Business of Sports - Anand Rathi Advisors - Part A

Private & Confidential
The Business of Sports

India – A Sporting Nation in the Making
PART A
Disclaimer
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described herein, which assumptions, judgments & analyses may or may not prove to be correct.
The actual outcome may be materially affected by changes in e.g. economic and/or other circumstances. Therefore, in particular, but without prejudice to the generality of
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Table of Contents
Section 1 Executive Summary 4
Section 2 Anand Rathi View | The Case for Investing in the Sports Sector 7
Section 3 Transactions in the Sports Sector 18
Section 4 Sector Overview | Sub-segments of the Sports Sector 23
Section 4A - Sports Media 24
Section 4B - Sports Goods & Equipment 32
Section 4C - Sports Apparel 37
Section 4D - Fitness 41
Section 4E - Sports Nutrition 46
Section 5 Global Sporting Events 50
Section 6 Successful Leagues in India 119
Section 7 Grassroots Development, Key to Sporting Success 140
Section 8 Augmenting Government Spending to Create a Sports Ecosystem 147
Section 9 Annexure 152
Section 10 #Part B – Sports Company Profiles - [160+ Company Profiles] 155
# To be provided on request
Section 1
Executive Summary
Executive Summary
– India has 400m people in the age group of 15-45 years (larger than the population of the USA) with growing disposable income,
which is expected to drive the spending in sports entertainment, leisure sports & health
– The success of IPL has spawned several competitive leagues across sports, which see significant viewership, indicating
acceptance of sports beyond cricket & creating viable commercial opportunities
– The new arena of competitive “e-sports” has emerged in India driven by wide internet penetration & adoption of technology
Sports Sector (mobile phones, PCs & console gaming)
Overview
– Fitness awareness & the need for a healthy lifestyle has driven the youth of the country toward sports as a leisure activity
– The sector is on the cusp of a paradigm shift (with changing preferences, access to the internet & technology driving greater
participation of the wider public), we estimate the sports sector including e-sports has immense investment potential over the next
several years
– In 2020, the sports sector was estimated at ~$27bn, is expected to increase to ~$100bn by 2027
Sports Goods & Equipment Sports Apparel Sports Management Nutrition & Health Online Gaming
Key Indian Players
Fitness Centres
Sports Media
– Marching to Medals - “Part B” provides brief profiles of over 160+ companies operating in the Sports & Fitness sector in India
– The company profiles are broadly segregated into the sub-segments of:
AR Report – Sports Goods & Equipment – Online Gaming – Sports Franchises
Marching to Medals – Sporting Apparel – Sports Media – Sports Management
“Part B” – Nutrition & Health – Sports Academies
– Fitness Centre – Sports Schools
– Part B of this report will be made available on request
Source: Anand Rathi Investment Banking Research

5|
The Indian sports sector, a ~$27bn market, would clock a ~21% CAGR to ~$100bn by 2027
with double-digit growth expected across sub-sectors
The Sports Sector
Sports Apparel &

Nutraceuticals Sporting Goods Sports Media Gaming Fitness Centres
Active Wear
CY20
14 7 4 1 1 1
$ bn
CAGR % 17 19 18 50 30 20
CY27e
42 24 13 13 5 2
$ bn
Source: News Reports; GroupM ESP; Anand Rathi Investment Banking Estimates
6|
Section 2
Anand Rathi View

The Case for Investing in the Sports Sector
The Opportunity & Challenges
India’s economic growth will create greater propensity to engage in health, well-being & entertainment, met by sports.
India’s sheer population with 400m people b/w 15-45 & an additional 400m b/w 0-15 makes a compelling case to invest in the sector
Opportunities Challenges
India’s Economic Growth Infrastructure

– By 2027, India is estimated to become a $5trn economy, – Public sports infrastructure is virtually absent in India
with 55% of the population estimated to be middle class – World-class sports infrastructure requires
government support as it is expensive to build
Favourable Demographics Lack of Financing

– A median age of 28 years with ~50% of the population – The government does not consider sports an industry
(as estimated 600m people) less than 20 years in age which renders it ineligible for support from the
– This group’s propensity to consume products & services banking system
across sectors will drive growth
Internet Penetration Taxation

– India’s internet penetration went from 4% in 2007 to – High GST rates on sports equipment & sporting
~50% in 2021 providing an opportunity to reach the right events of 12% & 18% respectively
target market – School sports attracts 18% GST hampering its
– E-commerce provides avenues for efficient distribution, growth potential
hitherto unavailable – The Department of Sports has appealed for a lower
GST slab of 5% to support the sector
Access to Financing Governance

– Availability of consumer financing easing purchases & – Government & its agencies lead sports governance in
driving consumption India
– Inclusion of ex-sports persons in the management of
sport along with professionals is necessary to ensure
sustainability of sport
Source: Anand Rathi Investment Banking

8|
Key drivers of greater participation in sports, resulting in increased merchandise sales & related
services
Commercialisation of Heightened fitness Increase in Higher share of women in

sports activities & events awareness disposable incomes sports & fitness
Sectors to Benefit
Infrastructure Sports Clubs Sports Sports Sports Positive

Equipment Apparel Retail Externality
Tourism
Sports Clubs & Nutrition Sports Event & Sports Advertising, PR

Fitness Centres Education Management & Branding

9|
India’s young demographic profile, significant internet penetration and growing economy
provides a vast opportunity for growth in the sports sector
Population (2022e) (m) Young Population - Median Age (2020) Decreasing Dependency Ratio (%)
Largest potential Youngest population Further decline as more

1,439 1,380 market among major countries people enter workforce
48 47 69
Demographic 46
42 62
41 40
Advantages 1 38 38 57 57 55 54 51 49
331 274 28 42
221 213
CN IN US ID PK BR JP IT DE FR CA GB CN US IN JP FR GB IT DE US CA IN CN
Real GDP Growth (2021 – 2027e) Increasing GDP per capita ($ ‘000)
Fastest growing ~2x growth in

7% major economy incomes By 2027, an
estimated 55% of
5%
Thousands
Increasing 3.8 India’s population
Incomes 2 is expected to be
3% 3% 3% 2% 2% a part of the
2%
1% 2.3 middle class
IN CN GB US CA FR BR DE JP 2021 2022 2023 2024 2025 2026 2027
Propensity to spend on entertainment, health & education increases as basic needs are met.
With sporting activities catering to all three of the above, the sports sector is poised for exponential growth.
Source: 1 United Nations; 2 IMF

10 |
Sports viewership in India is skewed towards cricket, we hypothesize that this is due to lack of
competitive sporting leagues, compared to other countries which see a mix of sports viewership
Football, 3% Hockey, 2% Others American Football Athletics, 18% Rugby, 3%

Football, Basketball, 6%
Wrestling 19% 39% 46%
6% Ice Cricket,
Kabaddi Hockey, 11%
8% 4% Cricket,
18% UK Football
Soccer Soccer 67%
8% 13%
Cricket Baseball Basketball Tennis, Rugby

81% 15% 15% 18% 17%
I II III IV V Key Points

‒ Sports viewership has evolved
over time, based on
demographics & region-
specific preferences
India Cricket Kabaddi Football Badminton Hockey
‒ Viewership determines the
commercial success of a sport
& hence sports with high
viewership dominate
USA American Football Baseball Basketball Ice Hockey Tennis sponsorship
‒ Football in India is supported

by Premier League, which is
keen on developing the sport
UK Football Rugby Tennis Cricket Athletics in the country
Australia Football Rugby Cricket Basketball Tennis
Source: News Articles; Anand Rathi Investment Banking

11 |
Successful commercialisation of sports leagues beyond cricket indicates changing preferences

& a viable business opportunity for sports in India
Most League No. of Teams
Social Media Sponsorship and
Viewership Expensive Revenue Valuation and
Following Broadcasting
(m) Player ($ m) Estimates Most Valuable
(‘000) Rights ($ m)
($ ‘000) ($ m) Team
8
9 7,000 500 2,000 280 6,100
2020
12
5 300 60 220 40 300
2019
11
3 700 150 1,000 50 600
2019-20
The success of the Pro-Kabaddi League has exhibited an appetite for sports other than cricket, provided it is packaged as
entertainment, the factor primarily responsible for the success of the IPL
Source: News Articles; Anand Rathi Investment Banking

12 |
Media spending on sporting events has seen an upswing in the past five years.
Though dominated by cricket, significant viewership of other sports justifies investing in the sector
Sponsorship Spends by Type ($ m) Sponsorship Spends by Sport
715 853 973 1,035 1,215 786 Cricket Football Others

3%
9% 5% 4% Franchise Fee
10% 9% 6% 6% 10%
5% Endorsements 14%
8% 7% 10% 21% 25% 20% 19% 19%
11% 11% Team S’ship
10% 11% 11%
14% 17% 18% 22%
21% 22% On Ground 18% 14% 20%
19% 18% 18%
56% 57% 57% 62% Media Spends 61% 61% 63% 62% 61% 64%
53% 55%
2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020
Broadcasting Rights ($ bn) Key Takeaways

Key Sports Sponsors in India
– Cricket accounts for 64% of the total sponsorship spends; football & other
emerging sports account for 22% & 14% respectively.
17
– Events like the Indian Premier League, Pro Kabaddi & Indian Super League
have successfully engaged sports enthusiasts ensuring steady sponsorship
support
11
10
9 – Sports leagues beyond cricket has reached critical viewer mass, with
marketers viewing them as a viable avenue for advertising spends
4
2 – Target market for fantasy gaming companies in India overlaps with viewers of
live action sport compelling the companies to sponsor sporting events for
visibility.
Source: India Sports Sponsorship Report, GroupM ESP; The Ken; Anand Rathi Investment Banking
13 |
Commercialising sports packaged as entertainment creates a virtuous cycle of viewers,

participants & aspiring sportspersons, driving growth across sub-segments of the sports sector
Sports Interest v/s Participation Alternative Career Options in Sports
Interested in Sports Participating in Sports Sports Analytics,

6%
Sports Officials,
12%
Singapore 33% 76%
USA 35% 75%

Sports Media,
13%
~ 500k Sports
Development,
EU 30% 70% jobs to be added 51%
China 30% 65%
India 1% 62% Sports

Administration,
18%
Family Support to Pursue Sports as a Career Key Takeaways
Yes No Maybe – While at least 50% of individuals actively participate in sports or choose
sports as a career in other parts of the world, in India, only two of 100
11% youngsters interested in sports end up choosing sports as a career option
30% 31% 30%
22% 50%
– While over 90% of the youth population think of sports as a reliable career-
option, active participation is negligible
12%
19%
35% – Family support is one of the most crucial factors determining careers of
10% youth. However, parents are not all that inclined to look at careers in sports in
67% favorable terms
58%
50%
35% 40% – Success of sports leagues is aiding in changing perceptions and creating job
opportunities in sports and its allied areas
Under 18 18 - 25 25 - 30 30 - 35 35+
Source: GroupM; FICCI; Anand Rathi Investment Banking

14 |
India’s internet penetration in 2021 was ~50%, up from 5% in 2009, which opens up an array of
opportunities for broadcasting, online gaming and sports retail
India Internet Penetration Size of Online Sports Viewership in India 1
Unique Visitors (in mn) % Reach Viewership in m

2021 50%
UEFA 27
60 54 31 28 21 20 20
2017 34% NFL 17
IPL 9
2013 15% 122
89
58 6 NBA 6
284 468
2011 10% 20
Pro-
4
Kabbadi
2009 5% ISL 3
Note: Chart not to Scale
Viewership Demographics Key Points

− With a young population &
widespread availability of mobile
Avg Mins % of Viewership
phones & steady internet, India’s
online sports consumption is the
40% 31% 29% 55% 25%
highest in Asia (468m unique
visitors in March 2021)1
− The sheer volume of online sports
viewers offers vast opportunities
70 to replicate the success in other
65
56 56 widely-played sports in India
32 − Further, as sports mature, there is
also scope to expand into
neighbouring regions that have
15-24 25-34 35+ Male Female similar cultural & historical
preferences
Age Group Gender
Source: 1Comscore, % reach for Q1 2021

15 |
Key Takeaways
The Potential The Market The Outcome
India’s Economic Growth Globally ~$300bn market Job Creation

– Estimated to become a $5trn – Commercialisation of sports – Sports is a manpower-
economy, with 55% of the to lead to rapid growth in the intense sector across
population in the middle entire sports ecosystem leagues & manufacturing
class
Favourable Demographics Entertainment Healthier Society

– Young population – Spectator sports beyond – The existence of a sports
– Access to & adoption of cricket seeing substantial culture with potential for a
global trends increases the viewership career induces masses to
propensity to consume – Success of mobile gaming & adopt a healthy lifestyle
e-sports shows immense
potential
Internet Penetration Consumption of Sports Goods Societal Benefits

– A growing penetration of – Growth in per capita income – Fosters brotherhood,
internet in India ~50% & will see shifts in consumption breaking societal barriers
introduction of 5G will help the towards health, boosting sales
online sports broadcasting, e- of sports goods / apparel /
sports & online sports retail nutrition
Access to Financing Consumption of Sports Services Sporting Powerhouse

– Availability of consumer – Commercialisation of sports will – Proliferation of leagues
financing, easing purchases have consequences for training across sports can enhance
& driving consumption / coaching / broadcasting / the quality of sportspersons
tourism, among others while providing a viable
career option to youth
16 |
Anand Rathi View | The future of the IPL

IPL should replicate the UEFA / NBA model to further engage & widen its viewer base in the South Asia Region
Regional Regional
Anand Rathi’s Thoughts on IPL’s Trans-national regions for the league ex. East League League
Future
1 - NE India & B’desh, South – Sri Lanka & South
North Winners Winners South
India etc.
‒ A trans-national super-league League League
‒ BCCI provides monetary aid for
Multiple regional teams - Each region Asian
the development of leagues in
our neighboring countries 2 conducts its own league. The top 2 teams in Super
each region compete in a super league League
 Helps promote cricket
East West
 Improves regional co- Regional Player Preference - a format similar
operation & economies 3 to the IPL where domestic players form the
Regional
League Winners Winners League
Regional
core of the team
League League
The Case for a Cricket Super League Opportunities & Benefits
Promotion of Cricket
25% 29 – Having the best teams from each league will ensure engagement
of the worlds population Median age of the region of a wider audience, while also improving the level of the sport &
resides in the region opportunities for members
Regional Economic Growth

– Highest concentration of – The league would enable countries to improve their economic
cricket playing nations in standing, while also providing job opportunities across sports
South Asia related sectors
Bhutan – One of the youngest – It will also open up trade in general & open better diplomatic &
Afghan,Pakistan regions in the world political relation between the nations.
Qatar Bahrain
Nepal – Growing disposable – Further, the league could assist in increasing tourism in the
India income region
B’Desh
Saudi UAE Ripe for a regional leagues Increase Regional Co-operation & Peace
similar to the UEFA – The mutually beneficial arrangement that the league brings could
increase regional co-operation, understanding & people
S’Lanka Malaysia connections thereby reducing conflict

17 |
Section 3
Transactions in the Sports Sector

M&A & Private Equity transactions in the sporting space

With the exception of online gaming, transactions in the sports sector are few & of low value
Number of Transactions (2015 – 2021) Number of Transactions, by Segment (2015 – 2021)
PE M&A PE M&A
60
52 54 186
17
41 40 10 13
32 30 8
16
8 8 41
43 42 53
32
25 24 22 21 17 10 4 7 5 5 1
2015 2016 2017 2018 2019 2020 2021 Online Gaming Sports Mgmt & Nutrition & Media Sports Goods &
Fitness Healthcare Apparel
Median Deal Size (2015 - 2021) Median Deal Size, by Segment (2015 - 2021)
$ ‘000 $ ‘000
3,190
11,000
2,580
2,140
2,255
1,710 1,010
1,450 1,235
600 335 655
2015 2016 2017 2018 2019 2020 2021 Nutrition & Sports Goods & Media Online Gaming Sports Mgmt &
Healthcare Apparel Fitness
Source: VCCEdge; Anand Rathi Investment Banking

19 |
Online games, nutrition & sports media dominate investor interest, ~98% of the $4bn invested
since 2015
PE Investments by sub-segment (2015 - 21) M&A by sub-segment (2015 - 21)
Total Deal Value: $3,024m Health & Nutrition

Total Deal Value: $1,589m
4%
Media
30%
Sports Goods & Apparel

1%
Online Gaming
Online Gaming 46%
Sports Goods & Apparel
94% Sports Mgmt & 1%
Fitness
1% Sports Mgmt &
Fitness
1%
Nutrition & Healthcare
22%
Dream 11, Nazara Tech & MPL account for ~60% of Nutrition has seen outsized deals eg. Danone’s acquisition
funding in the sector of Wockhardt’s nutrition business
Investment Prospects
Investors to prefer businesses leveraging technology to grow with minimal potential for red-tape
Sports Goods /
Online Gaming Apparel Retail Nutrition & Health Sports Management & Media
Estimated to dominate Sports equipment & Health & nutrition, focusing Sports media
investor interest due to apparel retail with online / on D2C broadcasting, events, sport
potential for tech-enabled omni-channel model franchises
scalability

20 |
Prominent players in the sports sector
Sports Apparel
Sports Goods
Media / Gaming
Nutrition and
Consumer Health
Sports Management
Fitness Centers
Among others…

21 |
Recent investors in the sports sector
Sports Apparel
Sports Goods
Media / Gaming
Nutrition and
Consumer Health
Sports Management
Fitness Centers
Among others…

22 |
Section 4
Sector Overview
Sub-segments of the Sports Sector
Section 4A
Sports Media
Sports Media | Segment Overview
− Sports specific media includes broadcasting & cable TV, sports magazines & fantasy sports
− The broadcasting & cable TV market consists of all terrestrial, cable & satellite broadcasters of digital & analog television programming
− Covid-19 shrank the global broadcasting & cable TV market by 5% in 2020 to $432bn. The sector has grown at a CAGR of ~2% between 2016 & 2019
− Recovery is anticipated as the pandemic recedes, however, growth is expected to remain muted as OTT platforms gain centre stage
− Internet penetration & the transition to 5G networks will further bolster the prospects of OTT platforms & fantasy sports companies
− Media incumbents realise the opportunity & have begun investing in new age media companies
Global Broadcasting & Media Market Size Market Segmentation

