Lalit Modi

Interesting.

Interesting.

So the real question basically right now is, what is that going to be the next time the rights come up? Yes. In January 2024, so a year ago, the presenting sponsorship for the whole league came up again. Tata, the, of course, big Indian conglomerate, bought it for $60 million a year for five years, so a $300 million deal. That brings us to today.

So the real question basically right now is, what is that going to be the next time the rights come up? Yes. In January 2024, so a year ago, the presenting sponsorship for the whole league came up again. Tata, the, of course, big Indian conglomerate, bought it for $60 million a year for five years, so a $300 million deal. That brings us to today.

You've got under these new media rights deals that we were just talking about, call it one and a quarter billion dollars in media rights revenue coming in central to the league. Yep. Then another, you know, call it 150 to 200 million in total central sponsorships coming into the league, of which Tata is the anchor at 60 million a year.

You've got under these new media rights deals that we were just talking about, call it one and a quarter billion dollars in media rights revenue coming in central to the league. Yep. Then another, you know, call it 150 to 200 million in total central sponsorships coming into the league, of which Tata is the anchor at 60 million a year.

So round that up to call it all in a billion five annually coming in central to the league. Guaranteed revenue. Yep. Guaranteed long-term rights deals, asset light, so to speak.

So round that up to call it all in a billion five annually coming in central to the league. Guaranteed revenue. Yep. Guaranteed long-term rights deals, asset light, so to speak.

Absolutely. So this is a TV game. Media rights and central sponsorships are still by far the lion's share of total revenue coming into the league. Local revenue that the franchises are generating, this is ticket sales, luxury boxes such that they exist, suites at the stadiums. We'll get into that in a minute. Local sponsorships, etc., That's probably 15-ish percent of total revenue in the league.

Absolutely. So this is a TV game. Media rights and central sponsorships are still by far the lion's share of total revenue coming into the league. Local revenue that the franchises are generating, this is ticket sales, luxury boxes such that they exist, suites at the stadiums. We'll get into that in a minute. Local sponsorships, etc., That's probably 15-ish percent of total revenue in the league.

So 85-ish percent revenue on the central media rights and sponsorships, 15-ish percent local.

So 85-ish percent revenue on the central media rights and sponsorships, 15-ish percent local.

Add all that together, you've probably got 1.7, 1.6 billion in total revenue that's flowing into the league annually. Now... Here's the kicker. All of this is for a league that currently only plays 74 games in a season that only lasts two months. So one way to benchmark different leagues against another by scale, impact, revenue, value, etc., is to adjust for how many matches they play.

Add all that together, you've probably got 1.7, 1.6 billion in total revenue that's flowing into the league annually. Now... Here's the kicker. All of this is for a league that currently only plays 74 games in a season that only lasts two months. So one way to benchmark different leagues against another by scale, impact, revenue, value, etc., is to adjust for how many matches they play.

There's a difference between the IPL that only plays 74 matches and Major League Baseball that plays, what did you say, about 2,000 some odd games?

There's a difference between the IPL that only plays 74 matches and Major League Baseball that plays, what did you say, about 2,000 some odd games?

So if you look at that revenue coming into the league on a per-match basis, IPL is already the second most valuable league in the world behind the NFL. Second most revenue per match in the world.

So if you look at that revenue coming into the league on a per-match basis, IPL is already the second most valuable league in the world behind the NFL. Second most revenue per match in the world.

So Ben, I think you have the whole list here that you built out.

So Ben, I think you have the whole list here that you built out.