IPL 2021 to be completely managed by Reliance? IMG divests 50% stake in Indian arm

Mumbai IPL team owners Reliance Industries (RIL) have agreed to buy out IMG Worldwide from sports manment joint venture IMG-Reliance (IMG-R) for t more than ₹52.8 crores, as per reports on company’s regulatory filing. RIL is looking to rebrand itself once deal is closed down.

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Reliance to buy out IMG’s stake in IMG-Reliance, to rebrand itself after closure of deal

In 2010, RIL h collaborated with international sports marketing and manment company IMG Worldwide and formed a 50-50 joint venture to develop, market and man sports and entertainment in India. IMG, which is a part of Endeavour network is most prominent name in sports, fashion, events and media sectors with its operations in more than 30 countries. Currently, IMG Singapore, which is a wholly-owned subsidiary of IMG holds a 50% share in IMG-R. tably, IMG-R h a turver of ₹182 crores and a net profit of ₹16 crores in FY2020.

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According to Mint, RIL said that governmental or regulatory approvals are required for aforementioned acquisition that is expected to be completed during this calendar year. company furr said that  acquisition does t fall within related party transactions and ne of RIL’s promoters or promoter group companies has any interest in transaction.

It also said that after completion of acquisition, IMG-R will become a wholly-owned subsidiary of company and will be rebranded by company. Reliance shares on Thursday closed 2.58 per cent higher at ₹1,993.90 on BSE.

IPL winners Mumbai become most digitally engaging franchise

Recently, Rohit Sharma-led Mumbai IPL franchise established itself as most engaging IPL franchise on digital platforms (cumulative engment across Facebook, Instagram and Twitter) for third consecutive season.  Mumbai franchise, across digital platforms, captured fans’ imaginations through its engments clocking cumulative interactions of over 317 million across all its three social media platforms i.e. Facebook, Twitter and Instagram, earning cap of ‘most engd’ amongst competing clubs. According to numbers me available publicly by CrowdTangle and Unmetric, Bangalore franchise recorded a second-best at 277.65 million and Chennai at 189.67 million.

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Mumbai's numbers are 60% higher compared to last season’s digital fan engment performance, clearly indicating ir ardent fans' connect with club through se invations. Interestingly, a recent study by Spanish firm Deportes & Finanzas revealed that Mumbai franchise h emerged as most popular sports team in world on Facebook for months of October and vember 2020, ahe of global teams like FC Barcelona, Liverpool FC, Manchester United FC and Arsenal FC. 

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SOURCE: PTI