Miroma Sport, part of Miroma Ventures, the UK-based media and leisure investment and management business, has secured the global licensing and merchandising rights to Indian Premier League (IPL) cricket team Kings XI Punjab.
The 6 year deal worth $50 million will see Miroma Sport develop a comprehensive licensing and merchandising strategy for Kings XI Punjab, enabling brands to align themselves with one of India’s most prominent cricket clubs.
Based in Mohali in northern India, Kings XI Punjab is captained by former Australian national cricket team wicket-keeper Adam Gilchrist and is one of the most successful clubs in India’s IPL which attracts Indian TV audiences of 160 million a season.
Miroma Sport is the latest business to launch under the Miroma Ventures umbrella. Sean Morris, former chief executive of the Professional Cricketers Association and IPL Franchise Rajasthan Royals, has joined Miroma Sport as CEO and will work closely with the executive team at Kings XI Punjab, to develop the merchandise ranges and licensing opportunities for brands seeking to connect with the club’s fan base and the wider Indian and international cricket audience.
Morris played professional cricket for Hampshire CC before he began his business career with the Dunlop Slazenger sports group, where he built a strong affinity with Kings XI Punjab developed through extensive sourcing visits to the region.
The acquisition of Kings XI Punjab’s worldwide licensing and merchandising rights and the launch of Miroma Sport is the first major strategic venture since the appointment of former McDonald’s UK Head of Marketing, Richard Hirst, as Commercial Director of Miroma Ventures in December 2011.
Marc Boyan, CEO of Miroma Ventures commented: “The Indian Premier League has proved to be one of the most exciting sports and leisure products ever launched. IPL audiences are truly phenomenal in their scale and passion for the game and Kings XI Punjab, have been a cornerstone of the league’s incredible popularity since its inception. We expect this to be the first of many deals of this magnitude.
“Miroma Sport will help unleash Kings XI Punjab’s potential to become a global brand and a powerful commercial medium.”
Commenting on the partnership, Colonel Arvinder Singh, CEO of Kings XI Punjab said: “We are very excited to be partnering with Miroma Sport. This association will enhance the reach of our licensing and marketing program to countries hitherto out of our reach. We expect a quantum increase in our revenues from licensing and marketing activity while enabling our fans and supporters around the world to access our merchandise and licensed goods."