15 April 2008
Indian Premier League (IPL) Participate in a media property of the future – India Cements Ltd
Yasmin Shah (+91-22-6639 9175)
[email protected]
Dhaval Parekh (+91-22-6639 9128)
[email protected]
Nitesh Momaya(+91-22-6639 9181)
[email protected] 1
Opening doors to the next big media movement Indian Premier League ushers in a new era of marketing of sports in India. We take this opportunity to analyze IPL and compare it with leagues like EPL and ICL (Indian Cricket League). IPL- already a US$2bn property, is essentially an attempt to sell cricket as a reality show. Creation of club culture – would be key to its success. Nevertheless IPL provides a new entertainment genre which cuts across classes. Some of the franchisee would look at IPL as a means to promote their brand (UB group) while the others would look it as a financial investment e.g. (India Cements). The concept is yet to evolve and revenues streams though difficult to predict would be numerous. Our belief is that the three successful teams could easily do revenues of Rs3bn per year in the next three-four years and all the teams are likely to turn profitable after twothree years. Their OPMs could range from 15-20%. Value unlocking for teams would happen through listing and P/E participation. The world over, average teams like Tottheham Hotspurs are trading at a 1.5X sales while a successful team like Manchester have been sold for 2-5X sales. Investors looking for an exposure to IPL should look at investing in India Cements Ltd. We believe that the company would be EBIDTA positive in the first year. On conservative basis, it is likely to earn a turnover of Rs3bn from IPL in the next three-four years. Assuming a m cap/sales multiple of 2X, the value per share would be Rs20.
2
Key features of IPL
The Indian Premier League or IPL is a 20-20 format cricket tournament. This league was formed by the Board of Cricket Control of India (BCCI) and sanctioned by the International Cricket Committee (ICC). IPL has been conceived on the lines of the English premier league, where local football teams with a defined fan base (supporters) play against each other.
The idea behind IPL is to sell cricket as a high involvement reality show that would appeal to all audiences. IPL has eight teams sold to franchises for perpetuity. These franchises can run the league in their individual styles and can raise resources from the primary market. The teams have been capped at 10 – with one at the end of every three years.
SONY-WSG has bagged broadcasting rights for 10 years for US$918mn, excluding marketing for US$108mn.
The franchise amount collected is US$724mn, with each of the clubs being sold for US$67-112mn, depending on the city.
Besides acquiring teams, each of these franchises has spent US$6-7mn on acquiring players for their teams.
A total of 59 matches, including finals and semi–finals will be played in this season. (56 league matches plus two semi finals and one final). 7 matches are to be played on the home ground.
Its final leg will be called ‘Champions Twenty20 League’ and all the finalists from across the world will play in it. The champion team will get US$5mn – the highest ever price money in a cricket event. TVRs in India for International Cricket in India 2007
25
ESPNStar Sports
5
NEO Sports
10
ESPNStar Sports
15
ESPNStar Sports
20
0 ICC world Twenty 20 Average tournament
ICC world Twenty 20 India matches
“The key brand values of Twenty20 and the IPL e.g. Modern, Racy, Engaging, Fresh, Accessible – allied to the traditional values of cricket e.g. Reliable, Honest, Traditional, Gentlemanly - make for an extraordinarily and compelling mix for brands”.
India vs Pakistan English vs India ODI series average Test series average
Source: IPL
“In England, where it was first introduced in 2003, Twenty20 has resuscitated a moribund domestic game, packing stadiums on summer evenings" The Economist, September 22nd 2007
3
The broadcasting angle
The BCCI created history when it sold television rights of this yet untested format to Sony–World Sports consortium for US$1.02bn.
However, of this US$1.02bn, US$108mn is to be spent by Sony on promoting the event over the next 10 years. This brings down the actual cost to US$918mn.
Of this US$918mn, Sony has to pay US316mn for rights of broadcasting for the first five years, and then pay US608mn – if this format has been remunerative in the first five years.
In the first year, payouts are not dependent on TRPs. However, TRPs would drive payouts from the second year. The franchisee have a share of 80% in the first year decreasing to 60% in the fifth year of broadcasting rights and the balance would go to IPL. There is an overall cap of US$918mn on the rights which can be shared with the franchisees.