$ bn
2% 1% Global Sports Media Market

CAGR CAGR
443 451 457 444 444 449 455

434 432 438
By Region By Type of Sports By Platform Type
North America Participatory Sports Cable
Europe Spectator Sports Broadcast
Asia Pacific Digital
The Middle East & Africa
Latin America
− The United States accounts for 38% of global broadcasting & cable TV market by value
− India accounts for only 2% of the global broadcasting & cable TV market by value. The value of these markets closely tracks the economic strength of a country,
since the market is a reflection of the buying power of an individual citizen.
− TV subscription is the largest sub-segment of the broadcasting & cable TV market in India, accounting for 59% of the market's total value
Source: Anand Rathi Investment Banking; Marketline

25 |
Sports Media | Sports Media Rights
− The global value of sports media rights was $45bn in 2020 and $52bn in 2021 – an increase 16% YoY.
− Football’s wide appeal makes it the world’s most sought after sport, accounting for just under $21bn in media rights revenue in 2021.
− Although American Football is a regional sport, it receives enormous interest. Around 168m people, half the American populace, tune into the games regularly. This
is a xxx
Global Media Rights (2020) Global Media Rights (2021)
Others, 8% Golf, 2% Others, 8%

Golf, 2%
Multi-sports
Multi-sports events, 2% events, 3%
Cricket, 3% Cricket, 3%
Ice Hockey, 3% Ice Hockey, 3%
Football, 40% Motorsports, 3%

Motorsports, 4% Football, 42%
US College
US College
Sports, 6%
$45bn Sports, 5%
$52bn
Baseball, 5%
Baseball, 8%
Basketball , 8%
Basketball , 9%
American American
Football, 15% Football, 18%
− On average, 90% of most-watched broadcasts in India is live cricket. Two other sports on the radar of the Indian consumer are football & kabaddi
− Disney-owned Star India is arguably the country’s leading online sports broadcaster. It has broadcast partnerships with the BCCI for IPL & the national cricket team
as well as rights for the Pro Kabaddi League (PKL) & the Indian Super League (ISL)
− Over the past ten years, traditional media - Star India has invested nearly $10bn in cricket broadcasting rights. In 2013, Star India invested $325m in the ISL, while it
recently renewed its Pro Kabaddi League rights at $24m a year.
Source: Anand Rathi Investment Banking; sportspromedia.com; Global media report 2021 / 2020
26 |
Sports Media | Competitive Landscape of Key Players
− The global broadcasting & cable TV competitive landscape is diverse & highly competitive
− Technology has allowed new entrants to become sports specific media players in their own right, including OTT service providers such as Hotstar & Sony Pictures
Network.
− Any new competition can have an impact on a company’s revenues, particularly advertising. India’s national sports broadcaster has a leading position but is under
pressure from emerging online streaming platforms, which are shifting consumer-viewing behaviors.
Operating Revenue
Brand logo Different sports offered Presence in
since $m
India, Pakistan, Bangladesh, Singapore,

Cricket, football, badminton, kabaddi,
1995 Indonesia, Philippines, Vietnam, Hong 1,798
hockey, car / bike racing
Kong, Taiwan & across Asia
2008 Cricket, football, kabaddi India 276
Cricket, football, kabaddi, Khelo India, India, Canada, Malaysia, Thailand,

2015 227
F1 Singapore
2019 Cricket India 189
Cricket, football, rugby, kabaddi,

2016 India 3
baseball, handball
2002 Cricket, football, basketball, badminton, Bangladesh, Bhutan, India, Maldives,

N/A
/ 2012 rugby, MMA, wrestling, tennis, golf Nepal, Sri Lanka

27 |
Fantasy Sports | Segment Overview
− In 2020, the Indian Fantasy Sports market is valued at $4bn & it is estimated Top-five Players in India
to reach $17b by 2026
− Being a popular Sport, Cricket dominates the Indian Fantasy Sports with
massive 71% market share while other sports like Football are catching up
Indian Fantasy Sports Market Value

Growth & FDI Prospects for Fantasy Sports
$ bn
38%
CAGR 17 − In terms of investment potential, Fantasy Sports has already attracted
+$1bn in FDI in 2021, with another $2bn in investments estimated over the
12
next three years
9
− The segment is projected to create 5,000+ direct & 7,000+ indirect jobs in
6
5 the next couple of years
Skilled Sports
‒ Since the pandemic lockdown, the Rummy Game Industry’s turnover has
increased by roughly 50% with the national average gaming time spent by
users rising to 4 hours post-Covid from 3 hours pre-Covid
‒ The online Indian rummy market was $335m in 2019, estimated to reach
$1,400m by 2024
Source: Anand Rathi Investment Banking; Businessworld; Allied Market Research; Statista
28 |
Fantasy Sports | Key Statistics
Fantasy Sports user base growth (actuals and projection) in India

Indian Fantasy Sports market Share by Sports type
‘000
160,000 Hockey, 6%
Others, 3%
Football, 6%
130,000
90,000
65,000
51,000
20,000
2,000 Cricket, 85%
Jun-16 Dec-17 Dec-18 Mar-19 Dec-19 Mar-21 Mar-22
Top Fantasy Sports Players by Country
Fantasy sports market is dominated by US & Canada, however, it is expected that Key Points
countries such as India, UK, Australia, Germany, & others will see higher growth
− Indian Fantasy Sports (FSPs) include sports such as football, hockey,
kabaddi, baseball, basketball, rugby, and volleyball.
− Cricket has generated $3bn of Contest Entry Amount (CEA) for FSPs in
I II III IV V FY21 and is estimated to reach $9bn by FY25.
− Cricket, football, kabaddi, and hockey, together, account for over 98% of the
total Fantasy Sport revenue and remain to be the staple offering of most
FSPs in India.
− However, COVID-19 and its impact on live sports have steered FSPs and
users to explore alternative sports globally, such as baseball.
− In India, Covid has positively impacted the FSPs market in India. The industry
base in India grew by over 20 Lakh users between May and June 2021.
Source: Anand Rathi Investment Banking; Fantasy Sports Report – Deloitte and Federation of Indian Fantasy Sports (FIFS);
iqlance.com; blogsportito.co.uk; quins.us; bettingsite.com 29 |
E-Sports | Segment Overview
Global Market Size by Revenue ($ m)

− The term “e-sports” is characterized by
regional or international video gaming
1,618 events in which professional & amateur
players compete against each other
− Asia & North America currently represent
the largest e-sports market in revenue, with
China alone accounting for almost one-fifth
1,084 of the market.
958 947 − The largest share of e-sports revenue
globally came from sponsorships &
advertising in 2021, totaling $641m in 2021.
The next highest source of revenue, was
media rights at $192m.
− As of 2021, the worldwide e-sports
audience was 474m people. In years to
come, more & more viewers are expected to
tune in to watch their favorite games being
played by some of the best gamers in the
world. By 2024, over 577m e-sports viewers
are expected worldwide.
2019 2020 2021 2024E
E-Sports Market, India Players in India
17m $68m 123% 34%

Estimated e-sports Revenue of Indian e- Growth in prize money in Increase in time
users sports start-ups in Indian e-sports from spent on e-sports by
FY20 2016 to 2018 those aged 15-24
years
(9 hours a week)
Source: Anand Rathi Investment Banking; statista.com; inc42.com

30 |
Live Game-Streaming | An Overview
Number of hours watched on leading gaming live-stream platforms

− Gaming live-streams watch time has
increased 35% YoY with more than 50% of
6,129 all gaming content watched on Twitch.
− Covid-19 pandemic compelled people to
stay indoors, crowds for game-streaming
surged.
− In 2020, there were 100bn watch time
hours, over 40m active gaming channels, &
Hrs in million
more than 80,000 YouTube Gaming

creators hitting 100,000 subscribers
− Disney & Amazon have invested heavily in
e-sports, buying the extremely popular
streaming website, Twitch, for ~$1bn.
1,129 Shortly after purchasing the streaming site,
803 Twitch acquired rights to broadcast twenty
e-sports events for Blizzard
Twitch Youtube Gaming Live Facebook Gaming
Top gamers in India who live-stream Game-streaming platforms in India
Aditya Sawant Ujjwal Chaurasia Ajey Nagar Mithilesh Patankar

(Dynamo Gaming) (Techno gamerz) (Carry is Live) (Mythpat)
Source: Anand Rathi Investment Banking; statista.com; innovationmanagement.se

31 |
Section 4B
Sports Goods & Equipment

India manufactures over 300 types of sports goods. It is the largest manufacturer in Asia, after
China & Japan
− The global sports-goods market registered a near 5% CAGR over 2012-2019. But it is estimated to register a 3% CAGR over 2020- 2026, from $60bn to $71bn
− The Indian sports-goods market was $4bn in 2020 and is estimated to be a $13bn market by 2026.
Indian Sports Goods Market Value State-wise production of Sports Goods

$ bn %
18%
CAGR
13 Maharashtra Others
4%
Tamil Nadu 1%
3%
Haryana
5%
5 Punjab
4 47%
4
Uttar Pradesh
40%
− India manufactures +300 types of sports goods & is the largest manufacturer in Asia, after China & Japan. The manufacturing process is labour intensive, providing
employment to more than 500,000 people.
− India has around 1,000 manufacturing units, with more than 250 exporting units. Production is highly concentrated in the clusters of Meerut & Jalandhar. Together,
these two cover nearly two-thirds of sports-goods production in the country. Punjab & Uttar Pradesh manufacture most of the sports equipment in India
− In recent years, Indian companies have succeeded in supplying sports goods to international sports events such as The Asian Games 2018. There is substantial
scope for further development of domestic production on account of the large & growing market for sports goods
Source: Anand Rathi Investment Banking; Expert Market Research

33 |
Sports Goods & Equipment | Trade Scenario & Market Segmentation
Trends in India’s Trade in Sports Goods Asia–Pacific Sports Goods Retail Market, Geographic Segmentation
$m %
Exports Imports
332
314
Rest of APAC
292
25%
279
276
275
269
265
233
China
227
225
224
221
38%
201
India
5%
South Korea
11%
Japan
2015 2016 2017 2018 2019 2020 2021(P) 21%
− The industry in India is export-oriented & exports nearly 60% of production, the sector accounted for <1% of India’s merchandise exports during 2019-20.
− While Indian sports goods are popular around the world & have made a mark in the global sports-goods market, ability to create specialized gear and sports
equipment which are high value in nature, will allow the industry to become a major spots goods exporter.
− In 2020-21, India’s trade in sports goods declined ~4% YoY, due to the Covid’19. India’s imports fell by 4%. Still, India’s trade surplus in sports goods rose to $4m.
− China accounts for 39% of Asia-Pacific sports equipment retail market value; Japan, a further 21% & India, 5%
Source: Anand Rathi Investment Banking; Expert Market Research

34 |
Sports Goods & Equipment | Competitive Landscape - Key Players
− India’s sports-goods market is dominated by many international players, Adidas, Nike, Puma, etc.
− Over the years, though, many Indian brands such as Decathlon, COSCO & Nivia have emerged as popular brands globally. These brands are used by many
international players & in many international sports events
Operating Products Revenue

Company Presence in Financial year
since offered $m
Basketball, golf, football, hockey,

2009 Worldwide FY20 294
volleyball, cricket & fitness equipment
Basketball, football, cricket & fitness

1993 India FY20 43
equipment
Badminton, football & fitness India, the UK, Germany, Italy,

1976 FY21 31
equipment the USA, Japan
Football, volleyball, basketball, cricket India, Australia, the UK &

1934 FY20 29
& gym equipment across Europe
Basketball, badminton, cricket, football, India, China, Australia & the

1980 FY21 20
volleyball & fitness equipment USA
Football, cricket, rugby volleyball &

2006 India FY19 10
fitness equipment
Source: Anand Rathi Investment Banking; VCCEdge

35 |
Sports Goods & Equipment | FDI Prospects
− In the sports-goods sector, multinationals such as Adidas & Nike outsource production to low-cost destinations such as China, India & Pakistan, with the outsourced
segments typically being low value-added activities in the sports-goods supply chain
− Foreign investments in India’s sports-goods sector have been limited. From April 2010 to April 2021, 13 key multinational brands in sports goods generated FDI of
$9bn globally, but FDI to India was only $213m
− Moreover, nearly all investment coming to India was to manufacture sports apparel/textiles, rather than sports goods. Investments in India have been lower than
other developing countries such as Mexico & China
FDI by companies in Sports Goods & Allied Segments in India Destination-wise FDI by Sports Goods Companies
$m $m
Investing Company Capital Investments Destination Capex Avg. Capex
Adidas 133 USA 2,840 47

Asics 29 Canada 1,058 44
Puma 15 China 879 28
Reebok 22 UK 494 10
TaylorMade - Adidas Golf 7 Spain 256 6
Under Armor 7 India 213 13
Total 213 France 176 8
Total 5,916 22
Growth Prospects
− To attract foreign investments from multi-national brands, setting up of plug-and-play facilities will be essential
− Government of different states should develop facilities such as making land available & benefits such as steady electricity & tax rebates, to attract investments from
foreign companies seeking to build resilient supply chains by diversifying operations from China
− Rajasthan, for example, has launched a dedicated sports-goods & toy zone in Khushkhera. This zone is expected to attract investments of $40m & generate
employment for 7,500 people.
Source: Anand Rathi Investment Banking; EXIM Bank Report

36 |
Section 4C
Sports Apparel
Sports Apparel | Segment Overview
− Sports apparel includes clothing & footwear worn for sport or physical exercise including sport specific shoes, tracksuits, shorts, T-shirts, etc.
− The global sports apparel segment has been steadily increasing in recent years. However, it declined ~11% in 2020 due to Covid-19.
− Men's-wear comprises the biggest share of sportswear, followed by women & kids
− Factors such as growing health awareness & the greater adoption of fitness activities (yoga, aerobics, running) have accelerated demand for sports-apparel
Indian Sports & Active-wear Market by Revenue Indian Sports Apparel manufacturing by Region
$ bn %
13% East
CAGR 21 11%
12%
CAGR 19
16
14 West
13 38%
11
10 South
9 25%
North
26%
‒ Indian Sports & Active-wear market is expected to grow at CAGR of 13% from 2020 to 2023. Indian sportswear is only 10% of the global sales with significant scope
for growth.
− Sportswear manufacturing is mainly centered in West with 38% & North with 26% of manufacturing of apparels.
− The states of Punjab & UP are the main production hubs while Gujarat, West Bengal & Tamil Nadu are emerging hubs for sports apparel.
Source: Anand Rathi Investment Banking; Textile Excellence

38 |
Sports Apparel | Global Market Perspective
Global Value of Sportswear Market Global Sports & Active wear Market – by Revenue
$ bn $ bn
8% 11%
CAGR CAGR
20% 248 2%
CAGR CAGR
181 149
167 136 142
160
116 123
113 110
103
110
78
Asia-Pacific apparel retail market geographic segmentation

% share of Market
− The global impact of COVID-19 has been unprecedented & staggering with
Rest of APAC
16% negative demand for sports apparel worldwide, declining 11% in 2020
− Increasing adoption of healthier lifestyle as well as an growing female
Taiwan
1% participation, has driven demand for sportswear
South Korea − The Global Sportswear market was $161bn in 2020

9% China − The Global Sports Apparel market is estimated to register a 4% CAGR during
49%
the forecast period
India − In 2020, the global pandemic pulled down the sportswear market ~11% from
10% $181bn to $160bn
− India accounts for 10% of the Asia-Pacific apparel retail industry value.
Japan
15%
Source: Anand Rathi Investment Banking; Mordor Intelligence; Textile Excellence

39 |
Sports Apparel | Competitive Landscape of Key Players
− The sportswear market in India has been dominated by the big international brands -Nike, Adidas, Reebok, Puma, Under Armour etc.
− But now the Indian sportswear market has seen significant development consistently & it is estimated that it will grow by 11% CAGR for the 2020-2025E period
− India’s top leading companies are Alcis Sports, Shiv Naresh, Proline India, Sportell, DIDA etc.
Operating India Sales

Brand Logo Number of Stores Key products Financial Year Based In
Since $m
Accessories, footwear,
1948 832 2020 160 Germany
sports apparel
Accessories, footwear,
1949 2,456 2021 124 Germany
sports apparel
Accessories, sports
1964 1,048 2021 75 USA
apparel, shoes
Footwear, accessories,
1987 Online website 2020 22 India
Apparel
Apparel, footwear,
1996 427 2021 9 USA
Accessories
2016 14 Sports apparel 2021 3 India
Sports apparel,
1969 Online website equipment, 2019 2 India
accessories

40 |
Section 4D
Fitness
Fitness Centres | Segment Overview
− The gyms, health & fitness clubs provide infrastructure such as weight & exercise machines, fitness classes, personal training & other such services for workouts
− The global fitness & health market has been steadily increasing in recent years. However, the fitness industry was severely curtailed by the Covid-19 pandemic, it is
on the path to recovery
− Revenues come from membership fees of gyms & clubs
Indian Gyms, Health & Fitness Clubs Market Value Gyms per million population
$m #
175 172
2,007
1,672 139
129 128 125
1,393 115
107
1,161 98
968
806
672
520 573 560
453 39
360
17
− The compound annual growth rate of the market over 2016-20 was 11%
− The Indian fitness market contracted 3% in 2020 as a result of the Covid outbreak; however the outlook is positive as Indian gyms, health & fitness clubs are
expected to grow 50% since 2020
− Also, India is third largest country with 24,000 gyms & fitness clubs across the world
Source: Anand Rathi Investment Banking; EMIS; Runrepeat

