Chennai Super Kings (CSK)’s brand value has suffered a massive dip owing to the coronavirus pandemic and the team’s poor show in the Indian Premier League (IPL) 2020. CSK recorded a woeful campaign in the UAE as they finished seventh in IPL 2020 and failed to qualify for the playoffs for the first time in their history.
The MS Dhoni-led side has been the biggest loser in terms of brand value, as per Duffs and Phelps’ annual IPL Brand Valuation Report. Both CSK and Kolkata Knight Riders (KKR)’s brand values have dipped. While CSK have suffered a hit of 16.5%, with their brand value dipping to Rs 611 crore from Rs 732 crore, KKR’s brand value has declined 13.75% to Rs 543 crore from Rs 629 crore.
Mumbai Indians, who lifted their record fifth IPL title last season after a stellar season in UAE, remain on top of the list of most valuable IPL franchises. Though Mumbai Indians’ brand value also took a hit of 5.9% from last year, the franchise is valued at Rs 761 crore.
The lack of crowds at the stadiums resulted in revenue loss from the franchises as well as the pandemic affected the business tie-ups which capitulated into the brand value of the teams taking a hit. Overall, IPL too suffered and lost 3.6% in its brand value in 2020.