Mumbai Indians IPL team posts massive loss
Indiawin Sports Pvt Ltd, the owner of Mumbai Indians IPL team that is currently leading the tally in the ongoing 20-20 cricket tournament, has posted a net loss of Rs 15.42 crore for the fiscal year 2010-11.business Updated: May 12, 2011 02:32 IST
Indiawin Sports Pvt Ltd, the owner of Mumbai Indians IPL team that is currently leading the tally in the ongoing 20-20 cricket tournament, has posted a net loss of Rs 15.42 crore for the fiscal year 2010-11.
Sachin Tendulkar-led Mumbai Indians (MI) team is owned by IndiaWin Sports Pvt Ltd, a subsidiary company of RIL.
The financial details of the IPL franchise has been disclosed by industrialist Mukesh Ambani-led Reliance Industries Ltd (RIL) in its annual report for the financial year ended March 31, 2011.
RIL further said that Indiawin's total assets stood at Rs 65.28 crore at the end of year ended March 31, 2011, while its turnover or total income for the fiscal was Rs 112.80 crore.
In the ongoing fourth season of IPL tournament, MI is currently ranked on the top and has won most of its matches so far.
Speaking about the team, RIL said in its annual report that "MI registered the most number of wins in Season III of the Indian Premier League, and reached the finals. MI has been the most followed team in the IPL and enjoys a huge global fan base".
RIL has listed Indiawin as one of its subsidiary companies with a 98.3% stake. The remaining stake is also held by associate companies of the RIL group.
Till the previous financial year 2009-10, RIL had listed Indiawin as an associate/joint venture company, and not as a subsidiary, with a 50% direct stake.
RIL further said that it did not give any loans during the year 2010-11 to Indiawin Sports Private Limited, as against a loan of Rs 44.60 crore in the previous year. Prior to this, RIL had given a loan of Rs 57.73 crore to Indiawin during the year ended March 31, 2009.
Mumbai Indians was the most expensive franchise in the first three seasons of the IPL.
During the IPL Player Auction 2011, MI retained Sachin Tendulkar, Harbhajan Singh, Kieron Pollard and Lasith Malinga with the team's other notable signings at the auction being Rohit Sharma ($2.1 million), Andrew Symonds ($850,000) and Munaf Patel ($700,000).