42 |
Fitness Centres | Fitness has become a lucrative business & is on an upward trend
− Many people have now started choosing being fitness influencers as a

− Fitness has become lucrative, & many Bollywood & sports celebrities
career option & soon there are talks with major OTT players to
have started investing in different ventures
release shows based on fitness
Description: First pay per use gym in India Sahil Khan

Investor: Randeep Hooda Instagram followers: 9m
Description: Franchisee run gyms Prince Narula

Investor: M S Dhoni Instagram followers: 4m
Description: Franchisee run gyms Guru Mann

Investor: Virat Kolhi Instagram followers: 2m
Description: Aerial Fitness Studio Sangram Chougule

Investor: Sushmita Sen Instagram Followers: 1m
Description : Wearable fitness bands Bani J

Instagram Followers: 1m
Investor: Madhuri Dixit
Source: Anand Rathi Investment Banking; opportunityindia.franchiseindia.com

43 |
Emergence of Online & Home Fitness
Internet Penetration Convenience

– Fitness industry has seen a leap due to the rate – Wide availability of online fitness routines &
of internet adoption in India. access to trainers, provided convenience to &
flexibility to individuals
– Online tools & platforms like Zoom, YouTube,
Fittr & Instagram have created awareness & – 77% of Indians tried staying fit by combining
provided a platform for fitness specialists & household chores with virtual classes & DIY
nutritionists, enabling them to reach a wide home workout routines.
audience Digital Fitness
Personalization
Low Costs for Setting-up Online Fitness Apps
– Virtual programs allow for personalized fitness
– Online fitness players tend to incur a fraction of routines and diets based on age, health, and
the costs of a traditional player preferences
– Further, adoption of new technologies could Virtual Fitness
assist in analytics that would drive tangible
Funding in the Sector
goals for consumers
– Digital Fitness: HealthifyMe & Ultrahuman
have raised $130m
Low Costs for Consumers
– Virtual Fitness: Cult Fitness, GrowFitter,
– Unlike a gym membership, commitments on 2Morrow, OpenFit etc. have raised $700m
online fitness has lower costs attached to it,
which consumers are comfortable paying
Key Players in the Online Fitness Industry
Source: Anand Rathi Investment Banking; 1 Allied Market Research

44 |
Fitness Centres | Competitive Landscape of Key Players
− The Indian gyms, health & fitness club market is highly fragmented, with a large number of small to medium size companies competing alongside the market
leaders.
− In India, the market is highly unorganized, & even the largest chains in the country have a limited number of clubs in comparison to the size of country & population.
− Due to the strong growth prospects of the market, international players such as Anytime Fitness & Snap Fitness are planning to expand within India, which is likely to
heighten competition.
No of Fitness
No of Fitness
Brand logo Operating Since centers around Key Services Presence in Based In
Centers in India
the world
24 hour gyms, yoga exercises,

2002 4,000+ 100 home workout, gym workout & 50 countries US
other activities
24 hour gyms, Cardio & strength

2003 2,000 29 18 countries US
training, & other fitness activities.
24 hour gyms, Anatomy, exercise

1965 700+ 120 physiology, nutrition, weight 27 countries US
training & other activities
BodyFirst, Group Fitness Classes,

1993 360 50+ Personal Training, Team 17 countries UK
Workouts, cardio machines
Sports conditioning, boxing,

2016 - 130+ outdoor, dance fitness, yoga, Pan India India
home workout, gym workout, etc.
Gym, beauty & spa, cardio zone,

2002 - 25+ strength zone, group fitness Pan India India
studio, spa salon & fit to go etc.
Source: Anand Rathi Investment Banking; EMIS

45 |
Section 4E
Sports Nutrition
Sports Nutrition | Segment Overview
− The Nutraceutical market includes vitamins & minerals, nutritional bars, healthy snacks, energy & sports drinks, dietary supplements, etc.
− There are more than 4,000 nutraceutical startups in India
− The outbreak of COVID-19 in 2020 prompted the need for immunity boosters. Asia-Pacific is the most prominent market for dietary supplements worldwide
− The global nutraceutical market, valued at $418bn in 2020, is expected to clock a 9% CAGR over the forecast period
Global Nutraceuticals Market Indian Nutraceuticals Market

$ bn $ bn
22% 6% 15% 19%

CAGR CAGR CAGR CAGR
539 17
495
454 14
417
12
10
8
230 241 7
6
5
4
− The Indian Nutraceutical market was valued at $7bn in 2020. It is anticipated to grow rapidly at ~19% CAGR through 2027.
− The Government of India has opened 100% FDI in the manufacturing sector. The FDI in India has increased from $131m in 2012 to $585m in 2020.
− The Indian Nutraceutical market accounts for 2% of the global nutraceutical market while USA contributing 38% & followed by Europe by 34%
− The market is highly concentrated in North India followed by South. Top three states are Andhra Pradesh, Tamil Nadu & West Bengal
Source: Anand Rathi Investment Banking; EMIS

47 |
Sports Nutrition | Nutraceutical Market in India
India Nutraceutical Market Segmentation by Type Dietary Supplements Market by Product Type, 2020
% of Market %
Others
3%
Functional Food Proteins Vitamins &

& Beverages 28% Minerals
38% 37%
Dietary
Supplements
62%
Herbal
Supplements
32%
Nutraceutical Market Consumption by Region Key Points

% share of Market
− The nutraceutical market grew exponentially in 2020 as consumers were
more inclined toward immunity-boosting supplements from fear of Covid-19
East
14% − The Indian nutraceutical market is expected to register a ~19% CAGR
through 2027
− Consumers are shifting to new forms of supplements including gummies &
North chocolates (Cipla immunoboosters)
40%
West − Herbal supplements have been growing in recent years as alternatives to
18% traditional protein supplements
− The USA, Japan & Europe account for more than 90% of the global
nutraceutical market
South
28%
Source: Anand Rathi Investment Banking; Technovaglobal

48 |
Sports Nutrition | Competitive Landscape Of Key Players
− The nutrition market was largely dominated by internationals brands such as Herbal Life International, the Blackmores Group, MuscleBlaze Protein, etc.
− Now, Indian companies are growing significantly. The majors are Cian Healthcare, Endura Mass, Epigamia, etc.
− India has 10% of the Asia-Pacific plant-protein market
Operating Sales Turnover

Brand logo Key products Presence in Based In
Since $m
Nutritional supplements,
1986 Global 40 India
multi-vitamins, multi-minerals, etc.
Energy boosters, protein supplements,

2003 India, Africa, Latin America 10 India
immunity boosters
Sports nutrition, energy bars, peanut

1996 India, Nepal 5 India
butter
Europe, USA, Middle-East,

Bars, cereals, snacks, nutrition &
2014 Africa, Asia-Pacific, Latin 4 Ireland
supplements
America
Muesli, peanut butter, healthy protein

2015 India, USA 4 India
bars, oats
Pre- / post- / intra-workout, core

2004 Global 1 India
muscle series

49 |
Section 5
Global Sporting Events

Section 5A
Olympics
A Trip Down Memory Lane - India’s Olympic Journey
Norman Pitchard Mehri Tata Men’s Hockey Team Men’s Hockey Team K D Jadhav
1st Olympic Medalist 1st Woman Olympian 1st Gold Medal Independent India’s 1st Gold Medal Independent India’s 1st Medalist
Paris - 1900 Belgium - 1920 Amsterdam - 1928 London - 1948 Helsinki - 1952
Karnam Malleshwari Abhinav Bindra Sushil Kumar Neeraj Chopra

1st Woman Medalist 1st Gold Medalist First Multi-Medalist in Olympics 1st Medal in Athletics
Sydney - 2000 Beijing - 2008 Beijing – 2008 Tokyo - 2020
London - 2012
52 |
India had its best Summer Olympics outing yet, with a total tally of 7 medals in the Tokyo
Olympics, 2020
Neeraj Chopra
Athletics – Javelin Throw
Bajrang Punia
Mirabai Chanu Men’s 65kg Freestyle Wrestling
Women’s Weight Lifting - 49 kgs
Ravi Kumar Dahiya

Men’s 57kg Freestyle Wrestling
Lovlina Borgohain PV Sindhu Indian Men’ Hockey

Women’s Welterweight·Boxing Badminton Women’s Singles
53 |
At the Tokyo Olympics, India had the largest contingent (120+) since participating in the
Olympics
Indian Contingent Size - Summer Olympics Total Contingent Size - Summer Olympics
Men Women Sports Participated in Total Athletes India Participation
1 2 2 2 3 4 10 11 8 6 8 5 7 2 4 5 10 12 13 13 14 12 13 15 18 53 49 65 73 56 83 117 124
124
117
83 54
76 73 54
64 59 65
53 18 48 53 49 56 23
4 1
1
46
41 19 25
79 10 7 9 4
1 25
12,977
13,780
13,821
13,443
13,602
12,920
13,688
10,621
14 60 58 52 58 60 63 70
45 40 38 39 44 45 46 48
2 22 20 27 25 20 31
1 5 12
Indian Contingent Size - Winter Olympics Total Contingent Size – Winter Olympics
Men Women Sports Participated in Total Athletes India Participation

2 0 1 1 4 3 3 2 1
1 1 1 1 1 1 3 3 3 2 2
4
3 1
1
2,176
1,801
1,737
2,399
2,508
2,566
2,873
2,922
2,861
3 3 3
2 2 2
1 1 1 1 1
Source: Anand Rathi Investment Banking, IOC

54 |
Given India’s ~18% of world population, its medals share at the Olympics was a low ~1%1
compared to other less populous countries
25% Key Points

% in label
signifies medal
share
− Nine of the top-10 countries by
medals tally have far smaller
populations than India
− Their combined population is

20% 900m, only ~65% of India’s
population
China: 9%
India: 1% − Given India’s huge population, the
odds of a large number of
medallists from India is high.
% of World Population
15% However, we do not have the

same Olympic success that China
& the USA, the 1st & 3rd most
populated countries have
− While the USA is a developed

country with resources available,
10% India should emulate China &
Brazil’s Olympic success stories
− Their success is the result of

Canada: 2% Australia: 5% Russia: 7% sustained government support to
Netherlands: 4% sports: building infrastructure,
Turkey: 1% Great Britain: 6%
5% competitive sports & furthering
Kenya: 1% France: 3% Japan: 6% United States: 11% sports in general
Brazil: 2% − Surprisingly, even countries like

Iran: 1% Cuba, Iran, Kenya & Ukraine have
Germany: 4%
bettered India’s performance in
medals tally
0%
- 20 40 60 80 100 120 140
Medal Tally, Tokyo Olympics - 2020
Source: Anand Rathi Investment Banking; IOC; 1 Tokyo Olympics 2020, per million population
55 |
While India’s medals-to-population count is low, its contingent-to-medals ratio is fairly

comparable to countries that placed higher on the medals count
35.0 Key Points

Size of circle
signifies no. of
medals
− India has a contingent-to-medals-
New Zealand ratio of 0.17, indicating chances of
30.0
a contingent member securing a
medal
25.0 − Of the top-20 medal winners, the

USA, Russia, New Zealand,
France, Cuba, Brazil & Spain have
a medals-to-contingent ratio of
20.0 over 0.2
Australia
Contingent per million population
− Other top-20 medal winners are

Hungary comparable / lower than India in
15.0
this ratio
Switzerland Netherlands − This is a testament to the world

10.0 class level of our athletes who
Italy Canada France qualify for the Olympics despite
Germany the odds
Spain Cuba
5.0 Poland Great Britain
Japan
Ukraine
South Korea Brazil Russia United States
- India China
(5.0)
(10.0)
- 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40
Medal to Contingent Ratio
Source: Anand Rathi Investment Banking; IOC - Tokyo Olympics 2020

56 |
Not very unlike an individual, a nation aspires to basic needs to be fulfilled before investing in
projects to enhance its world standing …
Key Points Tokyo 2020, Top-20 Medal Winners

Maslow’s Hierarchy − It is not surprising that 19 of the USA Germany South Korea
of Needs 20 nations which rank the highest
in medal tally are high- / upper- / China Netherlands Ukraine
middle-income nations whose
Relevant to individuals Russia France Spain
citizens’ basic necessities are met
Achievement of true potential – self Great Britain Canada Cuba
awareness, personal growth Actualisation − High income as measured by GNI
(PPP) per capita Japan Brazil Poland
Australia New Zealand Switzerland
Italy Hungary
Upper Income & Upper-Middle- Esteem Needs

Income countries [Soft-Power, Economic, Singapore Swiss. UAE USA Sweden Germany Australia Saudi Canada France
Achievements / Contribution to
Humanity] UK S. Korea Japan Turkey Russia China Brazil Norway Denmark Kuwait
Belongingness Needs Netherlands Austria Belgium Finland N. Zealand Italy Bahrain Spain Portugal
[Diplomacy, Economic & Security Blocks]
Mexico Thailand Israel Hungary Oman Greece Poland Brunei Uruguay
Lower-Middle &
Low-Income Safety Needs India Indonesia B’desh Nigeria Pakistan Jordan Philippines Egypt Kenya
countries
[Law & Order, Economic Stability, Infrastructure]
Vietnam Lesotho Guinea Ethiopia Uganda Mali Gambia Togo
Physiological Needs B. Faso Rwanda Afghanistan Eritrea Chad Malawi Madagascar

[Food, Health, Housing]
Liberia Mozamb. Niger DR Congo S. Sudan Somalia Burundi
Source: World Bank; Anand Rathi Investment Banking

57 |
…hence, Emerging economies take part in sports that require minimal infrastructure
High Infra Medium Infra
− There is a clear delineation

37% between the sports that countries
47% participate in based on their
income level, which signifies that
infrastructure plays a major role
66% 68%
76%
63% − Hugh infrastructure: shooting,

53% sailing, equestrian, swimming,
golf, etc.
34% 32% − Medium infrastructure:

weightlifting, judo, boxing, football,
24%
athletics
High Upper Middle Lower Middle India Low

Income Income Income Income
Summer Olympics
Note: World Bank classification of countries based on GNI per capita

High Income $ >12,353 Lower Middle Income 1,036 – 4,095
Upper Middle Income $ 4,095 – 12,353 Low Income <1,036
Source: Anand Rathi Investment Banking; Data of Olympics from 1960 onwards
58 |
Individual medals won by low & lower middle-income countries show consistent participation &
excellence in low-infrastructure sports owing to natural athletic abilities
Medals in low-
Countries Athletics Wrestling Boxing Weightlifting Martial Arts1 Badminton
infra sports
Kenya 108 101 7 - - - -

Lower Middle Income
Iran
61 1 38 - 14 8 -
Lower Middle Income
Ethiopia
57 57 - - - - -
Low Income
Uzbekistan
37 - 10 17 2 8 -
Lower Middle Income
Mongolia
27 - 11 7 - 9 -
Lower Middle Income
Algeria
23 9 6 6 - 2 -
Lower Middle Income
Indonesia
22 - - - 11 - 11
Lower Middle Income
Nigeria
14 6 - 6 1 1 -
Lower Middle Income
India
13 1 6 3 1 - 2
Lower Middle Income
Egypt
12 - 2 3 2 5 -
Lower Middle Income
Source: Anand Rathi Investment Banking; IOC; 1 Includes – Karate, Judo & Taekwondo; Medal count based on individual sports
from 1960–2020 Summer Olympics 59 |
Paralympics, held immediately after the Olympics, allows specially-abled athletes to showcase
their indomitable spirit across games, & has seen increasing participation
Increasing participation over the years
Number of Athletes Number of Countries

5,000 164 159 162
146
135 − There are Winter & Summer
4,000 122 Paralympic Games, which since the
104
1988 Summer Olympics in Seoul,
3,000 83 South Korea, are held almost
54 60 immediately after the Olympic
2,000
41 40 42 Games. All Paralympic Games are
28
1,000 17 19 governed by the International
Paralympic Committee (IPC)
0
− Archery / Shooting − Powerlifting
22
− Athletics − Swimming
− Badminton − Table tennis
− Equestrian − Basketball
Summer Olympic Sports − Football − Tennis
− Judo − Others…
Summer −Alpine Skiing

−Biathlon
6 −Cross-country Skiing
−Para ice hockey
Winter Olympic Sports −Snowboard
−Wheelchair curling
Source: Anand Rathi Investment Banking; Paralympics.org

60 |
India’s performance at the Paralympics has been heartening despite the odds, with ~19 medals
in the 2020 games
− India made its Summer Paralympics debut at the 1968 Games, competed India’s Participation in Paralympics (No. of Athletes)
again in 1972, & then was absent until the 1984 Games.
− The country has since participated in every edition of the Summer games. 54
− It has never participated in the Winter Paralympic Games.

