a slice of BCCI's franchise revenue instead Goenka's will dish out Rs 16 crore, while Intex will pay Rs 10 crore to the board as they acquired the franchises for the respective amount in the reverse bidding process.
Pune and Rajkot will now have the option to choose from the top five players of CSK and RR. This will be decided during a players draft on 15 December 2015.
After series of controversies, rounds of introspection, intervention by the Supreme Court of India, the BCCI decided to ban the N Srinivasan owned Chennai Super Kings and Raj Kundra’s Rajasthan Royals for two years.
The rights acquisition cost were sold at $1 billion for a period of ten years to Multi Screen Media (MSM) which will conclude after 2017 edition