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Friday, January 8, 2010

Kings XI Punjab hopes to break even by 2011Kings XI Punjab hopes to break even by 2011

Indian Premiere League (IPL) team Kings XI Punjab, which had committed USD76 million (Rs350 crore) as franchise cost for over ten years, hopes to break even by March 2011.

Apart from this, KXIP is also in talks with seven to eight companies for signing up more sponsorships for the forthcoming IPL season three.

"We are expecting to reach break even point by 2011," KXIP CEO Anil Srivatsa told reporters here today, refusing to divulge details about the actual losses made by the venture.

Srivatsa further said there was no cause of concern at this point of time, as none of the other franchise outfits had made profits.

"The fact is that nobody has earned any profit so far (in this Twenty20 cricket venture)... but there is no cause of concern," he said.

The second season of IPL in South Africa last year, coupled with the global slowdown had increased the cost for every franchise.

"The shifting of venue for matches in South Africa last year did add to cost burden, as some of the sponsors were not keen on holding matches in there. Besides, slowdown was another reason which impacted everybody," he said.

KXIP annually spends Rs70-80 crore on marketing, holding T20 matches and paying fees to cricketers.

"Out of the total annual cost of Rs70-80 crore, we pay Rs30-31 crore to our players, and also spend on having matches etc," said company's senior vice-president Arivnder Singh.

KXIP, which is also owned by Bollywood actress Preity Zinta and industrialist Ness Wadia, is also in talks with few companies, including those in FMCG and telecom sectors for signing up sponsorships.

"We are in negotiations with 7-8 companies to sign up sponsorships ahead of next season of IPL this year," he said.

Currently, the companies that are sponsoring KXIP are Fly Emirates, Pepsi, Gulf oil, Reebok and UB.

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