− India's first medal in Paralympics came in the 1972 Games, with Murlikant
Petkar winning a gold medal in swimming.
− India’s participation in Paralympics has increased, to around 10 athletes per
Olympics. In 2020, however, 54 athletes participated.
19
− India's best finish yet has been in the 2020 Games, the 24th place with a
medal haul of 19 (five gold, eight silver, six bronze). 12
10 10 9 9 10
5 4 5
2
India’s Top Paralympic Athletes India’s Wins in Paralympics (No. of Medals)
Gold Silver Bronze

8
5
Avani Lekhara Sumit Antil Manish Narwal
Shooting Javelin Shooting
2 2 2
1 1 1 1 1 1
1972 1984 2004 2012 2016 2020

Pramod Bhagat Krishna Nagar Bhavina Patel
Badminton Badminton Table Tennis
Source: Anand Rathi Investment Banking; Paralympics.org

61 |
The Olympics is a chance for countries to showcase their economic & organizational strengths,
with the quadrennial event seeing ever increasing budgets to ensure a novel experience
Cost of the last four Summer Olympics ($ bn) Cost of the last four Winter Olympics ($ bn)
Bejing Vancouver
Vancouver,
7 3
2008 2010
2010
London Sochi
15 Sochi, 22
2012 2014
2014
RIO Pyenongchang
Pyenongchang,
5 13
2016 20182018
Tokyo Beijing
Beijing,
28 9
2020 2022
2022
− Submitting a bid to the International Olympic Committee (IOC) to host the Olympics costs millions of dollars. Cities typically spend $50m to $100m in fees for
consultants, event organizers, travel-related & hosting duties.
− Cities hosting the Olympics gain temporary jobs due to infrastructure improvements that continue benefiting them in future. Sochi, Russia, invested approximately
$44bn in constructing non-sports infrastructure for the 2014 Olympics
− Besides, thousands of sponsors, media, athletes & spectators typically visit a host city for six months before & six months after the Olympics, which brings in
additional revenue through tourism.
− Olympics cannot only be viewed as a sports event. It is more of a strategic event to bring the country to global notice.
− Hosting the Olympics is a matter of pride for the country & is a very big step towards infrastructure development.
Source: Anand Rathi Investment Banking; New York Times; News Articles
62 |
Indian Olympics Association – The governing body for Olympics & Commonwealth games
− The Indian Olympics Association is the body responsible for selecting athletes to represent India at the Olympics Games, Asian Games
& other International athletic meets for managing the Indian teams at these events.
− It also acts as the Indian Commonwealth Games Association, responsible for selecting athletes to represent India at the Common
wealth Games.
− The Indian Olympics committee was the brain child of Sir Dorab Tata & was formed to represent India in the 1924 Paris Olympics.
Executive Council of Indian Olympics Association
− The Indian Olympics association is headed by the executive council in which elections are held
once in every four years at the annual general meeting.
− Each executive council has the following members :
− President
− Two Senior Vice Presidents
− Nine Vice Presidents
− Secretary General
− Treasurer
− Six joint secretaries
− Ten executive council members
− One representative elected out of the Athletes Commission First Executive Council Meet
Key Personnel in the

current Executive
Council
Dr. Narinder Adille Birendra Prasad

R. K. Anand Anil Khanna
Dhruv Batra Sumariwalla Baishya
Participated in Inter School & Inter Former Member of Vice president of Competed as 100m runner in
Politician from
College hockey Tournament Parliament All India Tennis several international competition &
Assam
Association at the Olympics

63 |
Success in sports is a result of commercialisation. While our Olympians have shown heart & world-class
skills, our institutions have lacked the depth to nurture this talent
Exposure through
competitive games to
encourage
performance
Steps to enable sporting
success Creating viable career
options that support
sportspersons
financially
Enhancing
performance through
scientific coaching &
nutrition
Ensuring adequate
infrastructure &
equipment for training
Comprehensive
programs to identify
talent at the grassroots
Creating a virtuous
cycle to encourage
sportspersons

64 |
Historically, expenditure on Olympics has exceeded budgets, leaving host countries unable to
effectively maintain & utilise the sporting infrastructure created
Hosting the Olympics
− Hosting the Olympics has many benefits like bringing the country into the
limelight as a matter of pride & boosting tourism for years to come.
− However, there is a dark side, too. It costs the hosting country billions of
dollars in infrastructure spending alone.
− At every Olympics, the budget has always been exceeded, outstripping the
benefits to the country. London Beijing
− Citizens of countries hosting the Olympics have organised many protests to

use the funds for development & for under-privileged.
− All the infrastructure facilities are rarely put to use after the event is over &
are deserted for years.
Rio Rio
Budgeted vs Actual Olympic Spends ($ bn)
Actual Budget
266% 277% 151% 56% 90% 24% 49% 80% 2% 13% 76% 289% 51%
22
15
10 9
5 7 7 6
4 3 2 4 5 3
3 2 1 2 2 1 3 3 2 2 3 2
1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
Type
Country
Source: Anand Rathi Investment Banking; forbes.com; statista.com

65 |
However, the Games create awareness & interest in the host countries, & benefit them through
tourism & allied sectors
No. of people visited (m)
The 17-day Tokyo Olympics was held without foreign tourists or even domestic Brazil 56% 7 6
Tokyo 2020 fans due to the pandemic. 2016 Tourist $ bn
m tourists
Increase Tourism
Rio 2016 7
London
1 Tourist /
Second
12%
London 2012 9 2012 Increase in
in Jun 2013 Tourism
Beijing 2008 7
LA 43 9 %
Athens 2004 15 1983 Increase in
million tourists
Tourism
‒ One of the biggest economic beneficiaries of the Olympics is the construction sector, given the large-
scale infrastructural needs of the hosting countries to create stadia, accommodation, transportation
infrastructure, etc.
‒ In Tokyo, Kengo Kuma, a renowned architect, designed a 68,000-seater National Stadium. Seven
other venues were built for the Olympics, costing ~$3bn with 25 other facilities renovated.
‒ Further, a study has proven that hosting an Olympic event increases tourists significantly in
the eight years before & during, & the 20 years after, the event.

66 |
Section 5B
Commonwealth Games
The Commonwealth Games
− The Commonwealth Games, often referred to as the Friendly Games, is an international multi-sport event involving athletes from
the Commonwealth of Nations.
− The event was first held in 1930, and, with the exception of 1942 & 1946, has taken place every four years since then.
− The creation of the Games was inspired by the Inter-Empire Championships, as a part of the Festival of Empire, which were held
in London in 1911
− 19 cities in 9 countries (counting England, Scotland & Wales separately) have hosted the games. Australia has hosted the
Commonwealth Games five times (1938, 1962, 1982, 2006 & 2018); this is more times than any other nation. The most recent
Commonwealth Games were held in Gold Coast from 4 to 15 April 2018. The next Commonwealth Games are due to be held in
Birmingham from 28 July to 8 August 2022.
Commonwealth Games are overseen by
Commonwealth
Games Federation
72
Participating
Nations
Organising Committees
International
Federations (IFs)
Commonwealth Games
Associations (CGAs)
for the Commonwealth
Games (OCCWGs)
250
− Governing bodies that − Temporary committees Events
− Represent & regulate the
supervise a sport at an responsible for the
Commonwealth Games
international level. organisation of each
Movement within each
− For example, the country & perform similar Commonwealth Games.
International Basketball functions as the National OCCWGs are dissolved
Federation (FIBA) is the Olympic Committees. after each Games once the
final report is delivered to
5000+
international governing
body for basketball. the CGF.
Participants
Hosting the games generates multiple streams of revenues for the organisers …
Sale of sponsorship rights
Hosting the Games Events & Broadcasting Revenue from tickets

(i.e. sporting & non-sporting Huge Live Audience
Revenue from sale of broadcasting rights
events) Vast Television Audience
Revenue from licensing & merchandising
Revenues from hosting the Commonwealth Games ($ m)

Sources of Revenue for Hosting the CWG
− The chart shows that, historically, commercial
revenues have covered between 17% (Gold
Sponsorship Ticket sales Broadcasting rights Licensing, Merchandising & Others Total
Coast, 2018) & 46% (Manchester 2002) of
Games-related operating expenditure.
− At the Gold Coast 2018 Games, for example,
158 sponsorship & ticketing brought in $41m, &
$32m respectively, 61% of hosting revenues
11%
133 − To minimize costs & increase sponsorship
121 120 revenues, Games hosts can look at in-kind
109
25% 5% contributions. For example, partnerships can
10% be sought with food, drink & merchandise
4%
29% providers.
29%
38% − The CWG in Delhi was marred by
25%
mismanagement & poor planning, which led
25% to the event suffering losses
27%
23%
38%
41%
36% 34%
Manchester 2002 Melbourne 2006 Delhi 2010 Glasgow 2014 Gold Coast 2018
Source: AR Research; thecgf.com; Economictimes.com

69 |
… attracting further investments to the host city & improving its economic conditions
Investments before & after the Games
Abu-Dhabi United Group Darebin International Delhi Jal Board (DJB) Clyde Gateway Star Gold Coast
(ADUG) Sports Centre regeneration Transformation
• In 2014, the ADUG • $13m was invested in • Invested $5m to • $2bn of private sector • $1bn invested to build
formed a commercial joint lawn bowls, cycling & construct a 1 MGD investment was four towers &
venture with the football facilities to be Water Treatment committed to the wider associated resorts
Manchester City Council used for the Games & Plant (WTP) for the Clyde Gateway project aimed at boosting
& invested $1,450m over available to the Games Village, tourism
10 years to build homes & community Akshardham • $85 m were invested in
communities to Temple & sporting venues & elite Pacific Fair
regenerate East • $700m was invested to surrounding areas facilities, which were Redevelopment
Manchester redevelop the available for • $470m invested to
Melbourne Cricket • $92m were invested community use (e.g. expand the Pacific Fair
• A 2017 Council report Ground (MCG) to construct sports 7m attendances at the Shopping Centre
states that $520m has facilities, venues, Emirates arena & (making it the fourth
been invested by the flyovers, roads, cycling velodrome largest in Australia)
public & private sectors parking lots, etc. by leisure facilities
the GNCTD between October 2012 Oxenford Studios
• The $176m investment in & March 2014 – Audit • $3m private investment
the athletes village had Scotland 2015) in studios for film &
generated assets for use television production
among communities
Source: AR Research; TheCGF.com; EconomicTimes.com

70 |
Further, the host benefits from increased tourism during & after the Games
Number of tourists in host cities before & after the Games

− In Manchester, from three years prior to the Games
the number of tourists rose from 540,000 to
Manchester Delhi Melbourne Glasgow 550,000.
165 − During the Games it significantly increased to

590,000 & rose consistently to 971,000 five years
after
− For Glasgow, tourist numbers were falling prior to

140 the Games. Growth was restored in the year of the
Games, with numbers rising to 624,000, then
120
continuing to grow to 787,000 three years after
125 129
126
Index (Games year =100)
129
− Similarly, in Melbourne, tourist numbers rose from
114
116 787,500 to 955,800 from five years before the
Games to a year before the Games, before jumping
to 988,500 in the year of the Games, & then
100 106 109 continuing to increase consistently to 1,275,700 five
100
100 100 years after
93 103
92 100
90
97
82
81
80 84
80 76
63
5 years Prior -3 -1 Year of Games 1 3 5 Years After
Source: AR Research; TheCGF.com; EconomicTimes.com

71 |
Section 5C
Cricket
Cricket has a long history in India – since pre-independence. The success India has had, makes
the sport extremely popular in the country
– India played its first ODI in 1974

against England
– Cricket was introduced in India by
the British in 1700. The first match – Under the captaincy of M S
– India won its first World Cup in
was played in 1721 Dhoni, India won its first T20
1983, which increased the
World Cup in 2007, & won
– In 1848, the Parsi community formed popularity of the game in India
The Oriental Cricket Club, the first The World Cup in 2011
cricket club of India
– India became the No. 1 Test
Cricket team in the world.
1974
Introduction 1932 Late 80s &

21st
of cricket in early 90s
century
India
– India was invited to The Imperial
Cricket Council in 1926 – Players like Sachin Tendulkar, Sourav Ganguly &
Rahul Dravid took the sport to new heights …
– The Indian cricket team made its
debut as a test-playing nation in – … making cricket a household name & the most
England in 1932, led by C K Naidu favorite sport
– Cricket has become a household sport & is widely

popular, amounting to 93% of sports time watched
in India.
– Creation of The Indian Premier League has
Current
provided opportunities to a lot of young talent
scenario
73 |
Cricket’s mass appeal is a function of access to the sport & of the many opportunities it
provides (broadcasting, coaching, etc.) beyond competitive playing
Easy to grasp Commercialisation

– Cricket is a straightforward sport & can even – Cricket as a career is a much safer option
be played with two players. for youngsters in India due to the number of
– Children start playing gully cricket at a very leagues present in India.
early age using daily household items for bats, – It provides a sense of safety to people to
stumps & balls pursue cricket not only as a hobby but also
as a career
Infrastructure Role models

– After the success of the Indian cricket team, – Some of the best cricketers in the world are
India has many cricket-training institutes & from India, earning accolades & awards at
coaching centres for people of all ages international levels
– Very limited infrastructure or training facilities – This inspires youngsters to follow their
are available at the grassroots for other footsteps, hoping to be like them
sports
74 |
Successful commercialization of the sport has created an ecosystem which is organized & well-
funded to identify & nurture cricketing talent
− Cricket as a sport in India is present at all levels from being a part of every school’s sport to having international matches
− The enormous pull the sport has is underscored by the fact that The Board of Cricket Control in India (BCCI) is the richest cricket board in the world
− The BCCI uses the funds to organise cricket tournaments at all levels in different formats: Ranji Trophy, Duleep Trophy, Irani Trophy, Deodhar Trophy, NKP Salve
Challenge Trophy, to name a few
− This deep penetration in the country & competitive exposure across formats & levels encourages youth to take part in the sport as a career
− The absence of such an ecosystem of leagues & tournaments providing regular income in other sports is the reason for the lack of interest in youth to pursue them
International Cricket,
Indian Premier League
First Class Cricket

Ranji Trophy, Duleep Trophy, Irani Trophy
Domestic Cricket Leagues

T20 Mumbai League, Saurashtra Premier League, Karnataka
Premier League, Tamil Nadu Premier League, Odisha Premier
League, Rajwada Premier League, Telangana T20 League
Limited-overs Competition
Deodhar Trophy, NKP Salve Challenger Trophy, Vijay
Hazare Trophy, BCCI Corporate Trophy
Youth Competitions
Vinoo Mankad Trophy, Yagnik Trophy, Cooch
Behar Trophy
Source: Anand Rathi Investment Banking; Kreedon.com

75 |
The sport’s popularity has made our cricketers one of the most-sought-after brand
ambassadors while also making them the topic for film biopics
2001 2005 2016 2017 2021
Cricket has been always the center plot of movies across decades creating a everlasting impact on a person, which might lead a person to pursue cricket as a career or
even as a hobby.
Sachin Tendulkar Sourav Ganguly Rahul Dravid M S Dhoni Virat Kolhi
Cricketers have always been in the lime light through various endorsements, leading to the continuous presence of the sport in the minds of the youth
76 |
Commercial success of the sport has helped the BCCI, the governing body of cricket in India,
become one of the richest cricket boards in the world
The Board of Control for Cricket in India (BCCI)
– The BCCI is the governing body for cricket in India & is under the jurisdiction of The Ministry for Youth Affairs & Sports
of the government of India
– The BCCI is an autonomous body & does not receive any grants or funding from the Sports Ministry of India
– It is a consortium of state cricket associations. The state associations select representatives who elect the BCCI Chief.
Its headquarters are at the Wankhede Stadium in Mumbai, Maharashtra
– The BCCI is the richest cricket board in the world & is part of 'big three' of international cricket, along with the Cricket
Australia & the England & Wales Cricket Boards
BCCI: Revenue Streams
Media Rights
– Star has BCCI’s exclusive media
rights for 2018 – 2023
– On average, Star pays $8m to Sponsorship
ICC Income Share
BCCI per match
– BCCI receives a major – The deal includes rights to – Star India is the official
share of from ICC due to broadcast men’s domestic broadcaster
the various tours tournaments & women’s – MPL is the kit sponsor
operated. international matches in India on – Byju’s is the team sponsor
– In 2020, BCCI received the Star Sports channel – Paytm is the title sponsor for
$405m as a part of the – Star also has global media rights all bilateral series
eight-year future tours for the IPL from 2018 to 2022 – Dream 11, Ambuja & Hyundai
program are official partners
Source: Anand Rathi Investment Banking; BCCI.tv

77 |
Given its financial clout due to the success of the IPL franchise & other cricketing tournaments it organizes,
the BCCI has considerable influence in international cricketing
− The ICC was founded at Lord’s in 1909 as the Imperial Cricket Conference, with Australia, England & South Africa as founding members
− India was inducted into the ICC in 1926. By December 2021, there were 106 ICC members (12 full, 94 associate).
− Currently, BCCI dominates financial contribution to international cricket & has been instrumental in driving decisions made in the sport
Factors contributing to the BCCI’s influence in the ICC
Highest revenue share 01 Record viewership

– Of ICC’s revenue, more than 50% come – India has the most cricket viewership in
from the BCCI the world
– England, is a distant second accounting – ICC World Cup events has a viewership
for 12% of ICC’s revenue of 730m in India
04 02
Excellent demographics Funding of a few cricket boards

– India has significant advantages due to – The BCCI supports the teams of other
its demographics nations
– With a large youth population & – It organizes Indian tours of nations like
increasing incomes, corporates view Bangladesh, Zimbabwe regularly to
India as a large addressable market 03 help these nations groom their cricket.
78 |
Indian Women’s Cricket Team
− India Women’s National Cricket team is governed by Board of Control for Cricket in India (BCCI). The team made its Test debut in 1976 & its One Day International
debut at 1978 World Cup
− In 2021, the BCCI announced Ramesh Powar as the Head Coach of the India Women's Cricket Team.
− MPL Sports is the Kit Sponsor of the India Women’s Cricket team
Commercialized Women Cricket League in India
− The Women's T20 Challenge is an Indian women's cricket Twenty20

tournament that has been held since 2018. The tournament features
three teams, playing a round-robin group followed by a final. A round-
robin tournament (or all-play-all tournament) is a competition in which
each contestant meets every other participant, usually in turn.
− In March 2022, BCCI announced that a franchise-based annual T20

tournament for women cricketers will be started from 2023, replacing the
Women's T20 Challenge. The tournament will contain six teams & will be
referred as the Women's IPL
Key Personnel of
Selection
Committee
Neetu David Arati Vaidya Renu Margrate Venkatacher Kalpana Mithu Mukherjee
(Chairperson) (Committee member) (Committee member) (Committee member) (Committee member)
Former Indian Cricketer Former Indian Cricketer Former Indian Cricketer Former Indian Cricketer Former Indian Cricketer
Source: Anand Rathi Investment Banking,

79 |
The sport is governed & operated by ex-cricketers & professionals, who balance the operational &
commercial sides of the sport, the key to its success
Key Personnel
President Vice-President Secretary Men’s Coach Women’s Coach

