MODULE – 5
SPORTS AS BUSINESS
5.1 INTRODUCTION
Sports over the years have evolved to be an important sector for all economies with various
business and career opportunities. The scope of this sector varies globally. It includes several
segments such as sports infrastructure, sports events, training, goods manufacturing and retail.
Moreover, the business of sports is not just limited to the mentioned avenues; it has far-reaching
implications on the global economy due to its close association with other sectors, including
education, real estate and tourism. Further, sports contribute significantly towards improving the
overall health and well-being of a country.
Sport was not always viewed as an industry. From just being a recreational physical activity,
sport has turned out to be a global industry. At present, global sports industry’s worth is
estimated to be around $480 to $620 billion dollars.1 This growth in sports industry is due to
rapid growth of media and technology which includes internet and satellite services. This has
made sports industry as one the biggest revenue generating industry. As an industry, sports are
connected with many other industries like broadcasting, licensing and entertainment industries.
Apart from these sports has a considerable power of global reach and connectivity to people.
This has resulted in commoditization of sports. By which sports prove beneficial to commercial,
social political and motives. Major league sports are big businesses in the world. The days when
sports clubs or teams relied on match day income as their main income are long gone.
Professional sports leagues such as NFL (National Football League), NBA (National Basketball
Association), Premier League and IPL (Indian Premier League) have unique business structures
in free market economy. They seek monetary gains through many ways such as TV contracts,
licensing agreements, sponsorships, endorsements and revenue sharing.
1 Available at: ttps://www.atkearney.com/documents/10192/6f46b880-f8d1-4909-9960-cc605bb1ff34, Accessed on
15 February 2019.
SOURCE OF INCOME FOR
LEAGUE SPORTS
MERCHANDISIN SPONSORSHIPS ENDORSMEN TICKETING &
G TS HOSPITALITY
BROADCASTIN
G RIGHTS
5.2 SPORTS LEAGUES
In 2014, the global sports market was estimated at INR37.8–44.2 lakh crore (USD600–700
billion), accounting for approximately 1 percent of the global GDP.2 This includes sports events,
sports goods, infrastructure, and fitness and training expenditure.
With the increasing commercialization of sports, it is imperative to take an additional step into
the region of corporate finance. As all businesses grow, they reach a threshold where they
require sources of finance which cannot be generated solely by their existing operations, in order
to break through to the higher level. This is where the need of sports businesses to make money.
Globally, sports leagues and franchises generate billions of dollars in revenue every year; in
2014, the sports events market was valued at INR5.1 lakh crore (USD80 billion).3 Major sources
of income for leagues are media rights, sponsorships and franchise fee, while those for teams are
sponsorships, gate fee (ticket sales), merchandise sales, licencing, prize money and a share of
2 “Winning in the Business of Sports”, A.T. Kearney, 15 February 2014, KPMG in India’s analysis, 2016
3 “India Experiences Higher Consumption of Digital Sports Content”, Advertising Age India, 9 June 2016
central revenue (share of league’s revenues from media rights and sponsorship passed on to
teams), this is a framework for IPL.4 For teams, the revenue from a league’s central pool is
typically the largest contributor, followed by sponsorship and gate fee. For example, on an
average, an IPL team earns 40 per cent of its revenue from the central pool of IPL, 33 percent
from sponsorships and 23 percent from gate revenues.5
In India, the league culture is still in its initial stages, in comparison to the U.S. and Europe. The
major leagues in these regions have a history spanning several decades. Some of the oldest ones
include the National Football League (NFL) of the U.S. and Spain’s La Liga, both of which will
turn 100 in 2020 and 2029, respectively. The revenues earned by major global leagues
overshadow any league in India, including the IPL.6
5.3 GOVERNANCE IN SPORTS
In every country, the sport governing bodies at national level are affiliated to the International
Federations of the particular sport. The important factor is that governing body in a country
should be consistent with the statutes of the Federation. This is why the sport governing bodies
ensure implementation of the rules and regulations of the International Federations and develop
their sports in their territorial jurisdiction.
Corporate governance is important in sports not only for the protection of investors but also
because of the larger impact of such entities on a sporting code or society as a whole. For
example, in case of South Africa, the foundation of South African Sports Confederation and
Olympic Committee (SASCOC), a particular sport has become capable of being run by someone
other than the governing body.
The IOC (International Olympic Committee), created the IOC 2000 Commission as a gesture of
good governance. This Commission created by IOC prepared and proposed reforms to the IOC’s
4 “India World Cup matches deliver a boost for Star’s Hotstar app”, Live Mint, 21 April 2015
5 “The NFL Is Growing Only Because of Women”, Bloomberg Business, 26 September 2014
6 “Football’s lawmakers approve live trials for video technology to aid referees”, The Guardian, 5 March 2016
structure, rules, and procedures. By this, key reforms were adopted on the organization,
composition, and structure of the IOC in its role and the designation of the host of the Olympic
Games. Another example of good sport governance is the creation of the World Anti-Doping
Agency (WADA) in 1999. WADA receives funding equally from the Olympic Movement and
governments of the world instead of entire funding by the IOC. The coordination and promotion
of an effective fight against doping in sports under the World Anti-Doping Code is the main
mission of the WADA.
The wide-ranging participants in sports such as players, clubs, local, national and international
organizations, media, spectators, commercial and non-commercial interests and educational and
training bodies make it complex for effective governance. These groups usually have different
priorities and relationships within and outside the sport. Individual sports are normally
characterized by multiple interests and roles, and a complex combination of legal, contractual
relationships, regulated and self-regulatory frameworks, implicit relationships, practices and tacit
understandings. Only the efficiency of their institutional structures, governance arrangements,
rules and dispute mechanisms determines the legitimacy of governing organizations. Without
this, the value of the sports, events and championships for which they are responsible are
adversely affected. Overall, good governance in sports is clearly based on defined roles and
responsibilities of all participants. This should provide transparency i.e., a form of
communication by which all these roles and responsibilities are defined, enforced and monitored
by governing organizations.
In India, the sports ecosystem consists of four bodies which take care of eight major segments
such as governance, talent scouting and training, infrastructure development, funding support
and organisation of sports events such as leagues and tournaments. They are,
MYAS- In Ministry of Youth Affairs and Sports, the department of sports is the apex
government body for sports in India. The main responsibility of it is funding the
management and development of sports infrastructure, and formulating sports
development programmes. It also provides funding and recognition status to NSFs which
abide by its guidelines.
