Chennai Super Kings becomes the country’s first Unicorn sports enterprise
Chennai Super Kings (CSK) has become India’s first sports Unicorn with its market cap having touched a high of Rs 7,600 crores. The team gained Unicorn status with its share value in the market trading entering INR 210-225 price band.
The Mahendra Singh Dhoni-led team won their fourth IPL (Indian Premier League) title in Dubai last year. The CSK’s market cap went past its parent entity, India Cements. On Friday, India Cements’ market cap was at INR 6,869 crores.
As per reports, the two factors led to the rise in market cap. The market cap rose because the team won the IPL in 2021. The team defeated Kolkata Knight Riders (KKR) last year. The team won four IPL seasons in its career. It added credibility and brand value to the team. The addition of the two new teams in IPL also helped the market. Lucknow and Ahmedabad are the two new teams of IPL. This news comes ahead of the 15th season of IPL. The 15th season of IPL will see 10 participants and 74 matches.
Reportedly, India Cements’ managing director N Srinivasan said, “Brand CSK will outgrow Brand India Cements. If you look at the history of franchise-based leagues in the US, it will outgrow everything.”
He also talked about the passion for cricket among Indian fans. Sanjeev Goenka-led RPSG Group bought the Lucknow franchise for a whopping amount of Rs 7,090 crore. The team is officially known as the Lucknow Super Giants. The CVC Capitals bought the Ahmedabad franchise for Rs 5,625 crore.
Reportedly, the shares of Chennai Super Kings Cricket Limited (CSKCL), which controls CSK, had hit an all-time high in the unlisted market on October 26, 2021, surging from Rs 110-120 per share to crossing the Rs 220-mark in trade within a week.