Sourav Ganguly Rajeev Shukla Jay Shah Rahul Dravid Ramesh Powar
Organisation Structure
The General Body of the BCCI
The Apex Council The IPL Governing Council
Umpire Cricket Contracted

The CEO The COO
Committees Committees Managers
Selection,
Coaching &
Non-cricketing Advisory
Performance
Evaluation
Source: Anand Rathi Investment Banking; BCCI.tv

80 |
Section 5D
Football
Football | Popularity of “The Beautiful Game”
Passionate fans Can be played in any condition

– Football fans are usually associated – Football can be played in heavy rain,
with passion for the game with fields looking like shallow
– The same amount of energy that fans swimming pools.
display in the stadium is the same kind – It can be played in heavy snow when
of passion seen at homes worldwide other sports might require Winter
Service Vehicles services first.
High-class Competition Skill-based Varied Field of Competition

– It is no secret that football is played in – Compared to other sports such as – Apart from having high-quality teams
almost every country on earth. American football & basketball, a worldwide, what makes football
– With its wide appeal, it is no wonder football player’s body size does not delicious is that most of the top teams
that football produces the most number have a high significance regarding are different from each other in terms of
of star players performance style of play
– While it is true that one needs to be fit, – This is something that makes football
even the scrawniest player can unique
outperform other players since the
game is all about skill instead of
strength & height
Source: Anand Rathi Investment Banking; Forza Italian Football

82 |
Economics Of Football
− Hosting the FIFA World Cup comes with pros & cons. The hosting country is automatically qualified for the World Cup but it comes with a heavy
price tag
− FIFA hauled in $5bn in revenue from the 2014 World Cup, turning a $3bn profit for the Association. Broadcast revenue topped $2bn, while
sponsorships & ticket sales brought in respectively $2bn & $527m
− The World Cup is one of the biggest sporting events in the world. However, since it occurs once in four years, it doesn’t generate enough
revenue
− The various commercialized sporting leagues generate far more revenue through sponsorships & broadcasting rights
Revenue of the top-five Leagues ($ m)
6,380
5,940 6,270
5,610
5,830
5,280
3,740
3,410 3,410 3,410
3,080
2,640
3,630
3,410 3,520 3,190
2,970
2,970
2,750
2,310 2,420 2,310 2,530
2,090
1,760 1,870 2,090 1,650 1,760

1,540
2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021
− The football sporting leagues (EPL, Budesliga, LaLiga & others) generate considerably more revenue than other international sporting events. Revenue dipped in
2020 due to the pandemic. However, the leagues have bounced back & are now on an upward trend.
Source: Anand Rathi Investment Banking; CNBC, Statista; IndiaTour.com

83 |
UEFA | One of the most successful football leagues in the country
Timeline of all competitions organized by the UEFA
UEFA UEFA European UEFA Europa UEFA UEFA UEFA

Champion League Championship League Super Cup Nations League Conference League
1955 1958 1971 1972 2018 2021
Revenue ($ m)
4,161
3,119 3,069 3,342
2,874
2,309 In 2018 / 19, UEFA introduced UEFA
Nation League which saw increased
viewership & consequently revenue
2014/15 2015/16 2016/17 2017/18 2018/19 2019/20
Revenue split (2019/20) Sponsors

Nations participating in UEFA Competition
Tickets & Other

hospitality, 0.2% Revenue,
0.8%
Commercial $3bn The top teams of Asia compete with each other
Rights, 14%  Master Card & UEFA have been partners since
in the AFC Champion League. The UEFA
Media Rights, 1994
85% Champion League’s market value of $14bn
 In 2014, Nissan replaced Ford, signing a $58m
contrasts starkly with the AFC Champion
deal for four years, the largest sponsorship
League’s $1bn
deal for Nissan.
Source: Anand Rathi Investment Banking; UEFA; TransferMarket.co.in; PromoOvertime.com

84 |
UEFA Executive Committee
President
Aleksander Čeferin
(Ex President of Football Association of Slovenia)
Vice - President
Karl-Erik Nilsson Zbigniew Boniek Sándor Csányi Fernando Gomes David Gill
(Ex football referee) (Former Polish Footballer) (Ex Chairman of Hungary (Former Portuguese Footballer) (Vice Chairman of British
Football Association) Football Association)
Members
Armand Duka Alexander Dyukov Karl-Heinz Rummenigge Florence Hardouin Nasser Al-Khelaifi
(Head of Albanian (President of Russia (Former Germany Footballer) (Ex Deputy General Manager of (President of
Football Association) Football Union) French Football Federation) Paris Saint-Germain)
Source: Anand Rathi Investment Banking; uefa.com

85 |
Section 5E
Basketball
USA | National Basketball Association (NBA)
− The NBA is a professional basketball league in North America. The league is composed of 30 teams & is one of the four major professional
leagues in the Unites States. The league was founded in New York on June 6, 1946, as the Basketball Association of America (BBA).
− NBA is an active member of ‘USA Basketball’, which is recognized by FIBA ( International Basketball Federation) as the national governing body
for basketball in the United States.
− The Lakers have won 31 Conference titles & 23 Division titles, securing them as the most successful NBA Team of all time.
− NBA is the third largest professional sports league in North America by revenue after NFL & MBL & is among the top 4 in the world.
Important Events in NBA Avg. NBA Franchise Value Per Year ($ m)
1946 The Basket Association of America (BBA) is created.

1946 The BBA merges with National basketball league to create the NBA 13%
2,220
2,120
1966 CAGR
Adds franchises in Chicago, Seattle, San Diego, Milwakee & Phoenix
1,870
1,650
1979 The NBA adopts the ABA’s three-point field goal.
1,360
630
1,250
510
1998 Michael Jordan & Chicago Bulls win 6 championships in 8 years, only
400
1,110
380
370
370
370
350
300
290
260
240
210
200
missing 2 because Jordan retired
2014 League is dominated by few teams i.e.. Spurs, Lakers, Heat etc.
Today NBA continues to grow in the US & around the world.
Level of interest in NBA in select countries worldwide as of April 2021 Team Value (2020 – 2021)
Average NBA viewership rose 19% in 2021-22 63%

regular season across ABC, ESPN & TNT
New York Knicks Golden State Warriors Los Angeles Lakers
7 of the 30 ($6,120m) ($6,030m) ($5,630m)
38%
30% NBA teams
27% 28% 29% 27% valued at over
19%
$3bn
Brooklyn Nets Chicago Bulls Boston Celtics

Australia Spain Argentina Mexico Canada Spain China Philippines ($3,610m) ($3,530m) ($3,440m)
Source: Anand Rathi Investment Banking; Statista; News Website

87 |
College Basketball | The feeder system into the NBA
− College Basketball in the United States is governed by collegiate athletic bodies including National Collegiate Athletic Association (NCAA), the National Association
of Intercollegiate Athletics (NAIA), the United States Collegiate Athletic Association (USCAA), the National Junior College Athletic Association (NJCAA), & the
National Christian College Athletic Association (NCCAA).
− Each of these organizations are subdivided into one of three divisions, based on the number & level of scholarships that may be provided to the athletes.
− Teams are selected into these divisions depending on the location of the schools.
The NBA Draft Most successful College Picks
− Once a year in June, the NBA teams choose players who have never played
in NBA before from the college basketball teams.
− This provides a direct opportunity for the players to get selected in one of the
best teams directly after college or sometimes even before they graduate.
− The conditions for players being selected into the NBA draft are:
 Star players: Play college basketball for one year to be eligible for
the draft
 Other Players: Play college basketball for 2 years to be eligible for
the draft
 Others: Players who meet the criteria play in college basketball for
4 years to be eligible for the draft
− There are two rounds of selection & each team gets to pick one player in
each round.
− The support & training provided at grass root level at college leagues & a
chance to be a part of the NBA has boosted the sport & motivated the youth
to pursue basketball as a career.
Source: Anand Rathi Investment Banking; espn.in; ncaa.com

88 |
Section 5F
Formula 1
Formula 1 | Insatiable thirst for fuel
− Formula1 (‘F1’) is the highest class of international racing for open-wheel single-seat formula racing cars sanctioned by the FIA.
− F1 cars are the fastest regulated road-course racing cars in the world, owing to high cornering speeds achieved through the
generation of large amounts of aerodynamic force.
− F1 consists of 10 teams with two drivers each, contesting for the driver’s & constructor’s championships.
− F1 is one of the most challenging sports with a very high risk-to-reward ratio. Some F1 athletes are among the highest paid
athletes in the world.
F1’s rise in popularity Y-o-Y engagement growth* (2020 vs. 2019) %
Racer’s Stardom
05 The fan following of racers rivals the biggest athletes of
every major sports leagues in the world
99%
Technology
04 The sheer amount of engineering behind every part of the car is
huge’ with the highest R&D expense the cars are a thrill to watch.
48%
03 Big F1 Money
The world of F1 is one of glitiz, glamor & international jetsetting. The weath
44%
of the sport is huge & each race is worth millions of dollars
02 Track locations
Each race is held at tracks around the world, with each having their own quirks
27%
creating a sense of excitement.
01 High speed cars

The raw power & the aerodynamics & the cars being engineering marvels have attracted
14%
a lot of the young crowd.

4%
3%
*Across Facebook, Twitter & Youtube
Source: Anand Rathi Investment Banking; sportskeeda.com; Carrush.com

90 |
Fédération Internationale de l'Automobile (FIA)
− The FIA was established in 1904 to represent the interests of motoring organisations & motor-car users.
− The FIA is mostly famous for being the governing body of Formula 1 racing
− Headquartered in Paris with offices in Geneva & Valleiry, the FIA consists of 246 member organisations in 145 countries
worldwide.
− The International Olympic committee provisionally recognized the Federation in 2011, & granted full recognition in 2013.
FIA General Organization Structure FIA Key Personnel
President
Mohammed Ben Sulayem
President
Deputy President Sport Senate President Deputy President Mobility (Former Emirati rally driver)
Secretary General
Secretary General Chief Administrative
for Automobile Robert Reid
for motor sport Officer
Mobility & Tourism Deputy President Sport
• Development • Accounting & Finance • Membership & (Retired British rally driver)
• Single-Seater • Commercial Legal Services
Affairs • Road Safety & Global
• Deputy SG Sport
Advocacy Carmelo Sanz de Barros
• FE/ Innovate Sports • Conferences &
Activities General Services • Tourism Services Senate President
• Historic/ Off –Road / • Governance, Integrity
& Regulatory Affairs Election Process
Hill Climb
• Human Resources & For president each member has in
• Rally
Translation Tim Shearman
• Safety & Medical principle 24 votes 12 for its “Sport”
• IT competence & 12 for its “Mobility” Deputy President Mobility
• Karting
• Marketing & Events Competence. Voting for members is (Former President of
• Sport & Touring Cars Canadian Automobile
• Procurement done through a secret ballot.
• Technical Association)
Source: Anand Rathi Investment Banking; fia.com

91 |
Formula 1 | One of the highest-paying sports in the world
F1 racer salaries 2022 (€ m)
Lewis Hamilton 35
Max Verstappen 22
Fernando Alonso 18
Daniel Ricciardo 13
Sebastian Vettel 13
Charles Leclerc 11
Lance Stroll 9
Valteri Bottas 9
Carlos Sainz 9
Checo Perez 7
Pierre Gasly 5
Estaban Ocon 5
Lando Norris 5
George Russell 5
Alex Albon 2
Kevin Magnussen 1
− Seven-time world champion, Lewis Hamilton, commands the highest salary for 2022, being one of the highest paid athletes in the
Mick Schumacher 1 world.
− Reigning champion Max Verstappen is in the second position with €22m.
Guanyu Zhou 1
Source: Marca.com
92 |
The Economics of Formula 1
Operation
Driver-Linked, Costs, 5%
10% FOM Payment,
Production
43%
Costs, 15%
Investments, 19%
Revenue Expenses R&D, 50%
Sponsors, 29% Salaries, 30%
FOM Payment Research & Development

FOM payments are the most significant payments including – prize money R&D, consists of things like developing the engine, checking the
based on finishing postions of the season, long standing team bonus, aerodynamics, conducting wind testing, track testing & other forms of
constructor championship bonus & heritage bonus.
01 01 testing.
Sponsors Salaries
On an average, every team has 15-20 sponosors who pay a sum of Majority of the salary is paid to the two drivers, team directors,
money to place their logo on the car. The better performing team engineers, marketing staff etc.
will have more sponsors due do more airtime. 02 02
Investment Production Costs
A good part of earnings comes in the form of investment, eg. Prodction costs of the team involves all the manufacturing or
Diamler for Mercedes AMG Petronas team
03 03 purchasing of new components.
Driver-Linked Income Operation Costs

Driver pays the team to drive the car. Eg Lance Stoll It consists of expenses like logistics, travel
paying Williams
04 04 entertainment, cost of fuel etc.
Source: onestopracing.com
93 |
Team Economics & Track Hosting Expenses
F1 Team Revenue CY20 ($ m) F1 Team Valuations CY20 ($ m)
Value ($ m) Revenue Multiple (x)
451
426 1.3 1.2 1.3 1.2 2.3 2.2 3.8 2.0 2.3 3.2
1,350
327
1,015
195 620 640

165 172 176
400 430
95 104 200
84 115 130
105
Alfa Haas Aston Mclaren Alpha Williams Alpine RedBull Ferrari Mercedes Alfa Haas Aston Alpha Williams Alpine Mclaren RedBull Mercedes Ferrari
Romeo Martin Tauri Romeo Martin Tauri
Economics of F1 Tracks
− The cost of hosting a Formula 1 race highly depends on the duration of

the contract signed.
− However, on average it costs around $40m annually to host a Formula
1 weekend.
− The high costs of hosting a Formula 1 race make it highly unlikely for Italian Grand Prix German Grand Prix
lower income countries to participate.
− Older racing venues like Italy, Britain & Spain have below average
racing fees since they have existed for a really long time.
− Street circuits are more expensive than permanent circuits as the cost
of building temporary stands to host fans can be quite expensive.
− Contracts of some countries like South Korea & India were cancelled
due to government issues.
British Grand Prix Monaco Grand Prix
Source: Statista.com; Anand Rathi Investment Banking

94 |
Benefits of hosting a Formula 1 Race for the host country
Benefits of hosting Formula 1 Countries Hosting F1 in 2022
1. Bahrain – Bahrain International Circuit, Sakhir
Economic Boost 2. Saudi Arabia – Jeddah Corniche Circuit, Jeddah
Hosting a Formula 1 race boosts the economy of a host city & country 3. Australia – Albert Park Circuit, Melbourne
by stimulating consumer spending & creating new opportunities in the
secondary & tertiary sectors of the economy. 4. Italy – Imola Circuit, Imola & Monza Circuit, Monza
5. USA – Miami International Autodrome, Florida & Circuit of the
America, Texas
6. Spain – Circuit de Barcelona-Catalunya, Montmelo
Increased Visibility 7. Monaco – Circuit de Monaco
With live broadcast to over 200 territories worldwide, a host city is
positively positioned in front of a global audience, showcasing them as a 8. Azerbaijan – Baku City Circuit, Baku
destination for major sporting & entertainment events
9. Canada – Circuit Gilles Villeneuve, Montréal
10. United Kingdom - Silverstone Circuit, Silverstone
11. Austria - Red Bull Ring, Spielberg
Tourism
12. France - Circuit Paul Ricard, Le Castellet
With over 200,000 attendees per race & on average 53% coming from
abroad, hosting a Formula 1 race induces tourism & opens up a city to 13. Hungary - Hungaroring, Mogyoród
new audiences.
14. Belgium - Circuit de Spa-Francorchamps, Stavelot
15. Netherlands - Circuit Zandvoort, Zandvoort
16. Singapore - Marina Bay Street Circuit, Singapore
Job Creation
Formula 1 increases both annual & seasonal employment, whilst creating 17. Japan - Suzuka International Racing Course, Suzuka
new jobs across a number of industries, ranging from mechanics to food 18. Mexico - Autódromo Hermanos Rodríguez, Mexico City
vendors
19. Brazil - Interlagos Circuit, São Paulo
20. UAE - Yas Marina Circuit, Abu Dhabi
Source: Anand Rathi Investment Banking; hostcity.com; formula1.com

95 |
Formula 1’s complicated relationship with India
− Formula 1 made its debut in India in 2011 with the inauguration of the Buddh International Circuit situated in Greater Noida,
Uttar Pradesh
− The track is an engineering marvel, a 5km track designed by German racetrack engineer Hermann Tilke
− The Indian Grand Prix was held in India for three consecutive years beginning from 2011. However, it was suspended in
2014 due to a tax dispute with the government of Uttar Pradesh
Why F1 racing was cancelled in India What happens at Buddh Circuit Now?
Expensive Sport
T1 Prima Truck Racing
• The tickets are very high starting at $450 & going much above $1,300. • T1 Prima is a truck-racing championship held in
• The average ticket price of a formula 1 race is ~$700-1000 & is an expensive India by Tata Motors for domestic racing.
sport for a country with limited fanbase • It is inspired by the British Truck racing
• Such high pricing was a very big discouragement for people to attend the sport championship & the European Truck Racing
where ticket prices of cricket were just 10% of the cost. Championship.
Taxation Dispute JK Tyre National Racing

• The circuit had signed a five-year contract with the FIA for the Indian Grand
• The JK Tyre National racing championship also
Prix.
known as JK-NRC is an auto-racing championship
• However, the government of Uttar Pradesh didn’t consider F1 a sport, rather as
of several one-make series events of open-wheel
an enterntainment, & levied entertainment tax.
single-seater formula & saloon cars
• The FIA was not very keen on paying this as it was getting too expensive
leading to cancellation
− Jaypee group constructed the Buddh circuit in Uttar Pradesh. The company Private Racing
had spent over $450m on construction & $200m on royalties.
• The Buddh International circuit opened its doors to
− On the races being cancelled, the Jaypee Group was unable to recover the
the public from 2017.
amount due; hence, it started selling real estate around the race track.
• Car & bike enthusiasts can book one-hour sessions
− However in 2019, the Yamuna Expressway Authority cancelled the lease of $53 & $40, respectively
deed of the property restricting Jaypee from selling, leasing or mortgaging
the land
Source: Economictimes; sportskeeda; Anand Rathi Investment Banking