Cash flows for Sony Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Ad inflows
2725
3134
3604
4144
4766
5243
5767
6344
6978
7676
Promotions
432
432
432
432
432
432
432
432
432
432
Outflows
2448
2448
2448
2448
2448
4896
4896
4896
4896
4896
P/L
-155
254
724
1264
1886
-85
439
1016
1650
2348
Rs mn
Source: Company, Alchemy
4
Minimum cash outflows for franchises Owners
City
Price paid for team franchise (US$ mn)
Cash outflow per year (US$ mn)
Price of Players (US$ mn)
Team cash outflow per year (US$ mn)
Deccan Chronicle
Hyderabad
107
10.7
6.0
16.7
India Cements
Chennai
91
9.1
6.2
15.3
UB Group –Vijay Mallya
Bangalore
111.6
11.2
5.7
16.9
Emerging Media
Jaipur
67
6.7
3.6
10.3
GMR Group
Delhi
84
8.4
6.4
14.8
Preity Zinta/Ness Wadia/Burman
Mohali
76
7.6
6.6
14.2
Reliance – Mukesh Ambani
Mumbai
111.9
11.2
5.4
16.6
Shah Rukh Khan/ Juhi - Jay Mehta
Kolkotta
75.0
7.5
6.2
13.7
Source: Alchemy
5
What comes in and goes out? Revenues
Expenses
World over, any league has three main sources of income namely media receipts, gate receipts and sponsorships. Under IPL, these three streams are categorized under central and local. Central revenues are through IPL. Central
Team franchising costs – A franchisee has to pay 10% of total franchisee costs every year to IPL. Assuming that a team is bought by a franchise at US$100mn – it would have to pay US$10mn per year to IPL.
Media rights – To be shared equally amongst franchises after removing IPL’s share.
Sponsorship rights (IPL sponsors) – 60% of the amount collected to be distributed equally amongst the franchises.
Marketing costs – Each franchise is expected to incur a marketing cost of US$3-4mn for promoting its team.
Local
Player costs – Franchisees have acquired players at a total cost of US$4-6mn per year. This includes cost of managers and coaches. Each franchise has 18-22 players who are tradable after a year. The players have a three year contract with the franchise.
Sponsorships – Team sponsorship revenues are the most variable and are dependent on the marketing skills. For example, teams like India Cements have marketed their teams based on the format of IPL – where sponsorships are sold on categories. ICL’s main sponsor is Aircel. In contrast, the other team of Deccan Chronicle will have team partners. These partners will have ownership of the team. For example, in case of an entertainment partner, anything to do with entertainment from cheerleaders to fours and sixes will be seen by that party.
Stadium expenses – The franchises have to contract stadiums for seven matches at BCCI agreed rates. On an average, the expense is Rs2.5mn per match. Other expenses management.
like
administration
and
event
Gate receipts – Are anticipated to be a major source of revenues. 20% of tickets are to be allocated to IPL.
6
P&L of a franchise - The business of sport Rs mn
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Income Media rights (% share)
80
80
70
70
60
60
60
60
60
60
245
245
214
214
184
367
367
367
367
367
72
72
72
72
72
144
144
144
144
144
154
200
260
338
440
528
633
728
838
963
31
46
69
104
156
172
189
208
228
251
50
80
104
135
162
178
196
216
238
261
Lead sponsor
150
180
216
432
497
571
857
943
1037
1348
In stadia advertising
100
150
210
263
315
362
417
479
551
634
Licensing programme
20
40
46
53
61
67
74
81
89
98
Merchandising
30
50
58
66
76
84
92
101
111
122
Appearances
50
70
95
123
154
184
221
265
318
366
902
1133
1344
1800
2116
2657
3190
3532
3921
4555
Global media rights Sponsorships (IPL) Other sponsorships Gate receipts Ticket sales F&B Team sponsorships Shirt sponsorship
Total Expense Franchisee costs
400
400
400
400
400
400
400
400
400
400
Player acquisition
240
312
406
608
791
1028
1542
1851
2221
2887
Marketing
120
150
188
234
293
337
387
426
490
564
Administration
80
96
115
138
166
191
219
252
290
334
Event management expenses
20
23
26
30
35
40
46
53
61
70
Stadium management
1.8
2
2
3
3
4
4
5
5
6
Total
862
983
1137
1414
1688
2000
2599
2987
3468
4261
40
150
207
386
428
658
590
545
453
294
OPM
4%
13%
15%
21%
20%
25%
19%
15%
12%
6%
EBIT
40
150
207
386
428
658
590
545
453
294
Operating profit
Source: Alchemy
7
Assumptions for our model
80% media rights will be paid to the franchises in equal proportions and 20% will be based on final league positions. However, in our model, we have assumed them to be distributed, equally.
