Jain community cricket league sells 12 franchises for Rs 31cr in debut auction

AHMEDABAD: Twelve teams, more than 50 bidders and a combined auction value of Rs 31 crore - a cricket league built around the Jain community has just produced auction numbers that wouldn't look out of place in mainstream sport.Jain International Trade Organisation-backed JITO Premier League's inaugural franchise auction on March 24 had all the jazz of a fiercely competitive IPL-style gavel event, with the stakes set high from the get-go.Mumbai Sobo Star went for Rs 3.7 crore, becoming the night's most expensive franchise. Bengaluru followed at Rs 3.2 crore. A Surat businessman picked up the Gujarat JPL team for Rs 2.4 crore.Shweta Hundia, secretary of JITO Sports, said the league had received 6,500 applications from players within the Jain community and secured Rs 5.1 crore in title and trophy sponsorship.JITO Apex chairman Pruthviraj Kothari said the league had moved away from its earlier charity model to being run as a fully corporate sports property. "This year, we plan to host more than 40 matches across 12 cities in April-May. The playoffs and final are likely to be held in Mumbai," he said.Team owners need to pay only 50% of the franchise fee in the first year. JITO Sports Foundation, the entity managing JPL, covers coaching, travel and other costs. Non-Jain investors can hold up to 20% stake in a team. At the end of the season, 40% of the surplus revenue will be distributed among the teams, Kothari said.Teams are also expected to earn through brand endorsements and the owners will eventually be able to trade their stakes at higher valuations, JITO Ahmedabad's secretary Jainik Vakil said.JITO Apex vice-chairman Himanshu Shah said, "Players will be signed on three-year contracts and the fees will be determined based on categories: A (Rs 1 lakh), B (Rs 60,000) and C (Rs 40,000)." JITO is planning to approach cricket veterans Jonty Rhodes, Sanath Jayasuriya, Ross Taylor, Shikhar Dhawan, Suresh Raina and Munaf Patel to join as mentors or icon players for each team, Hundia said.Vikcy Oswal, chairman, JITO Sports said, "We have been working for taking the league to a new high for the last few years and now we have developed a long term vision for the empowerment of sports activities in the community. We want to build a brand value of JITO premier league which will bring out the best talent from within the community."31cr auction at inaugural Jain premier leagueA cricket league built around the Jain community just produced auction numbers that wouldn't look out of place in mainstream sport - 12 teams, over 50 bidders and a combined auction value of Rs 31 crore, reports Parag Dave. The Jain International Trade Organisation-backed JITO Premier League's inaugural franchise auction had all the jazz of a fiercely competitive IPL-style gavel event, with the stakes set high from the get-go.