Corporate Boxes in IPL, a lucrative business for Indian stadiums and Industrialists
The Corporate industry has always had a lot of say in every walk of life. Utilizing the power of money, the corporate owners extend their patronage and sponsorship to sports that are considered to be potential sources for through- the- line advertisement.
With India being a rapidly emerging world economy, the corporate culture in the country is gaining roots quickly. With over a billion people, India has great potential for business development. Some leading Industrial tycoons of the world hail from India
as well.
Since half a decade, a new trend, ‘cricket under corporate’, has been on the rise in http://www.senore.com/Cricket/India-c750. All the ace industrial groups have owned cricket, thanks to the Indian Premier League (IPL).
At the start of every League season, different players and teams are auctioned and purchased often by wealthy industrialists.
The IPL has now given birth to a new trend that is ‘corporate boxes in cricket stadiums during matches’.
Some top Indian cricket stadiums like Eden Gardens and Wankhede Stadium have developed boxes comprising 10 to 12 seats. These boxes are erected at the forefront of stadiums.
Before the start of any game, some ace industrialists bid for boxes and purchase them. During the game, these boxes are used to entertain clients and business partners with wine and dine.
During the ongoing IPL season, the cost of a box is roughly estimated at $ 1.25 million.
The just concluded ICC Cricket World Cup 2011 also witnessed many such activities especially in the Semi-Final and Final games.
Some Bollywood stars like Aamir Khan and some big industrialists like http://www.senore.com/Cricket/Mukesh-c77912 Ambani were included among the top box buyers. Some banks and multi-national companies also invested in the luxury.
Eying more lucrative opportunities, the stadiums are redesigning and increasing the number of boxes to provide comfort and facilities to the buyers. Eden Gardens has increased the number of corporate boxes from 12 to 32 and Wankhede stadium contains 57 boxes
currently.
The boxes are equipped with all modern facilities of dining, seating, entertainment, fun and much more. They are prepared with great care and furnished with great symmetry.
The stadiums sell their boxes for heavy amounts and for long periods of contract. Recently, the Mohali stadium has sold each of its boxes for seven million rupees for a period of 10 years. The Wankhede sold its 57 boxes for 55 million rupees on a 10-year
contract.
The format of the IPL has been designed in a way to perk up the box business. Every league franchise is entitled to play most of its tournament games at its home ground. Thus the franchise owners purchase more and more boxes to attract support and display
their power.
During the matches of Kolkata http://www.senore.com/Cricket/Khan-c71319’s team, the cost of a box raises up to 200, 000 rupees.
A spokesperson of the KKR, Joy Bhattacharya, says, “We are getting a great response for these corporate boxes.” An official of the http://www.senore.com/Cricket/Rajasthan-c837 Royals claims that the boxes are an important source of revenue and benefit their business as well.
The http://www.senore.com/Cricket/Delhi-c780 Daredevils’ marketing manager, P. Phaneendra, tells, “While there is no way to definitely know what is discussed inside the corporate boxes, we know people do talk beyond cricket, sometimes it is business.”
Thus the corporate boxes provide fruitful business opportunities to both the stadium owners and the box buying industrialists.
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