Kolkata: Mumbai Indians’ fifth Indian Premier League crown in UAE late November has given their brand value a further boost - if the 2020 report by a leading brand valuation company is anything to go by. The Rohit Sharma-led Mumbai Paltan is the only team among the eight franchises to have registered a rise in brand value last season (7.1%) and have been valued at $ 70.3 million, according to the yearly study of Brand Finance.
The UK-based company’s annual valuation report of the IPL is a widely followed one, while Mumbai Indians was also the topscorer in the Brand Strength Index (BSI), with a BSI score of 76.9 out of 100 and a corresponding AA+ brand strength rating, as highlighted by the study. Mumbai Indians are followed by Chennai Super Kings ($ 59.8m) and Kolkata Knight Riders (58.4 million) at the second and third spots, respectively.
The uncertainty over the hosting of IPL last year, thanks to the market situation due to the COVID-19 pandemic, saw all the franchises record a drop in their brand value. What was more alarming was that the IPL itself recorded a 22 percent drop in brand value to $4.4 billion with a drop in title-sponsorship valuation - unlike 2019 when the league saw a 13.5 percent growth In 2019, to be valued at $6.8 billion.
Among other franchises, Sunrisers Hyderabad, ranked fourth, saw it’s brand value decline by four percent to $57.4 million. Delhi Capitals, ranked fifth, saw a four percent drop in its brand value to $52.2 million.
Royal Challengers Bangalore ($ 49.7m) and Kings XI Punjab ($ 38m) , which stand at sixth and seventh positions respectively, saw their brand values drop by two percent and nine percent, respectively.
Rajasthan Royals’ brand value dropped 16 percent to $36.4 million at the bottom of the table.
A Mumbai Indians spokesperson said in a statement: “This year’s IPL has been one of the most successful years for us on and off-the-field and we, at Mumbai Indians, embrace it with a lot of gratitude. We take a lot of pride in how we have nurtured brand Mumbai Indians over the years balancing our core values and ethos and replicating them in our brand building initiatives. The faith of our brand partners amidst all apprehensions and challenges this season speaks of volumes of the stature of brand Mumbai Indians. We are thankful to all our partners looking ahead with added inspiration.”
Unfazed by market slowdown and apprehensions amongst sponsors globally regarding investment in sport due to the pandemic, Mumbai Indians headed into the season adding four global brands – Marriott Bonvoy, Colgate, Cadbury Dairy Milk and William Lawson’s, for multi-year deals. This was in addition to continuing the partnership with brands like Samsung, Colors, Jio and Usha. The strong mix of international and Indian brands including Dream11, enabled the title-holders to match its last years’ sponsorship revenues, continuing to be the market leaders among IPL franchises.