Report: Coke set to acquire IPTL stake

31 March 2015 | Posted in Sports Properties, Tennis, Asia, | By Michael Long

Report: Coke set to acquire IPTL stake

Coca-Cola has reportedly agreed a deal to acquire a ten per cent equity stake in the International Premier Tennis League (IPTL).

According to a report in India’s Economic Times which cites ‘an official involved in the developments’, the soft drinks giant’s existing title sponsorship of the new franchise-based, short-form tennis competition is to be structured in a way that grants the company a stake ‘over a period of time’.

This period could amount to three years, the report added. The deal has not yet been finalised, but is believed to be worth about Rs18 crore (US$2.875 million).

The deal is thought to represent Coca-Cola India’s first direct investment in a sports property.

Coca-Cola took up title sponsorship of the IPTL last November, ahead of the competition’s launch later that month. Other sponsors of the competition include Qatar Airways, FedEx, Amity University and Yahoo!.

Promoted by Indian doubles star Mahesh Bhupathi, the inaugural edition of the IPTL was played over a series of events in New Delhi, Dubai, Manila and Singapore. Several top players, including the likes of Roger Federer, Novak Djokovic and Serena Williams, helped debut an all-new made-for-TV format that has described as tennis’s answer to cricket’s Twenty20.

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