The world’s wealthiest cricket tournament Indian Premier League (IPL) registered a dip of 22% in its business value in following its last edition amid Covid-19 pandemic. As per reported by the Brand Finance the league’s value dips to $4.4 billion, in which Mumbai Indians emerged as the only IPL franchise to register 7% increase in its brand value to $70.3 million.
Ajimon Francis, the managing director of Brand Finance India said, “The Indian Premier League roll out of 2020 was surreal and impressive. The IPL ensured continuity of the brand with some bold moves, including: technical collaboration with ECB; venue collaboration with the UAE; a quick response to quarantine and bio bubble disciplines; a change in title sponsorship due to geo-politics; and matches played to empty stadiums with sound effects and signboards mimicking the real game”.
IPL being the biggest eye-catcher cricket league in the world since its inception over the past 13 years managed to successfully conduct the 2020 tournament with utmost precaution while in between the pandemic situation. Nearly all the franchise except Mumbai Indians registered a dip in their brand value. Chennai Super kings turned out to be the biggest looser with 20.6% dip to $59.8 million in its brand value. KKR’s brand value fell by 12% to $58.4 million, SRH has registered 4% downfall in brand value to $57.4 million while DC’s brand value fell by 4% to $52.2 million.