Indian Sports Ministry told to form organising committee for FIFA U-17 World Cup

March 24, 2016

New Delhi, Mar 24: The Indian government on Wednesday set the ball rolling for hosting the U-17 World Cup next year by authorising the Sports Ministry to constitute an organising committee for smooth conduct of the event, while giving its stamp of approval to the changes suggested by FIFA's inspection team.

Fifa
The Union Cabinet, chaired by Prime Minister Narendra Modi, discussed some key issues regarding the tournament and gave its approval.

"The Sports Ministry has been authorised to constitute Organising Committee, for conduct of the event," a ministry release stated.

The venues earmarked were JLN Stadium in New Delhi, DY Patil Stadium in Navi Mumbai, JLN Stadium in Kochi, Salt Lake Stadium in Kolkata, JLN Stadium in Goa and IG Stadium in Guwahati.

A committee comprising Secretary, Department of Sports, DG, SAI and Financial Adviser, Deptt. of Sports has been authorised to make necessary adjustments for any changes in venues to remove difficulties in consultation with All India Football Federation and FIFA.

"Expenditure towards overlays and equipment including display boards, etc. may be incurred. The total cost, however, will be within Rs.95 crore as approved earlier," the sports minsitry said.

In the eventuality of any additional requirement of funds, Department of Sports will take up the matter with the Department of Expenditure.

The world football governing body FIFA's inspection team was satisfied with the planning aspect of India's preparations for next year's Under-17 World Cup but said that major renovation work needs to be done in most of the six stadia to be compliant with international standards.

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March 22,2024

IPL.jpg

The start of the world’s most lucrative cricket tournament in India is presenting investors with another big opportunity to cash in on the sport, months after the world’s most populous nation hosted the Cricket World Cup.

The eight-week long Indian Premier League begins March 22 for its 17th season. Since its inception, the fast-paced cricket tournament has become a corporate juggernaut to rival the National Football League in the US and the English Premier League in value.

Just as October’s Cricket World Cup boosted consumption in India for months, fans are expected to flock to restaurants, pubs and food delivery platforms over the duration of the tournament. This year’s IPL also coincides with general elections that will last for six weeks starting April 19, a period when companies are expecting higher food and drink sales as people flock to rallies and other events.

“There’s going to be a lot of spending,” said Madan Sabnavis, chief economist at Bank of Baroda. “IPL, as well as the election, gives a three-month corridor with enhanced economic activity.”

Stocks in India such as McDonald’s franchise operator Westlife Foodworld Ltd. and peer Sapphire Foods India Ltd. gained ahead of the first match on Friday, as well as hotels and beverage makers. Packaged-food companies could also stand to benefit from the IPL craze, said Sachil Bobade, an analyst at investment firm Dolat Capital Market.

The IPL ecosystem was valued at $11 billion (Rs 91,721 crores) in 2023, including the value of media rights and sponsorships, according to Indian valuation consulting firm D&P Advisory.

The league is also attracting record sums of money from sponsors and broadcasters. Conglomerate Tata Group won the title sponsorship rights of the tournament in January for a record 25 billion rupees ($300 million). Billionaire Mukesh Ambani’s media venture secured the digital streaming rights in 2022 for five years for $2.7 billion, while Walt Disney Co. paid roughly the same for TV rights.

“There was a serious amount of bidding even this year,” said Vinit Karnik, head of entertainment, esports and sports at media agency GroupM South Asia. “I see growth in IPL in double digits year-on-year,” he adds.

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