SAI- Sports Authority of India, established by MYAS in 1986 is responsible for carrying
out the objectives laid out by the MYAS. It maintains government stadia, releases funds
sanctioned by MYAS to NSFs, manages sports academic institutions and training centers,
and runs training and talent scouting schemes.
IOA- Indian Olympic Association is the Indian representative for the International
Olympic Committee (IOC). It is an autonomous body that enforces the Olympic charter
over NSFs of Olympic sports. It also organises the National Games and liaises with the
government for financial assistance.
NSFs- National Sports Federations are autonomous bodies responsible for promoting
their respective sports and organising tournaments. NSFs play a pivotal role in
developing a sport, as they work at the base level, promoting a sport right from school
and village levels up to the national level.
5.4 COMPETETIVE BALANCE IN SPORTS
Any effort at denying access o sports infrastructure may be anti-competitive.7 Under the Indian
Law, it is a kind of exclusionary practice that may also attract liability under the Competition
Act, 2002. If any enterprise indulges in practice or practices resulting in denial of market access
in any manner, it shall be liable for abuse of dominant position.8 Therefore, unless there is a
legally justifiable reason, a monopoly status over the essential feature may invite the action
under Section 4(2)(c) under the Competition Act, 2002.
Competitive balance is a good thing to have in sports but the problem arises when we don’t
know how much we need them. Demand for the sport depends on three sets of variables: the
talent of the athletes playing the sport, their attempt to prevail in the competition, and
competitive balance of the tournament. The league's quality is measured by the wealth of the
participating teams and this reflects their ability to attract skilled athletes away from other sports.
Willingness to win is measured by incentives to induce players' effort and it is important because
fans enjoy athletes playing hard. Competitive balance is measured by uncertainty of the
tournament's outcome, fans enjoy sporting events more if the winner is not easy to predict. In
other words, the more symmetric are the teams' winning chances, the more exciting is the
tournament. Since a team's probability of winning ultimately depends on the athletes playing for
7 Grieg v Insole [1978] 1 WLR 302.
8 Section 4(2)(c), Competition Act, 2002.
it, competitive balance also depends on a team's wealth and how much it pays its athletes. It is
this competitive balance that leads to popularity which in turn leads to more commercial
benefits, as more viewers lead to more sponsors which in turn lead to more money being
involved.
Economic theory tells us that best level of balance in a sports league is based on fan preferences,
fan population base, and fan income across host cities. However, teams with greater financial
resources, due to location in larger population places, more lucrative sponsorship deals or larger
shares of television broadcasting rights can hire better players, improve team performance and
increase their dominance in the league. This affects competitive balance and hence uncertainty of
outcome, which, in turn, can intimidate the sustainability of the league because of unnecessary
predictability of outcomes.
One of the primary reasons why the sports leagues are so successful is because of the dominance
of a few teams in any league competition. This contention can be supported if one has a look at
major professional sports leagues in the U.S. and Europe. Only eight of the NFL’s teams have
won almost 70% of the 49 Super Bowls. Out of the 36 NBA crowns only seven NBA teams have
won 33 of them which are nearly 92% of the games and the team with LeBron James has always
made its way to the rosters of the NBA Finals for the past 5 years. Over the past 11 years the San
Francisco Giants and Boston Red Sox each won the World Series three times. Since 1992, the
English Premier League title has been won by Chelsea, Manchester City, Manchester United or
Arsenal. Real Madrid or Barcelona have always won the title while competing for a title in La
Liga, it is extremely rare for any other team to win. The Bundesliga championship in Germany
rarely has a team to challenge Bayern Munich for the title.9
With the lack of competitive balance, it may seem like the sports industry is crumbling. But on
contrary, interest has been higher for most of these leagues, though the in-game attendance has
slightly declined. The fifty most watched sports events of 2014 each had more than twenty one
million viewers.10 Record setting media rights agreements has been signed by sports leagues like
9 Available at: https://www.forbes.com/sites/kurtbadenhausen/2015/08/25/does-competitive-balance-drive-interest-
in-sports/#38de6d084f25, Accessed on 17 February 2019
10 Available at: http://www.sportsmediawatch.com/2015/01/most-watched-sporting-events-2014-nfl-super-bowl-
world-cup-olympics-bcs-nba-finals-world-series/, Accessed on 17 February 2019
NFL, NBA and NHL in recent years. In the MLB team St. Louis Cardinals have signed a $1
billion local TV deal,11 and the Dodgers of baseball club with Time Warner Cable12 fetched to
their $8.35 billion contract.13
5.5 BROADCASTING RIGHTS
Broadcasting and media rights emerged as a strong source of funding for sports events, including
TV, internet and radio broadcasting rights. This segment accounted for approximately 35 per
cent14 of the global sports events market in 2013. It includes TV, internet and radio broadcasting
rights.
5.5.1 TV DEALS IN SPORTS15
The major cash flows in sports are from various domestic and overseas TV deals. All types of
sports happening at different places in the world can be viewed at home in the televisions. With
the development in the broadcasting techniques, many such live events are brought to people
with subscription based packages. The major use in TV ratings is that they help the sports
leagues fetch a better contract. The biggest TV contracts so far are,
NFL- NFL is the most profitable sport in terms of TV broadcasting rights. Since mid-
1980s, the value of NFL TV broadcasting rights has increased 12 fold. The NFL signed a
$4.5 billion a year agreement for nine years from 2014-2022 with four US networks CBS,
Fox, NBC and ESPN in combined payment. This is the highest amount of money any
sport has earned in TV rights.
NBA- NBA signed the next highest TV rights deal after NFL. In this deal ESPN and
TNT extends their deal to NBA by nine years, from 2016- 2025 for $2.6 billion a year.
11 Available on: https://www.forbes.com/sites/christinasettimi/2015/07/30/st-louis-cardinals-score-a-1-billion-tv-
deal/#1d505d0b7484, Accessed on 17 February 2019
12 Available on: ttps://www.forbes.com/companies/time-warner-cable/, Accessed on 17 February 2019
13 ibid
14 “Winning in the Business of Sports”, A.T. Kearney, 15 February 2014, KPMG in India’s analysis, 2016
15 Available at: https://www.pledgesports.org/2018/01/biggest-tv-rights-deals-in-sport/, Accessed on 16 February
2019
This works on a combined payment where ESPN and TNT pay $1.4billion and $1.2
billion respectively.