The media rights accrue to teams in the formula, with a re-pricing after five years as per the Sony-WSG contact.
For central and team sponsors, we have assumed renegotiation of contract every five years and three years, respectively, in keeping with the nature of deals signed by most teams.
Team costs are amortized over 10 years.
Since players are contracted for three years, we have assumed a renegotiation in salaries after it.
Player acquisition cost is assumed to increased at 30% per year.
We have not assumed any trading of players.
We have not assumed any debt in the financing of the leagues. Further, interest on working capital loans would not be significant hence we have not considered the same. The asset is likely to be treated as an intangible asset.
The franchises will receive the following share of central revenues Television revenue
Sponsorship revenue
Time period
Share (%)
Time period
Share (%)
Year 1
80
Year 10 onwards
60
Year 2
80
Year 11 onwards
50
Year 3
70
Year 4
70
Year 5-10
60
Year 11 onwards
70
Source: IPL
8
India Cements Ltd - An opportunity to play on IPL Year 1
share (%)
Rs mn
Revenues thru IPL
Revenues
The matches are to be held at the Chidambaram stadium in Chennai which have a capacity of 50,000. 20% of the tickets would be offered to the local cricket associations for use of the stadium for seven league matches .
We have assumed 80% capacity utilization for matches and average ticket prices of Rs500. We have assumed the collection to be about half of that in a normal ODI .
Aircel is its lead sponsor, who has paid Rs150mn for it. Sponsorship includes cap, leading arm, shirt center, six in- stadia boards.
Of the total 72 in-stadia boards, a sixth are available to the local franchises. Of the 12, 6 would go to main team sponsor.
The remaining boards are expected to generate ~Rs0.8mn per board.
Besides playing matches for teams, players are also contracted to make appearances for the franchises for 10 days and eight hours a day .
Broadcasting rights SET
60%
275
Other sponsorships
70%
69
100%
13
Pouring sponsors
357
Total Team sponsors Main sponsor
150
Co-sponsors
50
Cheer leader, mascots
30
Merchandising
20 250
Total Gate receipts Total revenues
80%
128 735
Expenses Franchisee
360
Team
240
Advertising
70
Admin
60
Total
730
Net profit/loss Source: Company, Alchemy
5
Expenses
The franchisee has spent Rs240mn on acquiring its team including players, manager, coach and physiotherapists.
The marketing expenses for events including local and national advertising are assumed at Rs70mn.
Conclusion
On conservative basis, India Cements is likely to do turnover of Rs3bn from IPL in the next 3-4 years. Assuming mcap/sales multiple of 2X, the value per share would be Rs20.
9
International perspective
We have analysed the business models of various clubs from the English Premier League like Tottenham Hotspurs, Liverpool and Arsenal.
These clubs usually own their stadiums and invest heavily into modernizing/constructing stadiums and training their teams.
Most of these leagues are more than 100 years old and have a strong and established local fan base.
These clubs also have high community involvement and offer training facilities for upcoming players and children in the area.
However lately some league matches have been telecast with players and teams finding support overseas in countries like China and the Middle East.
Growth in revenues is largely dependant on the on field performance of the teams, nevertheless all teams have had positive EBIDTA
Recently some of these leagues have been sold/ bought by individuals. The valuations received by these leagues depend on their success on field and from 1.5X to 5X sales.
Source: IPL
10
EPL – A case study Structure of EPL EPL has 20 teams and its top five teams qualify for the European cup.
IPL versus EPL
In IPL, media revenues for all teams would be almost EQUAL, internationally they vary depending on the success of the league.
Gate revenues in IPL are largely dependent on stadium capacity and purchasing power of city. They are expected to vary between Rs200-Rs5,000 premium seating. 20% of tickets will go to IPL. Internationally, most of these teams own stadiums.
However, though this revenue break-up is similar across most clubs, the depending on the popularity of the club the amount differs significantly.
The club culture already existed in the West. In India, it is yet to develop. This would be a litmus test for IPL’s success.
The total revenues of three of the total 20 clubs are given below:
Trading of players in IPL to start from year 2.
We analyzed a few of teams and found that ~35% revenues are from gate receipts ~30% from media ~25% from sponsorships
Arsenal- £177mn Tottenham -£103mn Revenue break up for Tottenhan Hotspurs
Birmingham City -£40mn 7
Concept of trading players - Trading of players is another big source of income for teams. Sometimes, it can also result in a loss.
