PNN
Mumbai (Maharashtra) [India], September 16: Toyam Sports Limited (TSL), India’s Listed Sports company on the BSE & MSEI, buys out the Suresh Raina-led Hyderabad franchise in the Legends League Cricket. Formerly known as the Urbanrisers Hyderabad, the franchise previously owned by Urbanrise group will now be known as Ultimate Toyam Hyderabad and will be seen in action in the upcoming season of the Legends League Cricket starting on the 20th of September. Toyam Sports Limited is a public listed company engaged in various sports production, promotion, and management.
“Toyam Sports Limited has a distinguished legacy of promoting sports globally, and ‘Ultimate Toyam Hyderabad’ will be another proud achievement in TSL’s journey. We are excited to be part of the upcoming Legends League Cricket season, marking a significant moment as we embrace Hyderabad’s rich cricketing heritage. Our mission is to honor the franchise’s legacy while inspiring future generations of sports fans across the state and the nation,” said Mohamedali R. Budhwani, Chairman & Managing Director of Toyam Sports Limited.
In recent years, Toyam Sports Limited has organized major events like ‘Kumite 1 League,’ an international MMA fight night with Mike Tyson as its brand ambassador, and ‘Kumite 1 Warrior Hunt’–India’s first sports reality web series–along with several T10 and T20 leagues worldwide. Additionally, TSL owned a team in the World Tennis League and have title-sponsored the India vs. Bangladesh ODI series, among other initiatives. Toyam Sports Limited’s commitment to strengthening the sports ecosystem is further reflected in its expansion into providing high-quality, affordable sports accessories.
In addition to Toyam Sports Limited owning the franchise ‘Ultimate Toyam Hyderabad’, the franchise owners for this season’s Legends League Cricket are as follows: India Capitals – GMR group, Southern Super Stars – Multi corporate consortium led by Qentelli, Manipal Tigers – Manipal Group, Konark Suryas Odisha – Assoctech group, and Gujarat Greats – Gujarat based consortium of companies.
“This franchise sale in Legends League Cricket is in sync with the industry trend. It is the second franchise that has been taken on in this season and it is encouraging to see different titans of industry entering the sports sector. I am glad that one of our franchises in the Legends League Cricket has been able to draw a similar value as that of the other similar but bigger deals that happened in IPL that generally draw at 5.5x multiples.” said Mr. Raman Raheja, Co-Founder, Legends League Cricket with respect to the introduction of the new franchise.
In a similar kind of deal in IPL in 2018 JSW sports bought 50% stake in Delhi Daredevils. The deal valued the Daredevils at INR 1100 crore (US$169 million), double the US$84 million the team were originally purchased for in 2008, GMR Sports recouped its initial investment while retaining half of its stake, receiving INR 550 crore (US$84.5 million) in the first of its kind sale.
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First Published: Sep 16 2024 | 12:30 PM IST