PREMIER LEAGUE- This English football league has secured one of the biggest TV
deals for football in football history. Premier League’s domestic deal with Sky and BT
will run from 2016 to 2019. This is three year deal is worth around £5.1 billion which
averages out to £1.8 billion a year.
MLB- Major Baseball League signed a deal with three US networks Fox, ESPN and TBS
for nine years from 2014 to 2022. This deal with combined payments from three
networks is worth £1.3 billion a year. This deal by MBL proves that the sport of baseball
is still alive and it can grow beyond United States.
BUNDESLIGA- This football league from Germany secured a deal with Sky Germany
and Euro Sport for €4.64 billion. In this deal the broadcasting rights will be shared by the
two for 4 years, 2017-18 season to 2020-21 season. This deal averages out to be €1.159
billion a year.
SERIE A - Seri A from Italy signed a three year domestic deal from 2015 to 2018 with
Sky Italia and Media pro. This deal turns out to be €943 million per year. After English
Premier League and the Bundesliga, this deal is one of the biggest in football history.
NHL- National Hockey League signed a 12 year deal with Canadian network Rogers
Sports net in 2013 for $5.2 billion. This deal’s worth is to be over $450 million a year.
AFL- Australian Football League signed a record breaking deal in the Australian
broadcasting history for 5 years. This deal is said to have a worth of $320 million per
year.
IPL- Indian Premier League has the biggest TV deal in the Indian sporting history. This
league of cricket has a 10 year deal with Sony Network which has a worth of $160
million a year.
5.5.2 ONLINE VIEWERSHIP
Viewers increasingly prefer online streaming of sports events over watching them on TV, as
flexibility of time and space is provided online. Amongst the devoted sports enthusiasts globally,
45 percent prefer viewing sports content online compared to 33 percent who prefer the
television. Also, 52 per cent of fans make use of a tablet or smartphone to access sports content
instead of watching television.16 This was apparent in the Rio Olympics where television
viewership declined for the official broadcaster in the U.S., while online viewership registered a
sharp increase. Driven by a young digital audience, and rapidly increasing smartphone and
internet penetration, India is also witnessing significant growth in online consumption of sports
content. For instance, 60 per cent of the digital audience in India is within the age group of 13 to
35 years, which is also the primary target audience for short-format sports, such as Twenty20
cricket.17
Further, the BBC report, citing a UK-based price comparison site, stated that 1 gigabyte (GB) of
mobile data cost $0.26 in India (£0.20), compared with $12.37 in the US, $6.66 in the UK, and a
global average of $8.53.18 A nexus can be drawn between India having the lowest data rates in
the world and the rise in OTT sport consumers in India.
Star India launched Hotstar, its online content platform, a fortnight before the International
Cricket Council’s Cricket World Cup (CWC) 2015, and was successful in generating interest
from its viewers. The growing viewership of ICC CWC 2015 for all 49 matches on Star India’s
online properties was 87 million.19 Moreover, Hotstar’s viewership base expanded from 41
million at the end of IPL 2015 season to 100 million during IPL 2016 season.20 Also, Sony LIV
the online content delivery platform owned by Sony Pictures Networks aired UEFA Euro 2016
in India and seven other Asian countries.
5.6 MERCHANDISING
Every major sport teams in the world use merchandise to make team uniforms for players and
clothing and other merchandise for fans. They are known as sports merchandising. These
merchandising are different from endorsements. In merchandising, the products have insignia of
16 “10 Stats to Help You Increase Sports Fan Engagement”, Scribble Live, 19 February 2014
17 “India Experiences Higher Consumption of Digital Sports Content”, Advertising Age India, 9 June 2016
18 ‘Mobile data: Why India has the world's cheapest’ https://www.bbc.com/news/world-asia-india-47537201
accessed on 21st July 2019.
19 “India World Cup matches deliver a boost for Star’s Hotstar app”, Live Mint, 21 April 2015
20 “PLAYING WITH A STRAIGHT BAT”, Duff & Phelps, June 2016
the sports person while in endorsement, the sports person just lends their name to it. Marketing
the sale of such products is known as sports merchandising.
Important part of licensing industry is conducting market research. In which focus groups are
conducted and a group of fans are brought together to know about the feedback on the team.
Along with these, different products of merchandise and logos are shown to the focus groups to
select the best. Market research also observes the performance of other teams and sale of their
merchandise. The main objective of such licensing companies is to let fans show their love of the
teams through their products. They also work out in creating agreements between teams and
companies for sponsorship.
Merchandise is a small, but high-potential revenue segment for the sports events market, of
which it accounted for approximately three per cent share in 2013.21 Merchandise sales are
directly proportional to the engagement level of fans with sports, sportspersons and teams.22 For
example, merchandising, apparel and licencing revenue earned by the Manchester United was
£102.9 million, £104.0 million, and £97.3 million for each of the years ended 30 June 2018,
2017, and 2016, respectively.23
Hence, sports organisations including franchises, clubs and even national teams are increasingly
making investments to attract a loyal fan base with the potential to lift their merchandise sales.
Apart from the success of licensing industries, the issues faced by them is that they are exposed
to product piracy, counterfeiting, unlicensed production, parallel trading, production overrun and
others. This leads to sale of fake sports items which are merchandised and this affected major
sports leagues. To control their risk in this licensing industries are practicing Brand protection.
For instance, between the years 1992 and 2014, police and brand enforcement officials with the
National Hockey League (NHL) seized over 10.6 million counterfeit goods items of its hockey
teams. These types of fakes consist of counterfeit or replica jerseys, t-shirts and hats of NHL
hockey teams that are unauthorized. According to the NHL, the retail value of the counterfeits
21 KPMG in India’s analysis, 2016
22 KPMG in India’s analysis, 2016
23 https://ir.manutd.com/company-information/business-model.aspx accessed on 21st July 2019
seized over the 12 year period was worth over $405 Million. During the 2013 Stanley Cup
Playoffs, security agents seized over 11,000 counterfeit NHL items that were valued at over $2.5
Million.24
Major professional sports leagues in the United States lost over $13 Billion in revenue due to
sales of counterfeit apparel and jerseys in 2012, the in. The National Football League (NFL)
faced the most losses to counterfeits, with nearly $3 Billion of the total. Authentic “elite” jerseys,
which are similar to the jerseys worn by NFL players on game day, are priced in retail for $250.