6
33
29
25
Gate receipts
Sponsorship
Media and broadcasting
Merchandising
Others
Source: Company, Alchemy
11
Case study 1: Tottenham Hotspurs
Totteham was not the top rated club but it entered the top five in 2006 and qualified for the European Cup.
This had a positive impact on its revenues from 2007 which increased by 28%. The main jump was in gate receipts which were up 43% as the clubs earned a revenue share from its international games. There was also a 25% increase in its sponsorship revenues which is attributed to its increased popularity on an international level.
On the operational front, the margin jumped from 6% to 31%.
It has to be noted that even in a bad year, the company’s OPM was always positive.
The debt for CY07 was £40mn, implying debt to equity of 0.83:1
in £ mn
2003
2004
2005
2006
2007 120
Revenues
7.05
100
Gate receipts -Premier league Gate receipts Cup competitions Sponsorship Media and broadcasting
16.4
16.3
16.8
17.4
18.0
1.4
3.4
4.2
0.14
12.7
60
13.6
14.4
14.2
15.7
25.4
40
24.7
23.8
25.4
28.6
33.7
Merchandising
5.2
3.8
4.9
5.1
7.0
Others
4.9
4.3
4.7
6.9
6.0
66.5
66.3
70.6
74.3
103.6
-0.3
6.1
5.0
28.2
Total revenue Growth (%)
80
20 0
4.99
5.18
33.73
23.89
25.48
28.68
25.42
14.59 17.93
14.24 21.86
15.73 17.57
30.89
2005
2006
5.26
3.84
24.75 13.68 17.94 2003
Total gate receipts
2004 Sponsorship
Media and Broadcasting
2007 Merchandising
Expenses Staff costs
38.0
34.5
33.1
40.6
43.8
Other operating costs
14.8
20.3
22.7
28.9
27.3
Operating profit
13.6
11.5
14.7
4.5
32.4
17%
21%
6%
31%
18.6
10.9
12.7
11.7
2.2
2.6
1.7
1.8
2.2
19.0
-7.6
-1.0
0.1
-9.4
11.1
OPM(%) Amortisiation Depreciation of tangible fixed assets Profit / loss
Source: Company, Alchemy
12
Case study 2 : Arsenal
Arsenal is one of the most successful football clubs in UK .
The company has three divisions – Arsenal property development, Arsenal men's league, Arsenal women’s league.
For their football division, the overall revenues were up 25% in 2007. The gate revenues saw a 51% growth – attributed to the team shifting to a new stadium. While the older stadium had a capacity of ~ 40,000, the new stadium has a capacity of almost 60,000 and therefore gate revenues rose from £44mn to 90mn.
Its merchandising or retail revenues contribute 7% to sales due to its popularity.
The operating margin was 34%.
The debt for CY07 was £340mn, implying debt to equity of 2.5:1.
in £ mn
2003
2004
2005
2006
2007
Turnover (from football) Gate revenues
27.9
33.7
37.4
44.1
90.6
broadcasting
51.8
59.7
48.5
54.8
44.3
8.5
6.8
8.3
10.2
12.0
15.5
14.1
20.7
22.8
29.5
Retail Commercial Player Trading
0
0.5
0.0
0.1
0.5
Total revenue
103.8
115.0
115.4
132.6
177.7
10
0
13
25
Growth (%)
Staff costs
60.5
69.8
66.0
82.9
89.7
Other operating Charges
22.0
22.8
27.6
37.7
28.4
Operating profit
21.2
22.2
21.8
11.9
60
19
19
9
34
20.6
22.0
16.9
17.7
44.6
103.1
114.8
110.5
138.4
162.7
0.6
0.2
4.9
-5.8
14.9
OPM(%)
Total revenue Profit/ loss
Source: Company, Alchemy
12.06 10.22 6.89
8.39
59.78
48.59
15.58 27.91
14.31
20.7
33.77
37.4
44.1
2003
2004
2005
2006
8.53
51.8
Gate revenues
Expenses
Depreciation and Amortization
200 180 160 140 120 100 80 60 40 20 0
Commercial
44.31 29.52
54.87 22.8
Broadcasting
90.61
2007 Retail
13
The Indian Cricket League (ICL): The underdog
Launched by Subhash Chandra in May 2007, ICL is a unique concept in cricket after Zee was not able to secure rights of the World Cup 2011.
ICL initially had six teams which have now increased to eight (over 200 players). All these teams were owned by Subhash Chandra unlike the eight teams in IPL owned by different franchises.
The investments in ICL are in excess of Rs1bn .
ICL is scheduled to have four tournaments in an year, of which three are televised events while IPL has only one season.
