With eight teams and three venues on board, Subhash Chandra’s cricket league is all set to kickstart its second tournament on March 9 as Edelweiss 20s Challenge.
Second tournament to kickstart on March 9
MUMBAI: Edelweiss Capital will pull the brand wagon of Indian Cricket League (ICL).
With eight teams and three venues on board, Subhash Chandra’s cricket league is all set to kickstart its second tournament on March 9 as Edelweiss 20s Challenge.
The valuation of the deal remains undisclosed. Though the tenure of the contract was also not specified, Kapil Dev, chairman, executive board, ICL, said: “The doors of friendship have just opened. Now, our association will depend on the performance of the tournament. We have picked people who believe in us and now we have to prove our worth.”
More brands are expected to hop on the wagon for ICL.
Talks with at least eight more associate as well as team sponsors are on the verge of being finalised and names will be announced in a day or so, said Himanshu Modi, business head, ICL.
For now, the ball has begun to roll with Edelweiss as the main sponsor. Mass connection and conversion from a business to business to a business to consumer seems to be the strategy that Edelweiss is following similar to that for DLF, the main sponsor of the other league.
Rashesh Shah, chairman, Edelweiss Capital Ltd, said: “This is going to be a fairly long-term deal. We are investing a lot in brand-building exercises for our company and we are happy to be part of a movement which brings cricketing greats together with aspiring young cricketing talent across India.”
Surprising as it may sound at first, financial institutions sponsoring major sports event is a phenomenon seen globally. Topping the list of examples would be Barclay’s English Premier League. Association from 1987 to 1992 and then 2001 onwards has given the bank recognition in countries it did not even do business in, strengthening its brand value. The recently concluded cricket tri-series in Australia, was also sponsored by Australia based Commonwealth Bank. Various other examples in tennis and golf tournaments also exist, and in each case it has led to a greater brand visibility for the sponsor.
Harish Bijoor, chief executive officer, Harish Bijoor Consults, said: “Such an association gives ubiquity of their name on national networks and media. Once the name connects with the masses, the target consumer base, which is a nano percentage here, will eventually come to these brands.”
Besides, in India, association with a sport that is almost like religion for the people is the best way for advertisement. Nothing features in the news headlines than cricket and financial sector.
While the brand value of the league grows, ICL will also be setting up cricket academies across India with international and domestic coaches training the young talent in the country.
s_tanvi@dnaindia.net
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