While, the counterfeit jersey with Nike logo, NFL hologram, and other key indicators, were sold
for just $75.25
According to the five biggest golf manufacturers, sales of counterfeit golf clubs and equipment
are equal to about 10 percent of the total legitimate golf market. 95 percent of the sales of fake
golf clubs take place over the Internet, with almost all of the items being shipped from China.
During a Spring 2012 enforcement campaign, brand owners shut down over 20 websites that
were selling counterfeit golf equipment. The counterfeiters in China are able to easily reproduce
a club using either a legitimate club or at least with a photograph. By creating computer-aided
designs, the counterfeiters produce clubs that look very similar to the legitimate club. Buyers
immediately notice the problems with the clubs due to its internal structure. These golf clubs
meant to have a hollow head filled with steel, or the walls of the clubs were not made to specs.
Back in 2010, golf manufacturers lost an estimated $6.5 Billion to counterfeits.26
5.7 SPONSORSHIPS
A sponsorship is legally an agreement between a sponsor and an athlete, a sports team, an event
organizer for an event or the owner of a location that will be sponsored. Sponsorships are one of
the best ways to earn money by sports teams and it also gives a great way of exposure to the
sponsors. Sponsorships are seen as profit-maximizing behavior from companies with the only
24 Lisa Balde, “NHL Warns Blackhawks Fans of Counterfeit Merchandise,” NBC Chicago, May 19, 2014.
25 Allan Brettman, “NFL, Nike fight to keep counterfeit products off the market,” Orgonian, November 16, 2013.
26 John Paul Newport, “Psst–Wanna Buy a Counterfeit Club?,” Wall Street Journal, March 22, 2013.
motive of increasing their sales. Such sponsorships are signed by companies due to the belief that
an association with them will increase the goodwill in the product and increase the sales.
Companies are very particular in choosing an athlete or team to sponsor because the image such
sports person here matters the most.
Currently, sports events account for a large share of money spent globally on sponsorships. In
North America, they are expected to generate approximately 70 per cent of the region’s overall
sponsorship revenue in 2016.27 Moreover, sponsorship fees accounted for approximately 35 per
cent share28 in the global sports events market in 2013. Brands are increasingly leveraging new
possibilities across these sectors to attract the attention of sports fans.
Sponsorship in sports primarily comprises five segments on-ground, team, franchise fee,
sportspersons/endorsements and on-air. In 2015, the overall sports sponsorship market in India
grew approximately 12.5 percent to INR 5,190 crore.29 On air sponsorship has consistently
accounted for the bulk of total sports advertising in India. It grew 6.7 per cent in 2015, and the
rising popularity of several league-based tournaments, such as Indian Super League (ISL), Pro
Kabaddi League (PKL), Pro Wrestling League (PWL) and Hockey India League (HIL) drove the
results. Also, on ground sponsorship witnessed a plain rise of approximately 30 percent in 2015
driven by football and kabaddi, wherein on ground sponsorship rose by 91.6 per cent and 300
percent, respectively.30
5.7.1 KEY ASPECTS IN SPONSORSHIP AGREEMENTS
When a sponsorship agreement is made between a sponsor and an athlete or a team, there are
some basic key aspects for the best interest of both the parties. They are,
Products and services – Initially every sponsorship agreement should be clear about the
scope of licensed goods or services that will be promoted in course of the game. The
market statistics and analytics should be watched closely by the sponsors during the
27 KPMG in India’s analysis, 2016
28 “Winning in the Business of Sports”, A.T. Kearney, 15 February 2014, KPMG in India’s analysis, 2016
29 “Sporting Nation in the Making-III”, ESP Properties – SportzPower, 6 April 2016
30 “Sporting Nation in the Making-III”, ESP Properties – SportzPower, 6 April 2016
duration of the sponsorship for evaluation of the results of the sponsorship. Similarly, the
teams should not promote any other competing product through a sponsorship with
another company.
Exclusivity clause – As previously said, adding of exclusivity clauses to the sponsorship
agreement is important as it will help us avoid any falling out and prevent legal disputes.
The purpose of an exclusivity clause is that it clearly states that the team will either not
sign another sponsorship agreement with any competing company or that the principal
sponsor will have more promotion time when compared with other sponsors. It is also
necessary to provide the sponsors with the information of list of events and marketing
materials when the sponsor is being promoted.
Finance – The sponsorship agreement should be in such a way that it should outline the
benefits for both the sponsor and the team. It is important that the cost of the sponsorship,
mode of payment, the payment terms and the number of payments are specified clearly. It
is also necessary to include the role in the sponsor’s company as it involves tax liabilities
and other financial liabilities should also be defined.
Renewal and Termination - Renewal and Termination regulations should be included in
the sponsorship agreement. This makes renewal process Straightforward with minimal
changes in the agreement. This gives the teams the advantage to have the first choice to
accept or reject any offer made by the sponsor before the sponsor offers it to other teams.
This allows sponsors to make a competitive offer matching other company in the market.
Breakage/Termination clauses- it is appropriate to include a break clause to allow either
party the opportunity to legitimately terminate the agreement if the sponsorship
agreement is for a moderately long period of time. Grounds for termination should be
consider by the Clubs and make sure that these are included in the sponsorship
agreement. Such grounds could include late payment of sponsorship monies or a change
of control in the ownership of the sponsor. It is better for the clubs to resist any clauses in
a sponsorship agreement which give the sponsor a right to terminate the agreement upon
the relegation of the club. The termination clause(s) in a sponsorship agreement should be
clear on what happens following termination. Another point which should be considered
by the clubs is that, whether the balance of unpaid sponsorship fees should be paid up in
full by the sponsor if it is the party in breach.
In case of Mergers and Acquisitions – When the sponsor company merges with another
company or is acquired by another company, it is safer to have the sponsorship
agreement in that situation to define whether the other company is obligated to continue
the sponsorship and if the obligation continues to promote them. The clause regarding
acquisitions and mergers should assure the sponsor that in case such happenings the deal
will not be jeopardized because of the sponsorships. It should also be assured that the
team or individual athlete will not suffer any financial loss as a result of any such deals
and there should be the to continue the sponsorship in a similar fashion with the other
new companies.
Regulation and Laws- All applicable laws, rules, and regulations should be included in
the sponsorship agreements. This aspect will differ from one country to another but
missing them can result in sponsorship agreement becoming null and void. Any such
mistakes in drafting can lead to costly legal proceedings with governing bodies and
agencies.
