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Tennis: Coca-Cola to invest in IPTL – reports

Coca-Cola title sponsored the inaugural IPTL, which was won by the Micromax Indian Aces (pictured). Photo: AFP.

Coca-Cola title sponsored the inaugural IPTL, which was won by the Micromax Indian Aces (pictured). Photo: AFP.

March 31, 2015: Soft drinks giant Coca-Cola is to purchase a 10 per cent equity stake in the International Premier Tennis League (IPTL) according to Indian newspaper Economic Times, SportBusiness.com reported.

 

The franchise-based series, which took place for the first time late last year, features some of the sport’s top men’s and women’s players.

 

World No. 1s Novak Djokovic and Serena Williams, Roger Federer, Andy Murray, Maria Sharapova, Ana Ivanovic and Caroline Wozniacki were among the stars that participated in the inaugural edition.

 

Coca-Cola served as title sponsor of the first IPTL and will now reportedly strengthen its relationship with the series by acquiring a 10 per cent equity stake. The deal will mark the first time that the Coca-Cola India division has picked up direct equity in a sports property.

 

An unnamed official involved in the talks told Economic Times: “The part equity-part sponsorship deal, estimated at about Rs18 crore (US$2.87m), is being structured in a way that IPTL title sponsor Coca-Cola’s sponsorship money will add up to 10 per cent equity over a period of time.”

 

The source added that the agreement could stretch over a three-year period, with final closure of the deal in process.

 

The Indian Aces franchise finished two points ahead of the UAE Royals to secure victory in the inaugural IPTL, which ran from November 28-December 13. The first edition of the series featured events in Manila, Singapore, New Delhi and Dubai.

 

Source: http://www.sportbusiness.com/sport-news/coca-cola-set-invest-iptl-report; Editing by SportAsia

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