Today we are delighted to welcome Manoj Badale. Manoj is the Co-owner of one of the Indian Premier League's most notable franchises, Rajasthan Royals. One of the founding members of the tournament in 2008, the Royals went on to win the first iteration, cementing a special place in franchise cricket history. Since then, the IPL has become one of the most followed and valued sports leagues in the world. From preparing meticulously for the iconic auction, to tribalising an infamous national fanbase, this behind-the-scenes account of how the IPL and its franchises are built is not to be missed. In today’s show, we discuss: The value of investing in sport and how to do it successfully: Media rights - sport is about investing in eyeballs, and the increasing availability of content on multiple platforms has created huge value across sports and by extension, those that own, operate, and invest in it. Salary caps and cost controls - you have to be able to manage your costs to make a sports asset a valuable business proposition and not just a trophy asset. Creating a level playing field - if there is an equal chance of victory, the competition is more exciting. If the competition is more exciting, it is likely to attract more interest. ‘The essence of sport is unpredictable outcomes’! The existence of a closed league - no promotion or relegation means security of value for a franchise. You can build long-term plans knowing you don’t have the risk of dropping out of the competition. The origins of the IPL tournament: How did the IPL come to be? Opportunities explored in cricket before this move was made. What did the opportunity to purchase a franchise slot look like? The decision to make an investment in this tournament from day one What did the financials of the opportunity look like and how has that changed over time? One of the biggest concerns at the start was creating a ‘tribal’ fanbase to follow each franchise. Has that been achieved? The state of cricket in 2023: Tournaments like the IPL have changed the cricketing landscape. How does Manoj view the co-existence of short-form and test-match cricket? You need to provide a product that fans want to engage with. Does the IPL provide the blueprint for doing this? Can it be replicated? What does proper disruption look like? Is it just creating a new tournament, or is there more to it? The appeal to the players of short form cricket makes it hard to ignore disruptive movements within the game. A background in business applied to sport: How does Manoj view the Royals alongside his other business ventures? Does he apply the same rules to decision-making, or does emotion play a bigger part? What is the role of an owner? Is there increased pressure on this group in an age driven by media demand? The opportunity to expand a sporting portfolio and the key drivers that investors tend to look for when deciding where they want to put their money. There are plenty of options in 2023!

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