Corporate funding in sports, imperative to ignite development in India: CII Summit on the Business of Sports and Entertainment

CIIMumbai, 21 September 2016:CII organised the 1st edition of the Summit on the Business of Sports and Entertainment, at Mumbai. The Summit saw participation from eminent sports and industry representatives.

The Summit witnessed discussions on matters pertaining to Corporatization in Sports, Developing the next-gen: A focus on grassroots and the Business of Leagues A report titled “The Business of Sports” was also launched today by CII in association with KPMG during the Summit.

“Indian sports arena has now matured – gone are the days of playing amateur sports, we now have a high level of professionalism in our games” said the Chief Guest, Mr. Praful Patel, President, All India Football Federation at a CII Summit on “Business of Sports &Entertainment” organised in Mumbai. He also commented that sports should be taken up as a serious career option as even sportspersons have to support their families, plan retirement and so on, just like any other professional. Talking on the infrastructural aspect of the sports industry, Mr. Patel remarked that the country needs many more stadiums and other infrastructure that are dedicated to sports other than just cricket. Multipurpose, non-cricket stadiums will go a long way in encouraging other sporting activities as well.

Mr Shrinivas Dempo, Chairman CII Summit on Business of Sports and Entertainment & Chairman & Managing Director, Dempo Shipbuilding & Engineering said, “The last 5-7 years have been the most dynamic for the sports industry in India with some fundamental changes. Sports not only provides an active branding and marketing opportunity to investors, but has also created value for fans all across. Sports is what gets the people of this country together, it has the great power to unite the nation. Addition of various sporting leagues in India have invited tremendous support and presence of corporate sector. Against this backdrop, CII is proud to organize the Summit on Business of Sports and Entertainment in Mumbai”. Mr. Dempo also remarked that we need to create and showcase more Heroes and make it aspirational for the younger generations. We must create the eco-system that would not only attract more talent, but also invite greater investments in this sector. Sports needs to be viewed in a more serious light.

Mr. Jay Mehta, Group Director, Mehta Group & IPL Franchise Owner, Kolkata Knightriders said that sporting is a serious business. One must do the valuations extremely carefully and choose the correct people and partners to make a winning team. “Build a family and nurture it” says Mr. Mehta. He believes that one must get emotionally involved in this business and treat every player, member with the same respect and dignity. Mr. Mehta shared a few pitfalls that he faced in the initial couple of years. But with time, he learned to master them and take the right decisions, as a result Kolkata Knightriders has emerged as the top rated team in todays’ times.

India has a long journey ahead on its path to developing a strong sports culture. It needs to begin at the base, and that is what will build the future. Floodlightz the sports media portal highly appreciate the initiative, which will emphasis the  Business of sports at the grassroots level in India.