Deccan Chargers

Group M to pick up 20% in Hyderabad IPL team

By admin ⋅ February 28, 2008 ⋅ ⋅ ⋅ Post a comment

In a significant move, media major Group M India, part of the WPP Group Plc, is learnt to have taken a 20% stake in the Indian Premier League (IPL)’s franchise –the Hyderabad team (owned by Deccan Chronicle), informed industry sources. “As per the deal, Deccan Chronicle will retain its 80% stake in the Hyderabad team.” added sources. The buzz around the Indian Premier League’s eight franchisees is gaining momentum after IPL’s grand auction on Feb 20 this year.

“Advertisers want to be associated with IPL’s franchisees in some way or the other. But it’s for the first time that a media agency is taking a stake in one of the IPL’s franchisees,” said an analyst based in Mumbai. When contacted by FE, company officials refused to comment on Group M’s new initiatives. According to industry analysts, Team Hyderabad is considered one the strongest franchises in the Indian Premier League as they have bought the right mix of a T20 team.

Source: Financial Express

Tags: Group M, IPL Hyderabad, stake