Intellectual Property Rights- All intellectual property rights including, but not limited to,
copyright, trademarks and design rights in the Sponsor Marks shall be solely and
exclusively owned by the club/ athlete, together with any goodwill therein, and the
company shall not acquire any rights in the Sponsor Marks and all intellectual property
rights including, but not limited to, copyright, trademarks and design rights in the Event
Marks shall be solely and exclusively owned by the company. Neither party to the
agreement shall knowingly do, or cause, or permit anything to be done, which may
prejudice or harm or has the potential to prejudice or harm the distinctiveness or
reputation of the other party’s marks, or do anything which will or may affect any
registration of the other party’s marks. If during the Term, either party becomes aware of
any threatened or actual unauthorised use or any misuse of the other’s intellectual
property rights including, but not limited to, copyright, trademarks and design rights, then
it shall promptly notify the same to the other in writing. The non-owner of the intellectual
property rights will, at the owning party’s reasonable request and cost, provide all
reasonable co-operation in any action, claim or proceedings brought or threatened in
respect of such intellectual property rights, but shall not be obliged to take any further
action.
5.7.2 CASE STUDY: Utilization of sports sponsorships by Emirates31
Sports sponsorships are effectively used by Emirates to build its brand’s image and credibility.
They have a wide range of sports sponsorships globally such as football, rugby, cricket, baseball
and motor sports. In 2015, the company used nearly one-half of its overall annual marketing
budget for sports sponsorships which was estimated around INR2,150 crore (USD320 million).
Major football teams such as AC Milan, Real Madrid, Paris Saint- Germain and Arsenal are
sponsored by the company. It also has a football stadium to its name. Emirates have a deal with
the International Cricket Council (ICC), by which it is given a presence at all international
cricket matches through uniforms of umpires. It is also sponsors over 15 events in golf and a
global partnership with Formula One.
Emirates not just spend money to get its logo flashed on TV but it goes a step further. It engages
with sports fans around the world by which a huge, passionate target group is formed. Flight
attendants from Emirates perform on the playing fields by which fans are engaged through safety
demonstration and game moves. Emirates’ provide a ‘human link’ through uniform deals.
According to Boutros Boutros-Ghali, DSVP Corporate Communications, Emirates,
sportspersons wearing a logo on their uniform creates a much more powerful messaging for fans
than a sign board in a stadium would do. Likewise, when the company ventures in sports
advertising it launches new flight routes and locations. For example, when it entered the key U.S.
markets it sponsored New York Cosmos, a famous football team.
5.8 ENDORSEMENTS AND IMAGE RIGHTS
Sports persons are known to have avid fan following which creates a great value on their image.
Such a value and fame from sports stars are used by companies in form of endorsements from
players to get their products to people. Apart from their team, players find endorsements
individually. This helps them get value for their own skills and performance in the game. This
publicity or image rights and star value of the players are their intangible assets which they can
use for commercial gains. These image rights are said to arise from physical attributes such as
31 KPMG in India’s analysis, 2016, “Emirates bets on $17m on sport advertising spend”, The Sydney Morning
Herald, 31 January 2015, “Video: How Emirates builds its brand through sports”, Bangalore Aviation, 11 August
2016, “Does the Emirates sport sponsorship strategy fly?”, Wallblog.co.uk,
appearance, persona and others. For example, Swiss professional tennis player Roger Federer, in
2018 signed a 10 year deal for endorsing Japanese clothier Uniqlo, which is said to be of worth
$300 million.32 From this deal it is seen that, it will serve him even after his retirement.
If an athlete endorses a product it means that, the athlete believes and supports the product. In
UK, in the case of Irvine and Another V Talksports Ltd33., player’s image rights were recognized.
In which the defendant, Talksport Radio is accused of using a distorted image of the claimant,
Eddie Irvine who is a famous Formula One racing driver. They used such image to promote their
campaign with the help of Eddie Irvin’s popularity. The court recognized that good will acquired
by achievements of people cannot be misused by anyone and it held that such an image without
consent cannot be misappropriated.
In India, like in the UK, there is no specific law protecting personality rights per se and a
personality can only take a legal action ‘if the reproduction and use of likeness results in the
infringement of some recognized legal right which he/she does own.34 This right has been
recognized by the Delhi High Court as a right that vests in an individual and not an
organization.35
Image rights are usually associated with individual sports persons. These terms are generally
included in the player’s contract to the team. But sometimes in certain contracts to clubs, the club
seems to acquire certain rights to image of the players. But usually, the standard form of player’s
contract has clause which preserves the right of players to use the team jersey’s logo and the
number in it.
5.9 INTELLECTUAL PROPERTY RIGHTS IN SPORTS
32 Available at: https://www.si.com/sports-illustrated/2018/ranking-top-10-athletes-endorsement-deals-income,
Accessed on 15 February 2019
33 Irvine and Another V Talksports Ltd[2002] 1 W.L.R 2355
34 Re Elvis Presley Trade Marks [1997] RPC 543 at p 548.
35 ICC Development (International) Ltd. v. Arvee Enterprises and Anr., 2004 (1) RAJ 10.
Peoples love and passion for sports activities has turned it into a global industry with unlimited
trade opportunities. By creating jobs, investing in public infrastructure and mobilizing resources
the sports industry has an impact on the world economy. In sports industries, almost every
component uses the Intellectual Property Rights. In Sports Intellectual Property are shown in
action and the Intellectual Property in turn powers the business of sports.
The World Intellectual Property Organization (WIPO), the specialized agency of United Nations
based on Geneva is used to promote innovation and creativity for the economic, cultural and
social development of all countries through an effective and balanced Intellectual Property
system. Intellectual Property Rights are usually associated with manufacturing industry and their
main aim is to protect the mercantile community. WIPO has wide and deep purpose that ensures
the benefits for the sports industries. Intellectual property carries commercial value for sporting
clubs and organizations and covers the range of intangible assets covered by copyright,
trademarks, and designs.36 Intellectual Property Rights such as trademarks, copyrights, and
designs are of significant value to the sporting arena. Sporting gears may come under the scope
of patent, design, copyright and trade mark rights. For instance, the technology used in a swim
wear which is inventive in nature, can be registered as a patent, the logo printed on the swim
wear can be a registered trade mark, the designer can get copyright and the physical design can
be registered as an industrial design. These registrations help to protect the value of the unique
design and marketing capabilities associated with the sporting gear.37 Another example is that a
simple sports shoe can be protected by several IP rights. Patents can protect the technology used
on developing the shoe and designs protect the looks of the shoe and trademarks distinguish the
shoe from similar products and protect the reputation of the shoe and the copyright protects any
artwork and audiovisual creations used to publicize the shoe.38 Apart from this, other aspects of
sporting business, such as event promotions, athletes, sponsorship deals and merchandising are
also associated with many Intellectual Property Rights.
