New Delhi: Four-time Indian Premier League (IPL) winners Chennai Super Kings (CSK), one of the most successful franchises in the history of the cash-rich league, scripted history ahead of the 15th season.
Chennai Super Kings have become the first-ever sports Unicorn in the country to have a market share of Rs 7,600 crore. In the gray market, its share is trading in the price band of Rs 210-225, CircleOfCricket reported.
MS Dhoni-led Chennai Super Kings (CSK) defeated mighty Kolkata Knight Riders last year to win their record-extending fourth IPL title in Dubai, adding to their credibility and brand value. The market value of Chennai Super Kings has become higher than that of its parent entity India Cements. The market cap of India Cements stood at Rs 6,869 crore on Friday.
“Brand CSK will outgrow Brand India Cements. If you look at the history of franchise-based leagues in the US, it will outgrow everything. Passion for cricket is so much in India. The road between countries will see franchise-based leagues getting precedence as we go along,” India Cements’ managing director N Srinivasan was quoted as saying by CircleOfCricket.
There are two major reasons behind CSK’s market cap surpassing its parent unit. First, CSK won the IPL final for the fourth time and second, the addition of two new franchises – Ahmedabad and Lucknow – at record prices.
Sanjeev Goenka-led RPSG Group bought the Lucknow franchise, officially known as the Lucknow Super Giants, for a whopping Rs 7,090 crore, while CVC Capitals acquired the rights for the Ahmedabad franchise for Rs 5,625 crore.
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