With the rebel Indian Cricket League (ICL) planning a big bang return, promoter Zee group aims to offload up to 25% stake in all eight participating teams.
It also intends to induct select private equity (PE)partners in ICL's holding firm, Essel Sports Ltd. ICL senior vice-president (marketing & operations) Shariq Patel told TOI that talks are on with corporates, PE firms and high networth individuals for divesting stakes in teams.
"We have already divested 5% each in Royal Bengal Tigers, Lahore Badshahs and Hyderabad Heroes. Essel Sports would look at inducting more strategic partners across all the teams," Patel said.
Actor Mithun Chakraborty is co-promoter of the Royal Bengal Tigers team while Pakistani actor Mammon Rana and V Manchu are the respective co-promoters of the Lahore Badshahs and Hyderabad Heroes teams.
Other teams taking part in the ICL competition are Chennai Superstars, Mumbai Champs, Chandigarh Lions, Delhi Giants and Ahmedabad Rockets. Patel said Zee now holds 100% stake in Essel Sports, which would come down to some extent. "We have not yet decided about the extent of divestment in Essel Sports."
Patel said ICL would soon sign up some more star players. It would also launch a new brand campaign 'Cricket Hai Meri Life' for the league's October edition. "This campaign will feature domestic ICL players instead of international ones. We will have a promotional budget of Rs 50 crore for this ICL edition," he added.
ICL has recently acquired a new stadium in Ahmedabad and is spending Rs 10 crore to refurbish the ground. "Over the last one year, ICL has spent close to Rs 30 crore on creating cricket infrastructure in four venues - Chandigarh, Hyderabad, Gurgaon and Ahmedabad. We are now looking for a venue in Bengal," Patel said.
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