Women’s IPL could blow competitors out of the water
It has become the biggest domestic cricket competition in the world and raised $6.2bn (£5.2bn) from its latest media rights deal, and now the Indian Premier League (IPL) is set to launch a women’s competition.
Women’s Twenty20 cricket isn’t new to India, whose population of more than 1bn represents the sport’s biggest market, with the Women’s T20 Challenge having been contested since 2018 by teams the Supernovas, Trailblazers and Velocity.
It is uncertain as to whether they will be given preferential treatment when the women’s IPL launches next year, but governing body the BCCI has indicated it wants six franchises in place for the inaugural competition.
“There is a huge appetite for this and as we’ve seen in The Hundred, where the women’s teams play before the men’s teams, it will create a massive platform to celebrate women’s sport,” former England cricketer and founder of Sporting Edge Jeremy Snape told City PM
“Given the scale of the market and passion for cricket in India, [it] is also a huge financial engine for the global game so I’m sure that the women’s IPL could provide a step change in salary levels to bring them closer to their male peers.”
Next year’s men’s IPL is set to be the 15th season and it may take a number of years to build a women’s version. But if the money involved in the male game is anything to go by then the women’s IPL should challenge England’s The Hundred and Australia’s Big Bash as the top franchise cricket destinations for the world’s best female players.
The Mumbai Indians are worth $1.3bn (£1.1bn) and the Chennai Super Kings more than $1bn (£840m), while last year’s winners, Gujarat Titans – owned by private equity firm CVC – were bought at auction last year for $700m (£590m).
The women’s IPL offers a second chance for some who missed out in last October’s auction, such as Manchester United owners the Glazers. Alternatively, existing owners may look to partner with new women’s teams or we could see entirely new investors.
“In the early years of the [men’s] IPL, some of the numbers were coming out [for potential team valuations] and I thought it was madness,” said Mike Preston, partner at global law firm Cleary Gottlieb.
“It turns out it has been an absolutely spectacular investment.
“You look at [the IPL] as being pretty unique where you have something that taps into a billion-plus ready fans and consumers who are extremely loyal and fanatical about sport.
“Owning an IPL team, whether you are a super wealthy individual or equity investor, that looks so attractive. I think and hope [to see interest in the women’s IPL].”
Matthew Poxon, partner at law firm Paul Hastings LLP, added: “The men’s IPL generated a revenue of over $533m (£449m) for the Board of Control for Cricket in India in 2020, and 40 per cent of central revenue also goes to the Franchises, so whilst it’s unlikely that the Women’s IPL would be profitable immediately, the money is there to support the venture while it grows.
“The IPL is now a well established league, there having been 15 seasons and has sustainable and developed structures and systems in place – it is clear the model works, the question is whether it can be successful implements for the women’s game.”
Little is known about the incoming women’s IPL and its structure, but you only need to look at how T20 cricket has grown in India over the last two decades to see just what could be achieved in the next two.