Chennai : India Cements the owners of the IPL franchise Chennai Super Kings has decided to demerge the IPL franchise in to a wholly-owned subsidiary. Currently CSK is a division in the company.
In an announcement to BSE on 23rd September, the company stated: “Our company presently owns Chennai Super Kings (CSK) – BCCI-IPL Franchise 20/20 Cricket Tournament Team. We propose to demerge the said CSK Division to a wholly-owned subsidiary of our Company. Accordingly, we have included this proposal for consideration of the Board of Directors of our Company at the ensuing meeting on September 26, 2014.”
India Cements has said that CSK has helped the company to build its brand image across the country, especially in the states of Western markets.
The cement major bagged CSK for a total consideration to operate the franchise for about $91 million, payable over a period of 10 years to BCCI over 10 years in equal instalments commencing from 2008, the year India Cement bid Chennai franchise.
CSK has clocked a revenue of Rs 166 crore in 2013-14. The franchise gets revenue shared by BCCI-IPL from the sale of media rights and sponsorship income. Besides local revenue like gate collections, team sponsors, uniform sponsors etc.
CSK has sponsors like Aircel, Gulf oil, VGN, GST global. CSK won IPL trophies in 2010 and 2011 and IPL Champion League in 2010.
Since 2013, CSK is also organising CSK Super Cup , a multi-sport inter corporate tournament. It covers chess, cricket, table tennis, badminton, athletics, snooker.
India Cements is also organising cricket tournament every year through junior super kings inter school T 20 championship trophy.
