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IPL 2.0: HDIL to rethink Kolkata Knight Riders sponsorship? - Printable Version

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IPL 2.0: HDIL to rethink Kolkata Knight Riders sponsorship? - Sathish - 03-16-2009

Real estate major HDIL, the title sponsor for Shahrukh Khan's Kolkata Knight Riders, may pull the plug on the Indian Premier League (IPL) 2009.

Here is a verbatim transcript of Priyanka Ghosh’s comments on CNBC-TV18. Also watch the accompanying video.

CNBC-TV18 has learnt from sources that HDIL, which was the leading sponsor for Kolkata Knight Riders (KKR) in the first season of IPL - might be looking to reconsider whether it will actually sponsor the KKR this time around or not. HDIL may rethink about the sponsorship because of the enough confusion about the final dates of the IPL 2009 and also due to the the current downturn situation in the real estate space.

HDIL reported a 32% dip in net profits last quarter. It is also believed to have restructured loans wroth Rs 1,800 crore. According to the sources, even if HDIL has to go ahead and sponsor KKR, there is three-year lock-in contract, and then the payments schedule will span over the next four quarters. They will restructure the payment in that manner. HDIL is believed to have paid about Rs 8-10 crore for IPL season 1 in 2008.

While HDIL might be reluctant to put up that kind of money on the block, Nokia, which was the second lead sponsor for Kolkata Knight Riders in IPL season 1, will go ahead with the sponsorship this time again according to sources.

It is also learned that Coca-Cola and Emirates are among those who are also in the running for sponsorship for the KKR.