The 13th edition of the Indian Premier League (IPL) has seen a drop in its brand value due to the coronavirus impact.
The cricket league, which was played behind closed doors between September 19 and November 10, was delayed this year due to the pandemic. The league is usually scheduled between March and May.
According to a recently released report by Brand Finance, an independent brand valuation and strategy consultancy, the annual 20-20 cricket tournament has recorded a 22 percent drop in brand value to $4.4 billion.
Unlike last year when the league saw 13.5 percent growth in brand value, this year empty stadiums and Vivo exiting IPL 13 as title sponsor resulted in the drop in the league's brand value.
In 2019, IPL 12 was valued at $6.8 billion, up from $6.3 billion in 2018.
“Now into its 14th edition, IPL brand has weathered the storm and successfully ensured that brand value creation continues, albeit with some brand value erosion," said Savio D’Souza, Valuation Director, Brand Finance.
While the league has seen a drop in brand value, some of the franchises have seen growth in their brand value.
This year, Mumbai Indians (MI) led by Rohit Sharma saw seven percent growth in its brand value to $70.3 million, according to the report.
MI was followed by Chennai Super Kings that suffered a significant 21 percent drop in brand value to $59.8 million.
Apart from Mumbai Indians, all the franchises have seen a drop in their brand value.
Shah Rukh Khan's Kolkata Knight Riders, which stands at rank three, saw its brand value falling 12 percent to $58.4 million.
Sunrisers Hyderabad, which is ranked fourth, saw its brand value decline by four percent to $57.4 million.
Delhi Capitals, which is ranked fifth, saw a four percent drop in its brand value to $52.2 million.
Royal Challengers Bangalore and Kings XI Punjab, which stand at sixth and seventh position respectively, saw their brand values drop by two percent and nine percent respectively.
Royal Challengers Bangalore recorded a brand value of $49.7 million and Kings XI Punjab registered a brand value of $38.0 million.
Rajasthan Royals' brand value dropped 16 percent to $36.4 million. The team stands last in the ranking order.
Along with the brand value of the IPL teams, the report noted that with the auctions for the 14th edition of the IPL set to take place soon, some team owners will be undertaking serious rethinking.
"This upcoming auction would ensure many team owners infuse some young blood into their teams as aging squads are not firing – such as the Chennai Super Kings," the report said.