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Coca-Cola to take stake in Mahesh Bhupathi-promoted IPTL
MUMBAI: Sponsors are beginning to support sporting leagues in India other than the Indian Premier League (IPL). In an unprecedented deal, Coca-Cola has agreed to acquire a 10 per cent stake in Mahesh Bhupathi-promoted International Premier Tennis League (IPTL).
“The part equity-part sponsorship deal, estimated at about Rs 18 crore, is being structured in a way that IPTL title sponsor Coca-Cola’s sponsorship money will add up to 10% equity over a period of time,” an official told The Economic Times. This could stretch over a three-year period, the ET report added.
While rival PepsiCo has taken up title sponsorship of IPL for 2013-2017, the equity participation of Coca-Cola in a sporting property is for the first time.
IPTL, which kicked off late last year, has drawn in international players like Roger Federer and Novak Djokovic.
The league claims to ‘break the code’ of the traditional etiquette of tennis in the world and for the first time presents features like time-outs, ‘Happiness PowerPoints’, shoot-outs, a running shot clock and live in-game entertainment as an essential part of all matches. Tennis’ traditional scoring format has been changed to single-set no-add scoring, which will speed up the games and enable fans to experience up to 24 different players in one exhilarating evening.