New Delhi: Sporty Solutionz will have to be large-hearted to return next year for Indian Badminton League season two after its inaugural edition incurred a loss of Rs 25 crore, The Economic Times reported on Friday.
Saina Nehwal-led Hyderabad Hotshots beat Awadhe Warriors in the final to win the crown, and while her team celebrated, the organisers already had their calculates out. "The total expenditure on the event was Rs 85 crore and we have been able to generate about 65-70 percent of that as revenue and the rest is loss," Ashish Chadha, the owner of Sporty Solutionz, told the business daily.
The reason behind that loss, stated Chadha, was the investors pulling out in the eleventh hour - just before the players' auction. "Even my own investors, the people I was banking on, pulled out stating that they do not find any value in this. So I had to arrange money on my own," he said.
But Chadha has a contingency plan in place and is in no mood to let his dream die. He is in process to sell some of his company's equity and add more franchises for the second season next year. "I am in the process of selling about 10-15 percent of my equity in the company. Talks are going on with a few investors and will be finalised in the next 10 days," Chadha said. "Earlier, the plan was to add two teams in the third year, but now we are planning to go out in the market.
The good news is that title-sponsors Vodafone, team owners and broacasters are confident about the league's long-term success. To start off, title sponsors Vodafone want to renew their deal. "It was originally for the first year, but now they [Vodafone] are interested in renewing it," Chadha informed.
Prasad V Potluri, chairman and managing director of PVP Ventures, the company that owns Hyderabad Hotshots, told The Economic Times that they hope to achieve break-even next year. "We are fairly confident of reaching break-even next year. The tournament this year was a success and looks like it's here to stay," he said.
"Indian fans love to consume other sports as well if the product is packaged well, communicated and presented in an interesting manner," said Vijay Rajput, the chief operating officer of the league's official broadcasters ESPN Software India, who run the Star Sports channel.
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