36 https://sportandrecreation.nsw.gov.au/clubs/ryc/legal/intellectualproperty.
37 http://www.jamaicaobserver.com/business/Sports-and-intellectual-property_8715018.
38 http://www.wipo.int/ip-sport/en/.
Intellectual Property Rights are used as marketing tools towards the branding of sporting games,
sponsorship, teams, celebrity status, broadcasting and media deals etc. Various football clubs
around the world such as Manchester United, Real Madrid, Barcelona and Liverpool are a
perfect example of intellectual property brand capitalization.39 By the use of Intellectual Property
the growth of the sports industry is promoted and this enables sporting organizations to finance
sporting events and assists in the development of the sports.
5.9.1 AMBUSH MARKETING
Ambush Marketing means “an attack from hidden position”. In Intellectual Property Rights in
sports, protection against ambush marketing is one of the most important aspects. It is when an
unauthorized entity, having not acquired any license or right from the event organizers, markets
itself in such a way that it gives the general perception to the public at large that the entity is
associated with the event. This permits the unauthorised entity to suggest its involvement in a
sporting event at the cost of an official sponsor. Ambush marketing has acquired a huge space in
sporting events and it refers to companies promoting their brands or products by associating
them with a team, league or event without paying for the privilege.40
Ambush marketing can be done in two ways- first, directly and second, indirectly. Direct ambush
marketing involves direct use of logos and mascots of event organizers. Indirectly it is done by
using of logos and mascots of event organizers, indirectly, like sponsoring individual teams,
sponsoring individual events etc.
In India, the classic example of ambush marketing is found in Pepsi Co., Inc. and Others. vs.
Hindustan Coca Cola Ltd. and Another.41 This case is a controversy between Pepsi and Coca
Cola, where in the court issued a permanent injunction to the defendant by restraining its
advertisements being broadcasted.
In India, there is a necessity to implement specific national legislation in order to prevent ambush
marketing due to the creativity of these ambushers and there is also a need to implement
39http://www.mondaq.com/india/x/164974/Trademark/Intellectual+Property+Rights+In+SportsIndian+Perspectiv.
40 http://blog.ip.com/2012/02/intellectual-property-rights-in-sports/
41 2003 (27) PTC 305 Del
strategies to counter the threat of ambush campaigns by securing trademarks, copyright
registrations for all images, logos in sports events by entering into contractual obligations with
explicit terms and conditions for the use of these Intellectual property rights. Many countries
have already considered specific ambush marketing legislations as sporting events are becoming
more and more lucrative business.
5.9.2 INTELLECTUAL PROPERTY RIGHTS FOR SPORTS IN INDIA
The acceleration of Indian economy and its participation in the global sport arena has led to
several Intellectual Property issues to be addressed involving trademarks, broadcasting rights,
sponsorship issues, licensing issues etc. In 2011, a sports bill was passed in India by keeping
every parties interest in mind including teams, sponsors and the public at large to streamline the
sports industry. But this was rejected by the cabinet. A similar bill was introduced the parliament
in early 2016 early known as the National Sports Ethics Commission Bill, 2016 which aims to
bring about legislative reform to help improve the integrity of sports in India.
In a legal perspective, the commercialization and exploitation of commercial aspects of
sportsmen and sporting events have brought the need of intellectual properties in the form of
copyrights, trademarks, industrial designs, and patents have to acquire protection.
In India Copyright in sports is protected under the provisions of the Copyright Act, 1957.
Various components of sporting events which includes the artwork connected to the trademarks,
logos, promotions, slogans, images of a player, event etc. requires copyright. Berne Convention
of 1906 for the Protection of Literary and Artistic Works and the International Copyright Order,
1999 is signed by India. Civil remedies such as permanent injunction, damages or accounts of
profits, delivery of the infringing material for destruction and cost of the legal proceedings etc
are provided through the copyright law in India.
The provisions of Trademarks Act, 1999 are used to protect the trademarks for sports in India
with the presence of features like a logo, captions, taglines, slogans and team names etc. that
which are collectively referred as trademarks and that holds commercial value as it creates a
level of association with public and fan following and that which is essential for brand value
creation in sports teams, clubs, sponsors, athletes. World Intellectual Property Organization
(WIPO’s) international trademark registration system called Madrid System, enables trademark
holders to file a single application for registration in up to 85 countries and to maintain and
renew those marks through a single procedure. Once it is registered they are valid potentially for
unlimited time as long as they are used by an entry on a national trademark register.
In India there is no separate statute for protection of trade secrets and in sports industry there is
always possibility of some information which requires confidentiality. Trade secrets encompass
manufacturing or industrial secrets and commercial secrets, formula, practice, process, design,
instrument, pattern, commercial method, or compilation of information which is not generally
known or reasonably ascertainable by other.42
In India the Formula One Race was successfully organized has shown the commercial interest in
the corporate world with respect to branding and event management. The organization and
smooth execution of a race of such international standard in India for the very first time has
brought the nation into a select league, putting further focus on the sports laws and the
intellectual property rights, which can be used to create branding, leading to immense value
generation. The initiatives on T20- 20 format and Indian Premier League, Hockey India League,
Indian Badminton League, Pro-Kabaddi, Indian Super League and heritage sports such as Goti,
Lagori, Gatta Gusthi have proudly announced that it is the commerce, which is now on the
forefront of the game and along with this transition the need for Intellectual Property rights
protection in sporting events is gaining importance.
Supreme Court has held that Prasar Bharati can air the feed from private broadcasters, such as
Star India only on terrestrial network, Free Dish but not on Doordarshan channels carried by
cable operators and private DTH platforms.43
However, the Ministry of Information and Broadcasting has proposed an amendment to the
sports broadcasting act that India’s private broadcasters would not be very happy with. If the
amendment is accepted, Indian television viewers could soon watch sporting events of national
importance, as stipulated by the Indian government, on public broadcaster Prasar Bharati’s
Doordarshan television network across all terrestrial and direct-to-home platforms.