96 |
Section 5G
Tennis
Tennis | Game, Set, Match!
− The four Grand Slam tournaments are considered to be the most prestigious tennis events in the world. They are held annually & comprise the Australian Open, the
French Open, Wimbledon, & the US Open.
− In all four tournaments, singles draws are limited to 128 players for each gender. The Australian Open & US Open is played on hard courts, the French Open, on
red clay courts while the Wimbledon is played on grass courts.
− Commonly known as Wimbledon, The Championships is the oldest tennis tournament in the world & is widely regarded as the most prestigious. Wimbledon has 136
years of grand history. The Covid-19 pandemic led to the 2020 Championships being cancelled, the first since World War II.
Prize Money of the Four Grand Slams ($ m)
54
50
48
43
Source: Anand Rathi Investment Banking; sportingnews.com

98 |
Wimbledon is the most popular tournament among the four Grand Slams
Social Media following Final’s ticket price, 2022, per head ($)
Australian Open, 15%

Wimbledon, 36% 5,450
1,500
French Open, 22%
There are approximately
15,000 seats. The tickets
34m are distributed through a
1,206 ballot system. The ballot is
always oversubscribed
1,315
US Open, 27%
Famous tennis players who have won Wimbledon more than five times Wimbledon viewership
UK, 21%
USA, 14%
Roger Federer Novak Djokovic Serena Williams
8 times Winner 6 times Winner 7 times Winner Others, 60%
India, 5%
Source: AR Research; zoomph.com; p1travel.com; grandslamtennistour.com; howtheyplay.com

99 |
Section 5H
Golf
Golf | An Elite Sport
− Golf is one of the oldest sports & has been played for many decades, it is very famous in countries like the USA & Japan
− Golf’s first major & the world’s oldest tournament in existence is the open championship also known as the British open which was first played in 1860
− It is one of the four major championships in men’s professional golf, the other three being The Masters, The U.S. Open & The PGA Championship
− Golf is a sport largely played in developed countries at a professional level & pursued by the elite as a hobby, an expensive one
A Rich Man’s Sport Golf training & equipment comparison
Affordability Golf
• Golf equipment is really Cost of Equipment: ~$1,000 onwards
expensive Cost of Training: ~$450 onwards for six
• Taking golf lessons is also months
not cheap
1 Social Status
• Because of high costs, golf Tennis
has been associated with
Cost of Equipment: ~$30 onwards
money & status
Networking 2 • Its considered an exclusive
Cost of Training: ~$300 onwards for six
months
club
• Many wealthy people start
playing golf to network with
other people
• Many business meetings
3 Not much exertion Badminton
happen over golf Cost of Equipment: ~$20 onwards
• Golf does not require as Cost of Training: ~$200 onwards for six
much physical exertion as months
other sports.
Safe Sport 4 • It can even be played if not
fully fit
There are very few chances
•
of getting injured while
Cricket
playing golf Cost of Equipment: ~$90 onwards
• Its one of the least risky
5 Cost of Training: ~$90 onwards for six
sports. months

101 |
Golf Tournaments & Top Players
Top Golf Leagues in the World
Top Golf Tournament Sponsors
Top Golf Players Earnings – PGA, 2020 ($ m)
Dustin Johnson 3.1

− Dustin Johnson was the highest earning player in the PGA tour of 2020
Bryson DeChambeau 2.5 racking up $3m
Matthew Wolf 2.0 − Golf players’ earnings are not as high as other professional sports athletes
Jason Kokrak 2.0 − However, many golf players earn more through endorsements &
sponsorships
Pattrick Cantlay 1.9
− Golf is more famous in north American & certain European countries
Xander Schauffele 1.8
− Viewership of golf tournaments has been steadily growing over the years
Justin Thomas 1.8 − Golf has been part of The Olympics, initially in 1900 & 1904 & recently in
Cameron Smith 1.7 2016 & 2020
Stewart Cink 1.5
Sungjae Im 1.4
Source: Anand Rathi Investment Banking; pgatour.com

102 |
Section 5I
Badminton
Badminton | India’s household game
− Badminton as a sport became a full-medal Olympic sport in 1992, with competition for men’s & women’s singles & doubles
− The Badminton World Federation (BWF; originally the International Badminton Federation), the world governing body of the sport hosts a number of regional,
national, & zonal badminton tournaments. The best-known of these are the All-England Championships Thomas Cup (donated 1939) for men’s team competition
& the Uber Cup (donated 1956) for women’s team competition.
− Indian shuttlers P. V. Sindhu, Lakshya Sen, & the doubles pair of Satwiksairaj Rankireddy-Chirag Shetty are ranked amongst the Top-10 in the current BWF world
rankings.
India’s Performance in a glance
 Indian shuttlers have won a total of 79 medals in major tournaments including the Olympics
winning a total of 12 Golds.
 Prakash Padukone was the first player from India to achieve world no. 1 spot in the game,
after which Srikanth Kidambi became the second male player to make it to the top spot in
April 2018
 Saina Nehwal won the bronze medal in the individual women's competition at the 2012
London Olympic Games, the first Olympic medal for the country in badminton. P. V. Sindhu
won the second & the third Olympic medal in badminton for India, winning a silver & a bronze
medal at the 2016 Rio Olympics & the 2020 Tokyo Olympics respectively.
 The latest feather to the cup was last month when India defeated the 14-time winner
Indonesia to win the Thomas cup, having not even made a single semifinal appearance in 16
appearances since 1991 made the victory more special
Anand Rathi View
− India’s household sport is badminton & not cricket unlike public perception, one can find
badminton in one out of three households however only parts of cricket kit can be found in
one out of ten households even after having a young population
− Even professionally, It is the second-most played sport in India after Cricket
Source: Anand Rathi Investment Banking; letour.fr

104 |
Badminton Association of India– The governing body for Badminton & Para Badminton
− The Badminton Association of .India (BAI) aims to promote & develop the game of badminton in India especially by encouraging
coaching, tournaments & exhibition games, amongst Schools, Universities through & by affiliated organisations on an amateur basis for
adults, juniors & sub juniors
− It is responsible for holding of Inter-state Tournaments, organizing or recognizing of championship, Tournaments or League Matches.
They also select teams to represent India & to promote, control & finance visits for international presence
Policies & developments
− The total budget for the Annual Calendar for Training & Competition (ACTC) was approved for BAI
up to March, 2023 with a cap of Rs. 24. Crores; of this 10% is earmarked for contingencies & 3%
for administrative expenses
− A new selection policy is been developed under which more athletes will be provided a chance of
participation in the International competitions so as to increase access to more athletes to compete
in higher grade tournaments & improve their world ranking
− BAI is preparing roadmap to Olympics 2024 with detailed training plan. BAI should also make
complete plan for excellence in 2028 & 2032 Olympics which includes strengthening junior
development programme. under TOPS NCOE, strengthening domestic competition structure in
lines with best practices in the world, coach development plan to reduce reliance on foreign
coaches, athlete education, grass root development plan, etc.
Key Personnel in the

current Executive
Council
Dr. Himanta
S.Muralidharan Pullela Gopichand Sanjay Mishra Dr. Om Datt
Biswa Sarma
Sharma
President, BAI Vice President, BAI Vice President, BAI Hon.General Secretary Vice President, BAI
Source: Anand Rathi Investment Banking, BAI Website

105 |
Section 5J
Chess
Chess | Popularity of the Sport around the World
Further, the sport received a fillip

While developing a understanding when content creators (ex. Samay
of the gameplay takes only a few Raina) began entertaining their
minutes, mastering it takes a viewers by livestreaming their
lifetime games.
Accessibility Delusional Online Availability Good Entertainer
Chess is an inexpensive Availability of chess online, wherein

boardgame that developes a individual could play with an
strategic thinking. It is an opponent virtually, brought
intellectual sport & tests an convenience & changed how the
individual’s memory, strategy, game had been played & revived
foresight & grit. interest in chess

107 |
Chess in India
Recent Development in Chess
− Praggnanandhaa, beat Magnus Carlsen at the Airthings Masters rapid chess tournament. While others have beaten Carlsen before – including Indians
Vishwanathan Anand & Pentala Harikrishna – Praggnanandhaa is the youngest at 16 years
− Chennai will host the 44th Chess Olympiad starting July 2022. This will be the second major world event to be held in the country after the World Championship
match in 2013 between Vishwanathan Anand & Magnus Carlsen, the current world No.1.
− The Chess Olympiad is a biennial team event, in which teams from some 190 countries compete for honours over a two-week period.
Chess Grand Masters of India
Vishwanathan Anand Vidit Gujarathi Pentala Harikrishna Rameshbabu Praggnanandhaa Nihal Sarin

108 |
Section 5K
Tour de France
Tour de France | Spinning the Pedals
− The Tour de France is an annual men’s multiple-stage bicycle race primarily held in France, while occasionally passing through nearby
countries
− It is organized in July each year. Over the course of 21 days, cyclists compete across 21 stages of flat, hilly & mountainous terrains
− The Tour comprises 20 professional teams of nine riders each covering ~3,600km
− The sport is a test of endurance & is the world’s most difficult & most prestigious bicycle race attracting the world’s best riders
How a newspaper rivalry led to the start of one of the most prestigious cycling tournaments
 Tour de France traces back to the rivalry of 2 sports newspapers in France - Le Velo &
L’Auto
 The sport was the brainchild of Henri Desgrande, a French cyclist & journalist with L’Auto
who sponsored the event to boost newspaper circulation
 L’Auto’s mission was accomplished, as circulation of the publication doubled throughout the
race, making the race something much larger than Desgrande had expected
1903 :First Tour de France
Initiatives by Tour de France Race Organizers
Cycle City
Amaury Sport Organisation
Promoting local cities that focus on recreational bicycle
infrastructure A.S.O. is a part of the French media group,
Editions Philippe Amaury, which organizes the
Little Riders Tour de France
Helping children to start riding bicycles & promoting it as a
daily commute Christian Prudhomme
Christian Prudhomme is a French journalist & a
A bicycle for all general director of the Tour de France
Changing the daily life of under-privileged children

110 |
Tour de France Viewership
− The Tour de France (TDF) cycling race has become the world’s biggest annual sporting event
− Every July, TDF attracts approximately 11m tourists along the roadsides of France
− TDF, as a sporting event & top tourist attraction, is an opportunity for local development & economies through short-
term peaks in hospitality, direct financial benefits, & the promotion of cycling as a sustainable means of
transportation
Tour de France viewership (2021)
Average viewership per stage on France Television Network

4m TV viewers
40% audience share
More than 100 hours of live broadcasts on France Télévisions All stages broadcast from beginning to end
on France Television Network
150m television viewers in Europe (at the 1-minute threshold)

42m TV viewers watched the Tour de France on France Télévisions (vs. 40m in 2020)
9m fans on social media
72% of people between the ages of 15 & 24, amounting to 5m young people watched the Tour de France on France
Télévisions (vs. 4m in 2020)

111 |
Tour de France Record Winners
Lance Armstrong* 7
Miguel Indurain 5
Lance Armstrong Miguel Indurain Bernard Hinaut
Bernard Hinaut 5 1999, 2000, 2001, 1991, 1992, 1993, 1978, 1979, 1981,
2002, 2003, 2004, 1994, 1995 1982, 1985
2005
Eddy Merckx 5
Jacques Anquetil 5
Chris Froome 4 Eddy Merckx Jacques Anquetil Chris Froome

1969, 1970, 1971, 1957, 1961, 1962, 2013, 2015, 2016,
1972, 1974 1963, 1964 2017
Greg LeMond 3
Louison Bobet 3
Philippe Thys 3
Greg LeMond Louison Bobet Philippe Thys
1986, 1989, 1990 1953, 1954, 1955 1913, 1914, 1920
* Lance Armstrong was stripped of all his titles by a doping scandal

112 |
Le Tour de France | Key Sponsors & Teams
Key Sponsors
Main Partners
AG2R Ciitroen
Official Broadcasters
Astana Qazaqstan Bahrain Victorious
Official Partners
Bora Hansgrohe COFIDIS EF - Easypot Groupama - FDJ
Ineos Intermarche Israel-Premier Jumbo Lotto Movistar Quick-step Alpha

Grenadiers Tech Visma Soudal Vinyl
Bikeexchange- Team DSM Trek UAE Team Alpecin Arkea B&B Total Energies
Jayco Segafredo Emirates Fenix Samsic Hotels - KTM
Teams

113 |
Section 5L
Hockey
Hockey | Pride of India
– The men’s team, in a depleted

field, won its eighth Olympic
– The Indian hockey team clinched
gold at Moscow in 1980
the Olympic gold medal at its
first attempt in 1928 – The IHF altered the rules to
make synthetic AstroTurf the
– Hockey was first introduced in India – Dhyan Chand became the
mandatory playing surface for
by the British between the late 18th & cornerstone of the Indian hockey
early 19th centuries international hockey
team as it won two more gold
tournaments
– In 1855, the country’s first hockey medals in 1932 & 1936
club was formed in Calcutta – India was slow to take to
AstroTurf, which meant that the
Indian hockey teams fell short
at global events
1928 - 1936
Introduction 1925-1926 After World

1980-2008
of hockey in War II
India – The Indian Hockey Federation (IHF)
was formed in 1925, one year after
– India found a new genius in the legendary Balbir
the formation of the International
Singh Sr as he steered them to a second hat-trick
Hockey Federation (FIH).
of Olympic gold medals in 1948, 1952, & 1956,
– The IHF organised its first this time as an independent nation.
international tour in 1926 to New
– The period was one of the most significant in the
Zealand, where the Indian hockey
history of hockey in India.
men’s team played 21 matches &
won 18.
– The men’s team played its first FIH Pro League
matches in 2020, winning games against the best
in the world (Belgium, Australia, the Netherlands).
– At Tokyo 2020, the men’s hockey team ended a
Current
41-year Olympic medal drought with a bronze
scenario
medal.
Source: Anand Rathi Investment Banking; Olympics.com

115 |
Hockey India League
− Hockey India League (HIL), known as the Coal India Hockey India League is a professional field hockey league in India. The league is
organized by Hockey India, the governing body for the sport in India.
− HIL consists of six teams, with the regular season lasting two months (January-February), with each team playing 10 games. The top
four teams at the end of the season move into the play-offs, where the championship game decides the Hockey India League winner.
− In 2015, it was reported that the Federation earned a profit from the league & television revenues.
− Hockey India postponed the event in 2018 for unclear reasons. Later it announced that the next Hockey India league season would be
scheduled in November-December 2019.
Sponsorship & Viewership
− In 2013, Hero MotoCorp signed a multi-year deal for the title sponsor for this event. The company was the
title sponsor till 2015
− For the 2016 season, Coal India stamped the deal for the title sponsorship for three consecutive seasons
beginning 2016. Sponsorship fees for 2016, 2017 & 2018 were $1,700k, $1,900k & $2,000k respectively.
− According to the 2016 figures released by the Broadcast Audience Research Council (BARC), based in
Mumbai, Hockey India League was viewed by 43m viewers.
Reason for cancelling the League
− Hockey India claimed a busy international calendar in 2018 was the main reason for suspending the 2018
Hockey India League but the actual reason was that the franchisees were bleeding money & were
reluctant to continue in the present format.
− According to sources, at least three franchises have complained of suffering huge losses annually &
wanted to pull out. Owners of Delhi Waveriders, Jaypee Punjab Warriors & Ranchi Rays expressed their
inability to continue
Source: Anand Rathi Investment Banking; thewire.in; hockeyindia.org

116 |
Section 5M
Air Sports
Air Sports in India
Tourist participation in Air-based Activities (%) State-wise footfalls for Para-sailing (%)
Ultra Light Madhya Pradesh Others

Flying, 0% 2% 4%
Hot Air Balooning, 4%
Andaman & Nicobar

3%
Paragliding, 37%
Parasailing, 59%
Hand Gliding, Goa

0% 91%
State-wise footfalls for Para-gliding (%) National Air Sports Policy
− The NASP Policy includes sports such as air-racing, aerobatics,

Others, 3% aeromodelling, hang gliding, paragliding, paramotoring & skydiving etc.
Goa, 9%
− The Objectives of this policy is to:
a) Adopt international best practices in safety including air sports
infrastructure, equipment, operations, maintenance & training
b) Develop India as a preferred global hub for air sports
Sikkim, 37% c) Develop a simple, stakeholder-friendly & effective governance
structure
d) Enhance participation & success of Indian sportspersons in global
air sports events
e) Promote design, development & manufacturing of air sports
Himachal equipment in India in line with the Atmanirbhar Bharat Abhiyan.
Pradesh, 51% − The tax levied on air sports equipment is between 18%-28%. To make air
sports affordable to the common public, the Government will request the
GST Council to consider rationalising the GST rate on air sports equipment
to 5% or less
Source: Anand Rathi Investment Banking, Thrillophia

118 |
Section 6
Successful Leagues in India

Large-scale commercialisation of sports while may not be profitable initially, would help channel
investments, benefiting the entire sports ecosystem
Premier Hockey Indian Premier

Indian Volley Hockey India Pro-Kabaddi Ultimate Table
League League Pro-Volleyball
League League League Tennis
(defunct) (cricket)
2005 2008 2011 2013 2014 2017 2019
2007 2010 2013 2013 2015 2018
Premier
Celebrity Indian Super Pro-Wrestling 3X3 Basketball
I-League Badminton
Cricket League League League League
League

120 |
Section 6A
The Indian Premier League

International cricket compared with commercial leagues
− The Cricket World Cup induces nationalism among the people & it is a pathway to start watching Cricket. Most people in India started watching
cricket after India won the 1983 World Cup.
− The ICC Men’s Cricket World Cup 2019 was an outstanding success across all measures due to the significant £353m it brought to the UK
economy. This makes it one of the biggest sporting events in the UK in recent history.
− The live coverage of the event reached a global cumulative average audience of 1,600m viewers whilst digital video content netted over 4.6bn
views, confirming the event’s position as one of the world’s most watched sporting events.
− Even though it brought £352.6m to the UK economy it is not as profitable as a commercialised cricket league like the IPL, which is a popular
cricket event all over the world even though it started after the Big Bash League. ICC Cricket
World Cup
Commercialised Cricket Leagues Commercialised Cricket Leagues ($ m)
6,100
450 371 240 225
IPL T20 Blast CPL PSL BBL
− The IPL is the most successful commercialised cricket league. The next big thing for it would be to make it similar to the UEFA, turning it into a south-
Asia-focused tournament like the UEFA. This would create a sporting environment with neighboring nations. UEFA is one of the reasons why Europe is
AR View united
− As we can see the valuation of IPL is more than 10x that of any other commercial T20 cricket leagues in the world
Source: Anand Rathi Investment Banking; Sportspromedia

122 |
Economics of the Indian Premier League (1/2)
Brand Valuation of IPL ($ m) Covid Impact on IPL
6,333 6,107
5,573 • No opening ceremony, costing ~$3m
4,587 • Winning prize reduced by 50%
3,667 • Overall sponsorship revenue went down by 10% for franchisees & ~$3m
2,840 lost in ticket sales
2,600
• Logistics & security cost doubled for every franchisee due to bio-bubble &
extra testing before every match
• In the absence of ticket revenue & past advertisers, many companies
redeemed the BCCI, preventing it from suffering losses
2014 2015 2016 2017 2018 2019 2020

• Revenue per match = ~$8m
• BCCI shares 50% of the central pool revenue with the
franchisees, who in turn contribute to most of its • Legal balls per match = 240
revenue
• BYJUs has been the biggest spender for ‘On Air’ • Revenue per legal ball = ~$35,000
advertising ($20m) • Star pays $7m per match for broadcasting
Central Pool Revenue How Franchisees Make Money
Major Contributors ($ m) 2019 2020 Amt. Amt.

