Coca-Cola to take stake in Mahesh Bhupathi-promoted IPTL

Coca-Cola to take stake in Mahesh Bhupathi-promoted IPTL
[Image: iptl-150x150.jpeg]
MUMBAI: Sponsors are beginning to support sporting leagues in India other than the Indian Premier League (IPL). In an unprecedented deal, Coca-Cola has agreed to acquire a 10 per cent stake in Mahesh Bhupathi-promoted International Premier Tennis League (IPTL). iptl“The part equity-part sponsorship deal, estimated at about Rs 18 crore, is being structured in a way that IPTL title sponsor Coca-Cola’s sponsorship money will add up to 10% equity over a period of time,” an official told The Economic Times. This could stretch over a three-year period, the ET report added. While rival PepsiCo has taken up title sponsorship of IPL for 2013-2017, the equity participation of Coca-Cola in a sporting property is for the first time. IPTL, which kicked off late last year, has drawn in international players like Roger Federer and Novak Djokovic.

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