Indian Premier League (IPL) franchise Kings XI Punjab, which was the runner-up in the recently concluded seventh edition of the IPL, has turned a profit of around $2.3 million despite a drop in sponsorship revenues. Kings XI Punjab COO Fraser Castellino said, “We have so far made $2.3 million on the back of our strong on-the-field performance. The Champions Twenty20 League later this year will add to the bottom line.” Contributing to the healthy revenue scene was a 25 per cent rise in ticket sales. “We started performing well from the first match in the UAE. We won all our matches there. People wanted to see us. At Cuttack, we doubled our revenue. The second reason for profit is that our merchandise sales also grew as a result of the on-the-field performance. We had the highest sales of T-shirts on Amazon.com. Our stock sold out. This shows that fans support winners. Our merchandise partner now is Sports and Beyond. When we were in the UAE kiosks were set up. The third reason for being profitable was that we got prize money for being the runner-up. We will get more money for participating in the Champions T20 League.” However, sponsorship revenue fell by 22 per cent. “Earlier, we had not performed. Non-performance on the field reduces your bargaining power. The mood of the industry was down. The initial part of the event went outside the country. Sponsors took advantage of all these factors as well as the off-the-field issues to negotiate better deals for themselves not just with us but with the other franchises as well.”
Read more at: http://www.televisionpost.com/television/kings-xi-punjab-makes-2-3-mn-in-profit-from-ipl-7-franchise-targets-global-audience/ | TelevisionPost.com
Read more at: http://www.televisionpost.com/television/kings-xi-punjab-makes-2-3-mn-in-profit-from-ipl-7-franchise-targets-global-audience/ | TelevisionPost.com