Debit Credit
($ m) ($ m)
Media Rights 436 436 Team Purse 11 Revenue share from BCCI 27
Title Sponsor 59 30 Franchisee fees to BCCI 7 Income from Sponsors 5
Official Partners 16 16 Stadium Operation & Rent 1 Avg. Gate Revenue 3
Umpire Sponsor 4 4 Franchisee & Marketing 1 Licensing 1
Stategic Time out Partner 4 4 Travel Cost & Support Staff 1 On Avg. a franchisee makes
~$13m per Season
Ticket Sales 53 Other 1
Total 572 489 Total 22 Total 36
Source: Anand Rathi Investment Banking; msm.com; insidesports.com

123 |
Economics of the Indian Premier League (2/2)
IPL Team Brand Valuation (FY20) ($ m)
101 Addition of new

IPL teams in
81 2022
72 71
59
49
42
33
IPL Revenue* ($ m)
280
3x − Mumbai Indians is the most valuable IPL ($101m). It has won five IPL
240 tournaments & is backed by the wealthiest man in India, Mukesh Ambani
− The second highest valued IPL team is Chennai Super kings, winning four
191 tournaments & due to the star power of M S Dhoni
− Even after not winning a single tournament so far in the IPL, Royal
160
Challengers, Bangalore, is the 4th highest in valuation due to Virat Kohli, A B
133 Devilliers & Chris Gayle
120
107 107 − IPL revenue has grown 3x in nine years. In 2022 with two teams added,
93 ‘Lucknow Super Giants’ & ‘Gujarat Titans’, revenue is expected to increase at
80
much faster
− Since cricket is one of the most famous sports in the world, the IPL has
become a household name for India, England, South Africa & many more
cricket-loving countries
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
* Revenue for 2020 & 2021, distorted by the pandemic, is not mentioned
Source: Anand Rathi Investment Banking; thesportsgrail.com

124 |
IPL Auction
IPL Auction 2022 procedure
− The players in the

marquee set will − The segregation
− The total number be followed by of the sets has
capped players − After capped
of players for the − Overall there are been done per
− A group of ten based on players,
IPL auction 2022 62 sets player
marquee players specialisation uncapped players
have been divided altogether, which specialization.
will open the (batsmen, all- will be brought to
into different sets also includes the Capped &
auction rounders, the auction for
based on their marquee set. uncapped players
wicketkeeper- teams to bid
specialty will be alternated
batsmen, fast after a few sets.
bowlers, spinners.
Lowest & Highest Base price of IPL Auction

How much Budget each team gets
2022 ($ m)
− The lowest base price of any player during the

− Each franchise in the IPL gets a purse of ~$11m to assemble the team of domestic & international Indian IPL mega auction 2022 is $27k while the
players & foreign players (capped, uncapped, or the players from associate nations). highest base price is ~$260k. The 10 marquee
− Capped players are basically Indian players who have represented India seniors’ team in any format of the players have all been marked at ~$260k.
game at least once. Uncapped players are domestic players in the Indian first-class circuit who have never − Capped & foreign players generally set the
represented India. price closer to the ceiling whereas uncapped
− An IPL franchise doesn’t need to use all the money in the purse. However, as per the recent rules, they are Indian players set relatively lower base prices.
mandated to spend 75% of the purse which amounts to $8m. Each franchise can have a minimum of 18 to a
maximum of 25 players in the squad.
− The team squad can have a maximum of 8 foreign players of which only 4 foreign players are allowed to be
part of a Playing XI at any given point in time in the match. − Most Expensive player in IPL Auction 2022 was
Ishan Kishan worth $2m.
Source: Anand Rathi Investment Banking; republicworld.com; cricketmastery.com

125 |
IPL Media Rights
Media Rights Cycle (2023 – 2027) IPL Media rights over the years
X’ times increase
X’ times increase
X’ times increase
X’ times increase Vale Per match ($ m)
Annual Value: $1,175m (INR 9,678 Cr)

Total Value: $5,876m (INR 48,390 Cr)
Bundle A Bundle B Bundle C Bundle D
Total Value: $2,180m (INR 16,400 Cr)

Base price $2,417m $1,616m $192m $148m
Annual Value: $436m (INR 3,280 Cr)

1.3x 1.7x 2.2x 0.9x
Final price $3,143m $2,733m $433m $141m
Total Value: $1,093m (INR 8200 Cr)

Annual Value: $109m (INR 820 Cr)
‒ TV rights for ‒ Digital rights for ‒ Digital rights for ‒ TV, Digital rights
Indian Indian Indian for rest of the
Subcontinent Subcontinent Subcontinent World (All
(All games) (All games) (18 Matches) games) 114%
increase
Winners
300%
* increase 8
Rs236bn ($3.1bn) INR236bn ($3.1bn) Rs10.6bn ($141m)*
15
IPL Vs Global Leagues
5
7
IPL’s Media rights Value expected to IPL Media rights
2023 reach by 2027: revenue growing at 2
Value/match: 10% CAGR (2018-
Rs1bn ($15m) Rs2bn ($25m) 2022) Media Increase Media Increase Media
Rights in Media Rights in Media Rights
2008-17 Rights 2018-22 Rights 2023-27
Global Top Leagues Media rights value / match 2018-22 2023-27
Global Leagues Media Note: Assuming a constant exchange rate of 75 INR/USD
Rs1bn Rs800m rights revenue growing
($37m) ($11m) at
8% CAGR (2018-2022)
Source: Anand Rathi Investment Banking, moneycontrol.com

* The amount has been divided between these players based on the geography 126 |
Mega IPL Auction
Total Amount Spent by All the Teams in IPL Auction ($ m)
− A mega auction takes place after every 4 years

45% while IPL regular auction takes place every year
CAGR 74
as an IPL mini-auction.
58 − These Auctions are held to ensure that teams

get an opportunity to get the team balance as
well as it’s an opportunity for players, especially
35
Indian uncapped players, & foreign players to
enter the IPL.
− Each IPL team gets the opportunity to retain a

maximum of 4 players by a combination of the
RTM & Direct Retention.
2014 2018 2022
Budget of each team ($ m) Top Buys
12
11
Yuvraj Singh Ben Stokes Ishan Kishan

8
$ 1,900k $1,700k $2,000k
2014 2018 2022
2014 2018 2022
Source: Anand Rathi Investment Banking, ipl20.com, sports360.com

127 |
Section 6B
Pro-Kabaddi
Pro Kabaddi
About Vivo Pro kabaddi
• Pro Kabaddi is a ground-breaking initiative by Mashal Sports Pvt Ltd & Star
India Pvt Ltd ever since its inception in 2014
• The League has revolutionized the sport of kabaddi with stunning innovations,
making it an aspirational sport for players & fans alike
• Backed by The Amateur Kabaddi Federation of India (AKFI), & supported by

participating members of The International Kabaddi Federation (IKF) & The
Asian Kabaddi Federation (AKF), the league has grown tremendously over the
past seasons
• Pro Kabaddi now has unprecedented participation from various parts of the
country & is now seen as a viable career option by aspiring players in India &
abroad
Key People Managed By
Founder of Mashal Executive head of

Sports & PKL Mashal Sports &
Charu Sharma League Commissioner
of PKL
Anupam Goswami
Executive Committee
Member of NSDF
Anand Mahindra
Source: Anand Rathi Investment Banking; Pro Kabaddi Website

129 |
Pro Kabaddi League’s Commercial History
How PKL has grown in terms of sponsorship & Investments Prize money of first three positions by season ($ ‘000)
791 791
751
Season 1 Star Sports, which co-owned the franchise
(2014) league signs as title sponsor along with
other interested parties
Season 2 Star Sports recommits to the League as title

(2015) sponsor, investing $11m as part of the deal
237 237 237

Season 3 The League continues to grow. Team U
(Jan-Mar, 2016) Mumba’s sponsorship grows from $1m to 132
$2m
Season 4 In total PKL brings $18m from on-ground

(Jun-Jul, 2016) sponsorship after two seasons in the S1 S2 S3 S4 S5 S6 S7
calendar year
Season 5 Vivo Signs a $46m deal to become the title

(2017) sponsor, the biggest non-cricket deal in
Indian sporting history
Season 6 The PKL commands more than 70 central &

(2018-19) team sponsorships, with BKT Industries
signing with seven teams
Season 7 Key sponsor Dream11, Tata Motors &

(2019) Honda continue to sponsor the event,
despite the clash with the Cricket World
Cup
Source: Anand Rathi Investment Banking; viralvosports; proadda.com; kreedon.com

130 |
PKL is the second-most popular franchise-based sport in India after IPL
Teams Owners Most Expensive Player Bid

Title Sponsor
Rajesh V. Shah Mohammadreza Chiyaneh ($41k)
Kishore Biyani Abozar Mohajer Mighani ($40k)

Associate Sponsor
Kosmik Global Media Chandran Ranjit ($107k)
Radha Kapoor Sandeep Narwal ($80k)
Gautam Adani Ravinder Pahal ($99k)
Partners Parth Jindal Rohit Gulia ($111k)
Abhishek Bachchan Deepak Hooda ($73k)
Baldev Singh & Vishal Bhardwaj

Suresh Kotak & Family
Broadcast Digital Streaming ($80k)
Partner Partner
Nimmagadda Prasad, Sachin Tendulkar, Allu
PO Surjeet Singh ($100k)
Arjun, Ram Charan, Allu Aravind
Srinivas Sreeramaneni, Goutham Reddy

Sandeep Kandola ($79k)
Nedurmalli, Mahesh Kolli
Ronnie Screwvala Fazel Atrachali ($133k)
GMR Group Pradeep Narwal ($67k)
Source: Anand Rathi Investment Banking; Pro Kabaddi Website; khelnow.in; insidersports.in
131 |
League viewership
How each League’s share of viewership has changed since 2014
2016 2019
2014
ISL
9%
ISL
ISL
28%
30%
IPL
39% IPL
45%
IPL
PKL 52%
39%
PKL PKL
31% 27%
How Social Media following of each League has grown (‘000)
• The Pro-Kabaddi League has made kabaddi the

second-most watched game in india
6,490
4,030 • Though the 2020 games were postponed, there
has been some confidence that the PKL is now so
1,240
engrained that viewers will remain engaged
690
• PKL has also been more popular in sporting
189
competition followed in the country, behind the IPL
46 & the ISL
300
35
2 2019 2016 2014
Source: Anand Rathi Investment Banking; Viralvosports

132 |
Section 6C
The Indian Super League

Indian Super League
‒ The Indian Super League (ISL) is the men's professional top-tier football league in the Indian football system
‒ It is organised by the All India Football Federation (AIFF) & its commercial partner, Football Sports Development (FSD)
‒ The league currently comprises 11 clubs. Each season generally runs from November to March. At the end of the league stage, the team
with the most points is declared the Premier & presented with a trophy called League Winners Shield, & the top four clubs qualify for play-
offs. The season then culminates with the ISL final to determine the Champions who are presented with the ISL Trophy
‒ The league stage winners participate directly in the AFC Champions League & the ISL Final winner participates in the AFC Cup qualifying-
playoffs
‒ In 2020, Hero renewed its deal with ISL in a three-year agreement worth $21m
Market Value of the ISL Future plans of the ISL
The ISL is expected to implement promotion-relegation from the

2024-25 season, & the AFC-FIFA delegation had suggested that the
SC East Bengal,
7% league should expand to 16 teams before full promotion-relegation
Bengaluru FC, 11%
NorthEast United comes into effect.
FC, 8% That's five more teams in four seasons. At least two of them are to
Mumbai City FC, be via promotion
11%
FC Goa, 8%
Sponsors & Partners
Market
Value
Hyderabad FC, 8% ATK Mohun Bagan
$52m FC, 11%
Chennaiyin FC, 8%
Odisha FC, 10%
Jamshedpur FC,
Kerala Blaster FC,
9%
9%
Source: Anand Rathi Investment Banking; transfermarket

134 |
The All-India Football Federation (AIFF) is the organising body of ISL
President
Shri Praful Patel

(Ex-Union Minister, Civil Aviation)
Vice-Presidents
Subrata Dutta Subhash Chopra KM I Mather Larsing Sawyan

(Member of Board of U-17 (Indian politician)
Women’s World Cup)
Members
Deepak Sharma Ghulam Rabbani Lalnghinglova Hmar Sara Pilot Anjali Shah
(General Secretary, Himachal (Secretary, Jharkhand (Secretary, Mizoram (Chairperson, AIFF (CEO, PIFA
Pradesh Football Association) Football Association) Football Association Women’s Football Committee) Sports Pvt Ltd)
Source: Anand Rathi Investment Banking; aiff.com
135 |
Section 6D
Premier Badminton League

The Premier Badminton League
− The Premier Badminton League (PBL) is one of the top badminton leagues in the world. Its
playing field features the top Indian & international badminton talent in the world, including
Olympic & World Championship medal winners. Besides showcasing the best of international
& Indian talent, the tournament has been successful in widening the base of the game
− Indian badminton has a strong legacy from the past with players like Prakash Padukone &
Pullela Gopichand, who have put India on the global badminton map
− The Premier Badminton League has reached more than 100m badminton fans in India
through TV, on-ground activities, various social media & other platforms in the past five
seasons
− In the past few years, players like Lee Chong Wei, Carolina Marin, Victor Axelsen, Tai Tzu
Ying, Lee Yong Dae alongside Saina, Sindhu & Srikanth have participated in the league.
− There is no doubt that the sport is continuously growing & gaining popularity all over the
country.
Organizer & Governing body Key Leaders (Sportzlive)
Managing Director Executive Director

Atul Pande Prasad Mangipudi
(Ex-CEO, Ten Sports) (Mentor-Director, Chequered
Flags Sports Pvt Ltd)
Source: Anand Rathi Investment Banking; PBL.com

137 |
Sponsors & Franchises
Sponsors & Partners
− The League, which has Vodafone as

the title sponsor, besides Star India as
the official broadcaster, is believed to
be generating $3m-$5m in
sponsorship revenue
− The title sponsorship has been sold

for about $1,300k, ‘powered by’ has
been sold in the range of $700k-
$800k, while associate sponsors are
believed to be paying about $500k
− It also earns another $3m through

franchise fees from the nine teams, &
another $300k as gate revenue
− The franchises, in addition to earnings

Franchises from sponsorship, have been given
the rights to hold city badminton
leagues, which will allow them to earn
additional revenue. Each franchise is
also supposed to run an academy in
their cities
− Each franchisee had a purse of $300k

with maximum spending of $300k for
a player.
Source: Anand Rathi Investment Banking; PBL.com; Hindu.com

138 |
Top Three Players in every Sport
Cricket (Income from the IPL) Football (Income from their clubs)
Virat Kholi Rohit Sharma Ben Strokes Neymar Jr Lionel Messi Cristiano Ronaldo
($2m) ($2m) ($2m) ($53m) ($42m) ($34m)
Formula 1 (income) Tennis (Income)
Lewis Hamilton Fernando Alonso Max Verstappen Roger Federer Novak Djokovic Rafael Nadal
($38m) ($24m) ($19m) ($90m) ($40m) ($27m)
Golf (Income from the PGA tour) Badminton (Income including earnings, endorsements, etc)
Rory Mcilory Joh Rahm Dustin Johnson P V Sindhu Saina Nehwal Srikanth Kidambi
($4m) ($2m) ($2m) ($6m) ($5m) ($5m)
Source: Anand Rathi Investment Banking; celebritynetworth.com