42 http://www.mondaq.com/india/x/456442/Trademark/Intellectual+Property+Rights+IPR+For+Startups
43 Star Sports India Pvt Ltd vs Prasar Bharti & Ors.
5.10 TECHNOLOGY IN MARKETING SPORTS
As the Technology grows, its presence is felt through applications across the entire value chain
of sports businesses. Innovative technologies, such as the hawk-eye to project the path of a ball,
and video refereeing to check and correct game-related decisions are used by game officials in
sports. After cricket, tennis and rugby, football is also set to introduce the video refereeing
technology.44 Broadcasters are increasingly using digital media to reach out to an increasingly
tech-savvy audience through internet and mobile applications.45 For example, instead of having a
company-logo painted on the ground, sponsors have also moved on to virtual advertising, in
which, when seen on TV a sponsor’s logo appears to be on the ground for a limited period of
time.
Technology for a long time has been used by sportspersons to improve their performances. They
are also used to analyse the games and strategies opponents. Over the years, Technological
applications have become more specialised for the sports fraternity, from video replays to smart
equipment such as jerseys, helmets and wearable devices. Specific information on various kinds
of parameters including health, performance, technique and strength to mobile devices through
applications are known from these smart devices. Sportspersons in different fields, such as
cyclists, swimmers, golfers, runners and tennis players use these technologies.
Various modes, such as social media and ticket sales are used by teams and franchises to collect
data in analyzing fan behaviors. The aim of these efforts is to increase the merchandise sales and
stadium attendance during matches.
Further, sport is one of the natural playgrounds to experiment with Virtual Reality (VR). From
broadcasters experimenting with VR during the 2016 Olympics and US leagues trying it during
live games to surround content that allows fans to get up close with their stars, this technology is
already changing the way sports fans experience games. Also, simple technological innovations
on social media can help drive fan engagement on a massive scale. A classic example is the
International Cricket Council which allowed fans to collect virtual trump cards on Twitter using
44 “Football’s lawmakers approve live trials for video technology to aid referees”, The Guardian, 5 March2016
45 A whole new ball game: how data and tech are changing sport”, The Guardian, 9 April 2015
the hashtag #WorldT20Heroes. Another big step towards technological advancement in the arena
of sports is Sports stadiums going digital, where fans can use their phones to scan tickets, locate
their seats, order food and more.
5.10.1 SOCIAL MEDIA
Large share of the global population has started using Social media. With monthly active users to
the tune of 313 million for Twitter and similar or higher numbers for other social networks,
social media offers a significant base of fans to easily engage with.46 47
Just like other industries, social media is acting as a game changer in the sports sector too. Social
media works as a catalyst in harboring the interest of fans around the world. This acts as a new
communication channel for the audiences. The engagement level between the sports personalities
and teams have been increased with the help of social media. The brand affinity and loyalty of
customers are increased with this. Moreover, a large number of sportspersons also use the
medium to connect with their fans and endorse their brand affiliations.
Social media is a powerful tool which has increasingly gained significance among leagues, teams
as well as players.48 The game is not just on the field anymore, but is also about followers,
hashtags and conversations on social media. It is as intense as the on-field game, with almost
every national league franchise vying for supporters online. However, only a few manage to get
it right. Major considerations for a successful social media strategy include prioritizing among
the social media networks, creating a distinct story, collecting and using feedback, and very
importantly, leveraging the players. Players bring along an already established, loyal fan base
and provide the human connect with fans.
For example, the power of social media can be seen with this incident with the Atlanta Hawks
team. The Atlanta Hawks team, a professional basketball team from NBA was facing a serious
issue with its local fan following. Apart from Management issues, the team had not been
performing too well for many years. They had not made it to the league’s final four since 1969.
46 “The Top 20 Valuable Facebook Statistics – Updated July 2016”, Zephoria Digital Marketing, July 2016
47 “By The Numbers: 170+ Amazing Twitter Statistics”, DMR, 31 July 2016
48 “Unique Strategies For Using Social Media in Sports Marketing”, WorkInSports.com, 17 August 2015
According to a poll by ESPN, only 20 per cent of the respondents in the city identified
themselves as fans of the local team. The situation was awful for the home team in a city which
is totally crazy about NBA. The team planned a strategy to market them to the millennials in the
city. They were a large, diverse target group of over 2.1 million people. Social media was a key
area of focus, and the company started using its Twitter handle effectively to communicate with
NBA fans in the city. Instead of trying to be politically correct or too conscious, they simply
went ahead with having fun. The team practiced humour in its interactions with fans in press
releases, news updates, etc. by using the same language as their target group.
The results of this plan was astonishing, from January 2014 to January 2015, the team witnessed
an increase of 450,000 in daily impressions and over 14,000 new monthly followers on Twitter,
and an increase of over 200,000 fans and 20,000 engaged daily users on another major social
network. 49
5.11. SPORT-WASHING
In simple terms, sport-washing occurs when a corrupt or tyrannical regime uses sport to enhance
its reputation. Major sporting events may operate as a form of soft power, allowing host nations
to promote themselves on a global stage. “Soft power” can be defined as a way of reaching
objectives through the power of attraction rather than military and economic force. Sources of
soft power can be movies, music, world-renowned universities and, of course, sports. Sport-
washing is one such method.
In the 1978 World Cup in Argentina, the media reported that some national teams considered
withdrawing from the tournament to protest the military dictatorship governing the host country.
However, after the first match, the coverage focused mostly on what happened on the pitch. In
other words, concerns, controversies and accusations were left aside and sports takes centre
stage.
With respect to the 2022 FIFA World Cup in Qatar, the host country has already promised to
surpass the event in Russia and, in order to boost global prestige, it will attempt to use the World
49 “Reselling the Hawks to Atlanta”, Sony ESPN, 8 January 2015, “Atlanta Hawks – How marketing to millennials
can turn things around!”, Overtime, 16 November 2015, “The secret to social media success – from the Atlanta
Hawks playbook”, Sports Business Solutions.
Cup to bring attention to its political stability, military collaboration with the US, redistribution
and aid policies, and the prestige of its Al Jazeera news channel, among other aims. This is how
sport-washing works. Sport is used as a means to highlight the issues faced in a particular nation.