ICL has evolved despite several constraints like unavailability of venues and professionals associated with ICC.
The first season was telecast on Zee Sports and was held in one venue.
The second season was more successful as ICL was able to secure three venues for 24 matches. ICL was able to telecast matches on Zee Sports and Ten Sports. Other telecasters include Geo Super in Pakistan, Astro & Telkom Malaysia, Starhub in Singapore, Showtime Arabia in Middle-East, Zee Sports in USA & Canada and Zee Cinema in United Kingdom & Europe. Global rights have been sold for US$10mn.
Besides, the second tournament was able to garner good sponsors. Edelweiss was the title sponsor with Rs150mn (for ten years) while JVC, Aircel, Vodafone and Intel were associate sponsors.
Stakes in teams like Kolkotta and Lahore have been sold to Mithun Chakraborthy and Moammar Rana, respectively.
It had a TVR of 1.2. Its revenues till date have been Rs750mn and is expected to break even in FY09E.
14
Impact of IPL on other media TV GEC
IPL is scheduled to be telecast in the most sought after prime time slot of 8-11 pm. Currently, this slot is the most popular among housewives for soaps aired on general entertainment channels (GECs) like Star Plus, Zee and Set.
Most homes in India are single TV homes and it is likely that IPL will cause a dent in the ratings and revenues of other GECs.
Not only will the Hindi GECs face problems, even regional channels which hitherto did not face competition from national level reality shows are likely to take a big hit. Channel
Genre
Average TRPS
Zee
Soaps + Rock and Roll family
5 - 5.5
Star
Soaps + Paachvi Pass (SRK)
4-5
Chak De Bacche+ Reality
0.7 - 1.35
Mythological + Drama
1.25 - 2.12
9X NDTV Source: Industry
Box Office
Besides impacting TV ratings, IPL fever could have a negative rub off on the revenues of movies at the box office. Some of the moves expected to be released in the IPL season are U Me aur Hum, Tashan, Krazzy 4 and Bhootnath.
But IPL is in talks with Multiplex operators to telecast the semi-finals and finals. No decision on the same has been reached.
15
Should one have an exposure to IPL?
The franchises are to be treated as a media property generating money over long time. The first season would be most crucial as it would be a test whether there are takers for city rivalry.
Since, the 20-20 format has resurrected cricket in countries like England, the chances of it failing in India are low.
ICL, promoted by Subhash Chandra, has completed two seasons successfully despite a quiet marketing and constraints like availability of two-three stadiums only (which are not with BCCI). The finals generated a TVR of 1.1 while most of its other matches generated TVRs of 0.7-0.9.
Amongst listed players, India Cements, Deccan Chronicle and Reliance Industries have exposure to IPL. Our study of India Cements shows that the company would have a cash break even in the first year itself.
Most of these companies would look at listing its franchises in the next three-four years.
Our analysis shows that the there would be at least two to three successful teams. On a conservative basis, the teams can earn annual revenues of Rs3bn in the next three years and OPMs of 20-25%. Successful teams can fetch a valuation of 2-5x sales.
The downside risks include teams not performing like India’s early exit in the World Cup 2007. However, in the IPL format, as all franchises are guaranteed to play the full league season and there is no marketing risk associated with early elimination. The top Indian and international players are distributed among all teams and hence they will participate in semi final and finals. This is expected to ensure that IPL has audiences across the world interested in it till the very end.
We have taken India Cements Ltd as a case study. We believe that the company would be EBIDTA positive in the first year. Investors looking to have an exposure to IPL should look at investing in India Cements Ltd. On conservative basis, India Cements is likely to do turnover of Rs3bn from IPL in the next 3-4 years. Assuming mcap/sales multiple of 2X, the value per share would be Rs20.
