CPL in it for the long haul

Fifty years.

That is the length of time the Caribbean Premier League is asking businesses in the Caribbean and around the world to invest in the CPLT20, which kicks off in Barbados on July 30.

And according to CPL marketing consultant Pete Russell, businesses from around the world are keen to sign on.

“The response has been really positive so far. For the business sector, one of the key things they are looking for is if we are here for the long term; they don’t just want to support a project that is here today and takes off tomorrow, and the fact that this is a 50 year deal, it is huge commitment,” said Russell.

Russell has been with the CPL from its inception over two years ago and is in charge of the commercial aspect of the tournament for Barbados, St. Lucia and Antigua & Barbuda.

He  said that the 50 years would be broken down into an initial 20 year term and then three sets of ten year extensions.

Russell admitted that with the tournament just eight weeks away, getting businesses to sign off on discretionary budgets was a tough task, but he is confident that they will have more than enough sponsors when the first ball is bowled on July 30.

So far, Digicel is the only major company that has been publicly revealed as a sponsor, but Russell noted that there were in discussions with other major businesses throughout the Caribbean, and as far away as India, about signing on for the tournament. The CPL is also finalising a lucrative television deal with IMG, a media company that distributes major sports events such as the Barclays Premier League and the Indian Premier League.

Aside from the potential big bucks for businesses, Russell predicts that there will be a trickle-down effect for everyone.

“I think it is an amazingly ambitious adventure; when you bring a league of this nature or when you are trying to create a league of this nature, the capital expenditure is considerable; it costs a lot of money that will flow into the local economies. We are hiring a lot of locals. It is a very important project we believe, not only because of cricket, but obviously for the region. It is exciting to have something like this in the Caribbean,” said Russell. (PG)