?IMG-Reliance has entered into a multi-million dollar deal with Star India to become equity partners in a JV for the next ten years to run the proposed football league.
Under the agreement, Star will hold 30 % stake in the joint venture with IMG-Reliance to broadcast and promote a first-of-its-kind action-packed three-month football league in the country, scheduled to be launched in January 2014.
The proposed collaboration was signed around two weeks ago. A tournament on the lines of the famed Indian Premier League Twenty20 has been designed by IMG-R, which again is a JV between the sports management company and the Mukesh Ambani-run Reliance Industries.
On the lines of IPL, the tournament will also identify the central and local revenue models for all stakeholders-including IMG-R and the eight franchises.
It is learned that the IMG-R and Star India JV has decided to distribute 100% of the television revenue to its franchise owners in the tournament's first year.
Star India CEO Uday Shankar also spoke about the development, emphasizing the growing popularity of football in the country. "Combining our expertise in sports production, our attempt is to bring an unparalleled football experience to our viewers," he said.