16
Growth in International Leagues Franchisee
Owner
Year bought
Value when bought (in $ mn)
2007 revenue
Value in 2007 (in $mn)
CAGR (%)
Top 5 Major League Baseball Franchises New York Yankees
George Steinbrenner
1973
10
302
1200
15
New York Mets
Fred Wilpon
2002
391
217
736
13
Boston Red Sox
John Henry & Tom Werner
2002
380
234
724
14
Los Angeles Dodgers
Frank McCourt
2004
355
211
632
21
Chicago Cubs
Tribune Corporation
1981
21
197
592
14
Top five National Football League Franchises Dallas Cowboys
Jerry Jones
1989
150
242
1500
14
Washington Redskins
Daniel Snyder
1999
750
313
1467
9
New England Patriots
Robert Kraft
1994
172
255
1199
16
Houston Texans
Robert McNair
1999
700
225
1056
5
Philadelphia Eagles
Jeffrey Lurie
1994
185
224
1052
14
Top 5 National Basketball Association Franchises Toronto Maple Leafs
Bell Globemedia
2003
224
119
332
10
New York Rangers
Cablevision Systems
1997
195
109
306
5
Detroit Redwings
Michael Illitch
1982
8
89
258
15
Dallas Stars
Tom Hicks
1995
84
89
248
9
Philadelphia Flyers
Comcast-Spectator
1996
150
88
246
5
Source: IPL
17
Teams - Annexure I DECCAN CHAREGERS
CHENNAI SUPER KINGS
ROYAL CHALLENGERS
RAJASTHAN ROYALS
PLAYERS
PLAYERS
PLAYERS
PLAYERS
Andrew Symonds
M.S. Dhoni
Rahul Dravid
Mohd Kaif
R.P. Singh
Jacob Oram
Jacques Kallis
Yousuf Pathan
Rohit Sharma
Albie Morkel
Anil Kumble
Graeme Smith
Adam Gilchrist
Suresh Raina
Cameron White
Shane Warne
Shahid Afridi
Muralitharan
Zaheer Khan
Munaf Patel
Herschelle Gibbs
Matthew Hayden
Mark Boucher
Younis Khan
V V S Laxman
Stephen Fleming
Nathan Bracken
Kamran Akmal
Chaminda Vaas
Parthiv Patel
Dale Steyn
Justin Langer
Scott Styris
J. Sharma
Praveen Kumar
Shane watson
Nuwan Zoysa
Michael hussey
Shivnariane C
Sohil Tanveer
Chamara Silva
Makhaya Ntini
Wasim Jaffer
Dimitri Maskerenhas
Halhadar Das
Sudeep Tyagi
Misbah-ul-haq
Morne Morkel
Kalyankrishna
Srikkanth Anirudha
Ross Taylor
Ravindra Jadeja
Pragyan Ojha
R Aswin
Abdur Tazzak
Taruvar Kohli
Ravi Teja
S. Badrinath
Balachandra Akhil
Pankaj Singh
Venugopal Rao
Napolean
KP Appanna
Anup Revandkar
Vijaykumar
Shabad
Jagadeesh Arunkumar
Legend
Arjun Yadav
Abinav Mukud
Sunil Joshi
Bowlers
Lakshmipahy Balaji
Vikrant Kohli
Batsmen
Devraj Patil
All rounders
Bharat Chipli
Wicket keepers
Shreevatas Gosawi Vijay Kumar
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Teams - Annexure I DELHI DAREDEVILS
KINGS XI PUNJAB
MUMBAI INDIANS
KNIGHT RIDERS
PLAYERS
PLAYERS
PLAYERS
PLAYERS
Virender Sehwag
Yuvraj Singh
Sachin Tendulkar
Saurav Ganguly
Gautam Gambhir
Irfan Pathan
Sanath Jayasuriya
Ishant Sharma
Manoj Tiwary
Brett Lee
Harbhajan Singh
Chris Gayle
Mohammed Asif
K. Sangakkara
Robin Uthappa
B. McCullum
Daniel Vettori
S. Sreesanth
Shaun Pollock
David Hussey
Dinesh Karthik
M. Jayawardene
Lasith Malinga
Murali Kartik
Shoaib Malik
Piyush Chawla
Loots B
Shoaib Akhtar
Glenn McGrath
Ramnaresh
Ashwell Prince
Ricky Ponting
A B de Villiers
Simon
Dilhara Fernando
Ajit Agarkar
T. Dilshan
Ramesh Powar
Abhishek Nayyar
Umar Gul
Farveez Mahroof
Luke P
Manish Pandey
Tatenda Taibu
Rajat Bhatia
James Hopes
Ajinkya Rahane
Siddharth Kaul
Brett Geevs
Ajitesh Agral
Pinal shah
Iqbal Abdulla
Shiikar Dhavan
Kyle Mills
Yogesh Takawale
Salman Butt
Mahesh
VRV Singh
Saurabh Tiwari
Mohd Hafeez
Mithum Manhas
Tanmay Srivastava
Ashish Nehra
Pradeep
Karan Goel
Luke Ronchi
Mayak
Uday Kaul
Legand
Bowlers Batsmen All rounder Wicket keepers
19
Schedule of matches - Annexure II
Source: IPL
20
Disclaimer
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91-22-6639 9134
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