The Future Group, one of the late bidders for the IPL team franchise bids, has backed out of the bidding race as the company does not consider IPL as a credible revenue model to build its brand.
“We no longer believe that the IPL has a credible revenue model, and there is too much hype being created around it. We will wait and see how the matches unfold,” said Kishore Biyani, CEO, Future Group
“We are out of the bidding game for the title sponsorship for the IPL. There will be enough opportunities available for us to build brands with much lower costs,” he added.
“We did spend four lakh rupees on picking up the form for the franchise bids, but now we no longer believe that the IPL has a credible revenue model,” stated a Future Group official.