For China, soft power is a new field of international cooperation and competition. Currently,
China is building or rebuilding its soft power. In other words, as the country is rising
economically and strategically in the world, an exclusive reliance on hard power is seen as
inappropriate and insufficient in pursuing China’s goals. Officially and unofficially, the
development of the nation’s soft power has been regarded as a pressing task and is near the top
of China’s list of priorities.50
5.12 CASE STUDY OF SPORTS PERSONALITIES
5.12.1 FLOYD MAYWEATHER JR.
Floyd Joy Mayweather Jr. is a professional boxing star from America. Floyd Mayweather is one
of the very richest athletes in the world, has been listed as the highest paid athlete in the world
for four times by the American business magazine Forbes. He is one of a very elite group of
athletes to have career earnings more than $1billion mark. This mark was previously achieved by
only two iconic athletes, Michael Jordan and Tiger Woods. The American was usually known by
the name “Pretty Boy” for most his career. But due to his staggering wealth and earnings
compared to other boxers, in 2007 Mayweather changed his boxing identity with a new name,
“Money” to reflect his wealth.
In his career, in five different weight classes such as Super Featherweight, Lightweight, Junior
Welterweight, Welterweight twice and Super Welterweight, Floyd has won over six boxing
championships. He has an astonishing professional boxing record of 50 wins and no losses. Out
of his 50 wins, 27 were by knock out. He went on to become a professional boxer only after
being defeated in Olympic boxing game.
Mayweather is not only the greatest boxer of his generation but also a shrewd businessman. He is
also known as the “King of PPVs” due to his extraordinary success at the box office of boxing.
50 Pang Zhongying, ‘The Beijing Olympics and China’s Soft Power’ https://www.brookings.edu/opinions/the-beijing-
olympics-and-chinas-soft-power/ accessed on 21st July 2019.
He holds the record for having highest PPV buys in the sports history with 4.6 million buys for
his fight with Manny Pacquiao in 2015. This match has generated around $400 million in
revenue. Most of the income from his professional career came by fighting against with the great
boxers like Berto, Gatti, Maidana, Pacquiao and many others. It was reported that he was paid
per bout that was mostly broadcasted on Showtime and HBO. Furthermore, he is also a
successful entrepreneur with his major business ventures like Bad Medina clothing, makeup
line and Music group too. By being both a businessman and boxer he has made a great amount
of fortune. No doubt celebrities are considered as the ideal for promoting business ideas but due
to Mayweather’s past involvement in some controversies he is not endorsed by any kind of
product. However, without any such endorsements he has made a significant amount of income.
In 2017 Floyd came out of his retirement and fought mixed martial artist Conor Mcgregor in
professional boxing event for the last time. This event reportedly sold around 4.4 million PPV
buys and Floyd was able to earn around $300 million in that event. This money launched Floyd
to $1billion career earnings. This man with all the wealth he has earned is a classic example of
what a career in sports can achieve and the significance of business in sports sector.
5.12.2 VIRAT KHOLI
Virat Kohli, known as the epitome of aggressive sportsmanship, is an international cricketer
from India who currently captains the Indian national team. In 2008, Virat Kohli debuted for
Indian national cricket team. Since then Kohli has been known for record breaking streak on the
field, as well as off-the field with his enormous endorsement deals. As of now, Kohli’s net worth
is said to be around $50 million.51 He dominates the Sports news in India the most. He achieved
a great amount of success at a young age in a short span of time.
According to Forbes reports, he is said to have made a millions of dollars from salary and match
winnings. Virat Kohli’s earnings are benefitted from multiple salary streams such as BCCI
central contract and IPL contract with Royal Challengers Bangalore, various commercial
contracts and off the pitch, his advertising deals in particular.
51 Available at: https://www.celebritynetworth.com/richest-athletes/virat-kohli-net-worth/, Accessed on 16 February
2019
In Forbes India’s Celebrity 100 List for 2018, Virat Kohli has finished close to Bollywood
actor Salman Khan. Based on the earnings between October 1, 2017, and September 30, 2018,
this list has been prepared with Salman coming out as India’s highest-paid celebrity and India’s
cricket captain Kohli with Rs 228.09 crore in earnings during the year behind Salman’s Rs
253.25 crore.52 He also earned a salary of $2.7 million from playing in Indian Premier League
for team Royal Challengers Bangalore.53 According to ESPN website, he is the highest paid IPL
player currently.
Kohli earns a huge amount of income from his endorsements of brands like Puma, MRF, Audi,
Tissot, Colgate-Palmolive and has done many shoots for personal care companies. Puma and
MRF have signed eight-year deals with the cricketer for ₹110.5 crore and ₹97.5 crore
respectively.54 He signed bat sponsorship deals with Indian tire giants, MRF andwith them he
extended the deal to eight years. Kohli charges almost $1 million a day for his shoots, putting
him in the league of international sports stars. The right-handed batsman is the co-owner of ISL
(Indian Super League) team FC Goa due to his great passion for football. He is the co-owner of
the ITPL (International Premier Tennis League) Tennis team, UAE Royals. Just like many sports
personalities, he owns a fashion brand called, WROGN, as a youth fashion venture. He is also
associated with Sport Convo, which is a multi-sport tech-startup based on London. Virat Kholi
being a fitness freak, has started his own chain of gyms in India, named ‘Chysel Gym and
Fitness Center’ in association with CSE. Kohli also owns a charity foundation, ‘Virat Kohli
Foundation’ (VKF). This foundation helps to raise funds and help needy children with the
collaboration of NGOs. VKF owns a football team,” All Hearts”. He captains the football team
and it plays against Abhishek Bachchan’s “All Stars” for charity matches.
So, here it is evident that Virat Kohli is not only an accomplished sportsperson, but also a
masterful businessman. He is India’s top celebrity brand and a loving husband of Bollywood
52 Available at: https://indianexpress.com/article/sports/cricket/virat-kohli-highest-earning-sportsperson-forbes-
celebrity-100-2018-5479847/ , Accessed on 16 February 2019
53 Available at: https://www.thenational.ae/sport/cricket/virat-kohli-to-earn-record-2-7m-salary-for-2018-ipl-
campaign-1.692987, Accessed on 16 February 2019
54 Available at: https://www.gqindia.com/content/virat-kohli-salary-earnings-endorsements/, Accessed on 16
February 2019
actress, Anushka Sharma. Kohli’s combined net worth with Anushka Sharma, is expected to
cross $156 million by 2020.55 These achievements of Virat Kohli, is a perfect example of rags to
riches.
55 Available at: https://www.sportskeeda.com/cricket/virat-kohli-net-worth, Accessed on 16 February 2019