139 |
Section 7
Grassroots Development, Key to Sporting Success

Countries which stand out have a strong sporting ecosystem in place - right from grassroots level support
which brings forth talent to focused training & financial assistance to help athletes excel
United States Australia China India
– The undisputed champions – Holds 0.3% of world – Ranked in the top 3 – Hopeful sporting power
in the Olympics having population, but corners consistently since 2000 in with incremental
Country
placed 1st in 10 out of 17 ~5% medal share1 concurrence with its improvement in infra &
Olympics since 1952 economic growth performance
– Robust system – Govt backed org. – State run program – Recently

enhancing the to help young with +400k implemented
Grassroots quality of athletes to balance students across grassroots plan
Programs sportsmanship training with their 3,000 sports
from early stages studies schools
– Commercialization – Sports colleges – Govt. programs – Participation from

of college sport with immense with heavy spends govt & pvt sector
Infra. & creating infra & success account on infra & not commensurate
Training sporting for 10% of ecosystem for with potential
ecosystem Australian athletes sporting success
Financial – Private – Private & Govt – Private & Govt – Private & Govt
Assistance Sponsorships Support Support Support
Unfavourable to Favourable
Source: News Articles; Anand Rathi Investment Banking; 1 Tokyo Olympics

141 |
The sporting arena is a projection of a nation’s economic power & the government is keen on improving our
international sporting outcomes. However, capital constraints limit public investment in sports infra
Key Schemes
– Apex body tasked with the objectives of

promoting sports & achieving sporting
excellence in domestic & international
games – Identifies Olympic medal – Tasked with developing sports – Fit India Movement to
– 10 regional centres with 23 sporting prospects at the grassroots level encourage people to remain
facilities focussed on identifying talent at – Foreign training, international – Targeted at youth to identify healthy & fit by including
different age groups in 14 priority sports competitions, equipment potential sportspersons physical activities & sports in
– Extends stipend of ~$650 per – Hosting, supporting & their daily lives.
athlete per month developing domestic
– 300+ athletes supported competitive games
across 13 sporting disciplines – Coaching, Sports Infra. Dev.
Identification & Training Structure Facilities Ministry Budgetary Outlays
India spends a third of the amount that UK

National Center of – Elite Athletes – Coaching & scouting camps across 14
National spends on their athletes & the allocation is
Excellence – National & priority disciplines & 11 other
Centers of spread thin across multiple athletes
(23) International Level disciplines in India
Excellence
– Training 9,000+ athletes
SAI Training – Operates 5 stadia viz. Jawaharlal Khelo India;

– 10 - 18 yrs. Admin &
Centers Nehru Sports Stadium, Indira Gandhi 47%
– Residential program Other; 26%
(67) Sports Complex, Major Dhyanchand
Stadia
National Stadium, Dr Syama
Mookerjee Swimming Pool Complex & $408 m
Extension – 10 – 18 yrs.
Dr Karni Singh Shooting Ranges Budget 2023
Centers of SAI – Non-residential
(30) program
– Equipment & – Mental 74% Sport;
Infra Conditioning
National Sports Ancillary – Coaching Coaches Autonomous Awards &
– 8-14 yrs.
Talent Contest – Nutritionists – Hostels Sporting Bodies & Encouragements;
– School level Other; 37%
(69) – Physiotherapists 16%
Source: News Articles; SAI Website; Anand Rathi Investment Banking

142 |
The National Education Policy (NEP), 2020 – Using Physical Education & Sports as pedagogical
tools
Ages
Pre-primary schools Fundamental movement &
− The National Education Policy, 2020, is the first education 3–8 skills development
policy of the 21st century & aims to address the many
growing developmental imperatives of our country
− As part of the National Education Policy (NEP), 2020,
implementation, sports education will be made part of the
Primary school 8 – 11 Multi-sports skills &
development
school curriculum
− NEP 2020 aims at a system of holistic education. At present, Sports proficiency - Sports
sports is considered an extra-curricular activity in schools & Middle schools 11 – 14 integrated learning in pedagogical
happen once or twice a week or after academic hours practices (and core subjects) to
− Under the new system, sports will become part-and-parcel of help develop the thinking
the school education system. The sports curriculum will be Secondary (cognitive), feeling (active) &
14 – 18 doing (psychomotor) faculties of
designed, depending on infrastructure in the school campus. schools
children.
Impact of Sports Programs
• Sports programs have been successfully used to improve

academic outcomes in public schools
• Sport has been used to engage meaningfully with children and,
Impact on peer relationship
hence, improve their classroom behavior
• As a result of these programs, attendance, discipline, attention
span & peer relationships have improved
• Sports or structured physical activity has helped socio-economic
disadvantaged groups to engage in the education process
Increase in overall attendance after

implementation of a sports curriculum Development in behavior & attention span
Source: Anand Rathi Investment Banking; Moneycontrol; Sportzvillage

143 |
‘Khelo India’, the government’s flagship sports program was begun to identify & nurture sporting talent at the
grassroots level, which is the key to unlocking the sporting prowess of India
Objectives
Flagship government Sports Sporting Competitions Scouting Training &

sports program Promotion Infrastructure Development
Key Points
− The Khelo India program attempts
to create an ecosystem through
developing infrastructure,
scouting & identifying talent,
which is further supported by way
of financial assistance
− Khelo India is rapidly expanding

its reach by setting up centres
across states, which would enable
identifying & recognising talent
from all corners of the country
− The program organizes yearly
competitive sports events, which
sees encouraging media
coverage (Star Sports, Hotstar)
− The games are used to identify &
support budding sportspersons
Source: Khelo India; News Articles; Anand Rathi Investment Banking

144 |
‘Khelo India’ Games covers ~17 sporting disciplines & provides opportunities for budding sportspersons to
display their sporting abilities
Youth Games
University
Games
School Games
Source: Khelo India; Anand Rathi Investment Banking

145 |
Roadmap to creating a robust ecosystem for sporting excellence in India
Schools District State National International
Identify Develop Enhance Excel
Grassroots focus on increasing participation Performance
Grassroots Athlete
Awareness Mgmt.
Awards /
Recognition
Opportunities
Competitions
Fitness Family Schools Community
Rewards
National Repository
of Sportspersons &
Feeder System
Ecosystem
Competition Access
Scientific Training
Health & Nutrition
Financial Support
Special Coaching
Sporting Bodies
Sporting Events
Talent Scouting
Infrastructure
Equipment
Equipment
Corporate
Media
Source: Anand Rathi Investment Banking; thebridge.in

146 |
Section 8
Augmenting Government Spending to Create a

Sports Ecosystem
Indian sporting legends have stepped up to improve the quality of training by setting up
academies across sports & locations
Key Points
− Top Indian sportspersons have set
up academies to support sports in
India
− The academies are either

specialised or provide multi-sport
Gopichand Badminton Mary Kom Regional Gun for Glory Anju Bobby George Abhinav Bindra
training & support, are at various
Academy Boxing Foundation Shooting Academy Sports Foundation Foundation
locations & are often funded by
Badminton Boxing Shooting Athletics Multi-Sport
donations, government support
through the Khelo India program
or through athletes’ prize
winnings
− The academies provide

infrastructure, equipment,
scientific training, participation in
competitions & other
opportunities to athletes
Successes
Prakash Padukone Bhaichung Bhutia Dola & Rahul Banerjee Jwala Gutta Academy Ashwini Sports
Badminton Academy Football Schools Sports Foundation of Excellence Foundation − Gopichand Badminton
Badminton Football Archery Badminton Multi-Sport Academy. Saina Nehwal, P
Kashyap, P V Sindhu among
others are notable alums
− Guns for Glory Shooting

Academy. Elavenil Valarivan,
Esha Singh, Shreya Agarwal
among other notable alums
− Joydeep Karmakar Shooting

Academy. Mehuli Ghosh, Abhinav
Shaw, Ankur Das
Usha School Yogeswar Dutt Joydeep Karmakar Olympic Gold Karnam Malleshwari
of Athletics Academy Shooting Academy Quest Foundation − Usha School of Athletics. Tintu
Athletics Wrestling Shooting Multi-Sport Multi-Sport Luka, Jishna Matthew

148 |
Private Participation in Enhancing Sports | Namdhari Sports Academy
1975-1977 1980-1985 2019-2020 Present
The 1975 World Cup In 1980, Namdhari XI won The Academy decided At present, there are 40
victory inspired the Head its first reputed to focus additionally on football trainees
of the Namdhari Sports tournament, the Jawahar football, the most between 10 & 17 years.
Academy to promote Lal Nehru Hockey popular sport in the They play other sports
hockey in his village. A Tournament, In 1985, world in 2019. In 2020, as well, like badminton
year later the local team, when Namdhari Seeds it signed on Marko on a & tennis, but at a
Namdhari XI, was formed. came into existence, it one-year contract. smaller level. The
In 1977, a hockey training spent enormous amounts Coach Marko is UEFA Namdhari Sports
centre was established at of money each year on the ‘B’ Level coaching Academy is affiliated
the village team license holder with The Indian Hockey
Federation
Infrastructure

149 |
JSW Sports | Inspire Institute of Sports
About the Institute Athletes across 18 states
Urban,
International coaches & Number of athletes at full ‒ Haryana: 49 10%
support staff capacity ‒ Manipur: 26
‒ Uttar Pradesh: 24
Nine from nine countries 300 ‒ Maharashtra: 11
‒ Karnataka: 11
‒ Punjab: 11 Rural,
60m X 60m Supporters & Partners
‒ Tamil Nadu: 9 90%
‒ Kerala: 6
Column-free combat hall 31
‒ Madhya Pradesh: 6
‒ Rajasthan: 3 44%
Full-time staff at IIS Campus ‒ Delhi: 2 Female
‒ Chandigarh: 2
56 42 acres ‒ Other: 8
Infrastructure
Source: Anand Rathi Investment Banking; IIS Annual Report

150 |
JSW Sports | Successful private endeavour in creating world-class athletes
Medals won in FY20-21 National & International Split
Judo, 4 26
Boxing, 8
54
12
Athletics, 26 9
6 5 6
Medals
Wrestling, 16
Gold Silver Bronze Gold Silver Bronze
National Int'l
Successful Athletes who trained at the Institute
Successes with Junior Athletes
Praveen Malik – Junior Asian Championship in Wrestling Pincky Balhara – Commonwealth Judo Championship in Judo
Praveen Chithravel – Federation Cup in Triple Cup Anju Devi – Khelo India Youth Games in Boxing
Rubina Yadav – Federation Cup in High Jump Gesu Rahangdale – Under 23 National Championship in Wrestling
Source: Anand Rathi Investment Banking; IIS Annual Report

151 |
Section 9
Annexure
Private sector currently largely sponsors sports through CSR donations. However, in the past few years
corporate for-profit investments has increased given the opportunity & visibility sports provides
Corporate CSR
CSR Spends
Spendson
in Sports
Sports($ m) Top Sports CSR Spenders - ’21 ($ ‘000)
Sports CSR % of CSR Spends

Key Points Reliance Industries 6,533
0.6% 1.0% 1.3% 1.7% 1.5% 1.2% 1.2% − Since 2013, the Tata Steel 2,133
government has
86
mandated CSR from GAIL 747
corporates to bridge the Hindustan Zinc 733 %
gap between public
JSW Steel
of Sports CSR
capital & infra 733
38 41 40 requirements MRF 480
24 − Sports is recognized as
19 Hatsun Agro 427
14 CSR spends. However,
8 the outlay on sports as Dhunseri Ventures 213
per cent of CSR is low
JSW Hydro Energy 173
− This has steadily risen
Nippon Life 173
over the years
Private-sector investment in sports has largely been not for profit.

There is a need, however, for corporates to commercialise various sports to create a sustainable sporting ecosystem
− Runs centers for 19 sports − Grassroots level support to many − JSW Sport is the sports arm of − Grassroots level support to
disciplines at the JRD Sports sports including cricket, football, the JSW Group budding footballers in Rajasthan
Complex, Jamshedpur tennis, table-tennis, basketball − Established in 2012, the company − Used as a tool to nurture talent &
− Academies for football, archery, − Co-owner of the ISL, Mumbai is associated with many sports support local children
athletics, hockey & sport climbing Indians, organizes tennis teams, including Bengaluru FC, − Has set up 12 centres
competitions with the Tata Group, Delhi Capitals & Haryana Steelers
− Success: Deepika Kumari − Residential program with high
operating the Table Tennis
Jayanta Talukdar, Atanu Das, etc. − Operates the Inspire Institute of quality & technology-enabled
League
represented India at the Olympics Sports to nurture athletes coaching
− Neeta Ambani, is also on the
board of IOC

153 |
Rising health consciousness & increase in leisure sports provides significant opportunities across sports
goods & apparel, sporting retail & related services
India Physical Wellness Index, 2018

Key Points
Peer Influence; 1.2
− In 2018, ICICI Lombard created a
Personal Goal; 5.9 Compliments; 2.9 Emulate Idols; 0.9
Unhealthy Eating Patterns; 0.8 wellness score based on a survey
Healthy Body & Mind; 0.9
Physical & Mental Health; 5.1 of ~2,300 consumers which
Nutrition Advice; 1.4
Illness can be Expensive; 3.3 determined India’s state of
Medical Prevention; 1.4
Preventing Illness; 1.5 Unhappy with Weight Gain; 2.4
wellness index at 58.3
Creating a Routine; 2.8
Stress Free; 2.8
Regulating Diet; 1.3 − While awareness is significant,
Healthy Lifestyle; 2.7 Influence Fitness Center Close By; 3.4 the index indicated that
13.6
Action Jogging Park Nearby; 1.9
infrastructure is a hurdle
17.4
Being Energetic; 3.0
Understanding Well Equipped Fitness
19.8 Center; 0.9
− Subsequently in 2020, ICICI
Wellness Score
Long life; 3.3 Infra. Lombard re-conducted the survey
58.3 7.5 Look for Fitness Amenities
Around Office; 0.2 with India’s Wellness index at 66
based on survey of 3,000+
India Total Wellness Index, 2020 participants
Weights
Physical 41% − The index movement between

73
2018 & 2020 indicates better
Mental 66 21%
infrastructure for physical
Family 63 19% wellness
Wellness Score
66 Financial 50 10%
Workplace 53 6%
Social 60 3%
Source: ICICI Lombard Wellness Index, 2018 / 2020; Anand Rathi Investment Banking
154 |
Section 10
Sports Company Profiles

“PART B” of this report contains detailed profiles of 160+ sports company profiles categorized across -
- Sporting Goods & Equipment - Sports Media

- Sports Apparel - Sports Schools
- Nutrition & Consumer Health - Sports Academies
- Fitness Centers - Sports Management
- Online Gaming - Sports Franchise
This will be available on request.
Please contact us at atulthakkar@rathi.com for more details

Thank You
Atul Thakkar Abhishek Sundaram Yash Shah Shrey Agarwal Naitik Reshamwala
atulthakkar@rathi.com abhisheksundaram@rathi.com yashshah1@rathi.com shreyagarwal@rathi.com naitikreshamwala@rathi.com
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Business of Sports - Anand Rathi Advisors - Part A

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Business of Sports - Anand Rathi Advisors - Part A

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Private & Confidential

The Business of Sports

Section 1 Executive Summary 4

Section 3 Transactions in the Sports Sector 18

Section 4 Sector Overview | Sub-segments of the Sports Sector 23

Section 4A - Sports Media 24

Section 4B - Sports Goods & Equipment 32

Section 4C - Sports Apparel 37

Section 4E - Sports Nutrition 46

Section 5 Global Sporting Events 50

Section 6 Successful Leagues in India 119

Section 7 Grassroots Development, Key to Sporting Success 140

Section 8 Augmenting Government Spending to Create a Sports Ecosystem 147

Section 9 Annexure 152

Section 10 #Part B – Sports Company Profiles - [160+ Company Profiles] 155

Key Indian Players

Source: Anand Rathi Investment Banking Research

The Sports Sector

Sports Apparel &

Anand Rathi View

The Opportunity & Challenges

India’s Economic Growth Infrastructure

Favourable Demographics Lack of Financing

Internet Penetration Taxation

Access to Financing Governance

Source: Anand Rathi Investment Banking

Commercialisation of Heightened fitness Increase in Higher share of women in

Infrastructure Sports Clubs Sports Sports Sports Positive

Sports Clubs & Nutrition Sports Event & Sports Advertising, PR

Source: Anand Rathi Investment Banking

Largest potential Youngest population Further decline as more

Fastest growing ~2x growth in

IN CN GB US CA FR BR DE JP 2021 2022 2023 2024 2025 2026 2027

Source: 1 United Nations; 2 IMF

Football, 3% Hockey, 2% Others American Football Athletics, 18% Rugby, 3%

Cricket Baseball Basketball Tennis, Rugby

I II III IV V Key Points

‒ Football in India is supported

Australia Football Rugby Cricket Basketball Tennis

Source: News Articles; Anand Rathi Investment Banking

Successful commercialisation of sports leagues beyond cricket indicates changing preferences

Source: News Articles; Anand Rathi Investment Banking

Sponsorship Spends by Type ($ m) Sponsorship Spends by Sport

715 853 973 1,035 1,215 786 Cricket Football Others

Broadcasting Rights ($ bn) Key Takeaways

Commercialising sports packaged as entertainment creates a virtuous cycle of viewers,

Sports Interest v/s Participation Alternative Career Options in Sports

Interested in Sports Participating in Sports Sports Analytics,

USA 35% 75%

China 30% 65%

India 1% 62% Sports

Family Support to Pursue Sports as a Career Key Takeaways

Source: GroupM; FICCI; Anand Rathi Investment Banking

India Internet Penetration Size of Online Sports Viewership in India 1

Unique Visitors (in mn) % Reach Viewership in m

Viewership Demographics Key Points

Source: 1Comscore, % reach for Q1 2021

The Potential The Market The Outcome

India’s Economic Growth Globally ~$300bn market Job Creation

Favourable Demographics Entertainment Healthier Society

Internet Penetration Consumption of Sports Goods Societal Benefits

Access to Financing Consumption of Sports Services Sporting Powerhouse

Anand Rathi View | The future of the IPL