11/02/08 Essentially benefits from IPL and change in the Idian cricket market
Essentially Group (RIC: ESN), the AIM-listed provider of sports marketing, management and media services, through Athletes 1 Group, part of its athletes management division, with offices in London, Mumbai and Melbourne, is pleased to announce the signing of 14 of the 50 players to the BCCI controlled Indian Premier League 20/20 cricket competition for 2008 and beyond. This coupled with the ongoing representation of Anil Kumble, India’s high profile captain, marks Essentially’s focussed strategy of increasing the Group’s presence in the business of Indian cricket, by far the single largest and most lucrative market in the cricketing world.
The Indian Premier League
The Group has recently placed 14 out of the 50 foreign players on 3 year contracts in the forthcoming high profile Indian Premier League ("IPL") 20/20 tournament due to start in India in March 2008. The 8 team tournament has been underpinned by a 10 year television deal with Sony TV, at a reported value of $1billion USD. Clients whose contracts Essentially negotiated to play, include leading international cricket stars Herschelle Gibbs, Graeme Smith, Jacques Kallis and Mark Boucher (South Africa), Scott Styris and Daniel Vettori (New Zealand), Shivnarine Chanderpaul (West Indies), Chaminda Vaas (Sri Lanka), Justin Langer (Australia) and Shoaib Akhtar (Pakistan). Essentially has initial committed revenues in excess of seven figures in USD over the initial three year term. These figures will be further enhanced as the recently awarded franchises bid for the services of the players beyond the initial IPL basic retainer contracted in 2007. The awarding of the franchises raised a further reported $720m USD, with individual franchise prices ranging from $111m to $67m USD per team. The additional franchise specific contracts will be negotiated in the next ten days as the franchises vie for the services of the players.
Captain Fantastic
Anil Kumble is regarded as India’s greatest spinner of all time - not only in terms of wickets but also by being a member of the winning team on more occasions than any other bowler in the history of Indian cricket. Having recorded 600 wickets in 125 test matches, and 337 wickets in 271 one day international matches, Kumble is regarded as the one of the most prolific cricketers in the world. Athletes 1 India will continue to manage all media and endorsement rights for Kumble worldwide. His success as captain with recent test wins over Pakistan and Australia will enhance his commercial appeal. Successful contracts negotiated by Essentially with ING Vysya and Manipal Education endorse his growing appeal.
Commenting on the progress made in the Indian cricket market, Bart Campbell, CEO of Essentially said:
"The great pace of change and development of cricket within the Indian market has provided significant new opportunities for Essentially to capitalise on, all of which have been realised at an organic level. By providing 30% of the total market of the worlds best non-Indian players to the IPL we have demonstrated the reach of our cricket business. We are now actively seeking to use the foothold we have achieved to offer our full range of services to the successful franchise winners. The BCCI has taken the first step towards the wholesale commercialisation of the game and we are uniquely placed as a Group, with unrivalled expertise in cricket, to assist.
Our penetration into this exciting market has enhanced the visibility of earnings for our athlete management division following our successful involvement in the IPL 20/20 tournament starting in India shortly. It will further stimulate opportunities at a wider level for the Group. These initiatives place Essentially Group at the heart of the growth of the business of cricket in India and will have a positive impact on our 2008 and beyond numbers".
For further information please contact:
| Essentially Group Ltd. |
Tel: +44 (0)20 7820 7000 |
| John Byfield / Bart Campbell |
| Buchanan Communications |
Tel +44 (0) 207 466 5000 |
| Bobby Morse / Susanna Gale / Christian Goodbody |
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