Home ›› 01 Feb 2022 ›› Sport
Indian Premier League side Chennai Super Kings became India’s first sports enterprise to gain unicorn status as their market cap surpassed $1 billion.
The unicorn status is provided to enterprises those achieve a market cap of $1 billion or more.
The franchise currently have a bigger market cap than their parent entity India Cements. CSK currently have a market cap of 7,600 crore rupees, whereas India Cements had a market cap of 6,869 crore rupees on Friday.
A key reason behind CSK’s value surpassing their parent entity’s is their fourth IPL title last year, alongside the expansion of the IPL. The tournament has added two new teams, making it 10 in total, with the two new teams bought for hefty prices. The Sanjiv Goenka-led RPSG Group bought the Lucknow franchise, which has been named Lucknow Super Giants, for 7,090 crore rupees, whereas CVC Capital bought the Ahmedabad franchise for 5,625 crore rupees.
N Srinivasan, the managing director of India Cements and former President of the Board of Control for Cricket in India (BCCI), said on Friday that CSK will outgrow India Cements.
“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 the precedence as we go along,” he said.
