Bluesport Entertainment Pvt. Ltd, the official licensees of the Premier Handball League (PHL) under the aegis of the Handball Federation of India (HFI), has announced an investment of Rs 240 crore.
The company also squandered the shares and shareholders Vivek Lodha and Abhinav Banthia as their investors.
The company will use the funding to accelerate the growth of men’s and women’s handball in India over the next five years.
“We will use 25 per cent of funding to promote handball nationwide, earn interest while 15 per cent will start building infrastructure, which I think will be instrumental in the game’s growth in India,” said Manu Agrawal, CEO, and Co-Founder, Bluesport Entertainment Pvt. . Ltd.
Bluesport Entertainment has acquired the rights of both the men’s and women’s leagues in India over the next decade.
With an investment of $ 120 million each in men’s and women’s sports, the company plans to spend Rs 35 crore on root development, training young and old skills in the country and implementing a systematic program to help local coaches gain international standards.
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“We expect a 33 per cent growth rate in terms of the combined annual growth rate and believe that men’s and women’s leagues are able to recoup investment and make a profit by the end of their third season,” Agrawal said.
It also plans to provide much-needed international exposure and foreign training opportunities for Indian players through the league.
The first season will have six teams and the first team will be released at the end of August. And by November all parties will be closed. So far, along with the companies, Bollywood celebrities have also shown interest.
In addition to the club owners, the company has also begun negotiations with sponsors.
“There are products from Europe that are showing interest and they want to enter the Indian markets so they are looking for long-term deals. big, about 15 are currently showing interest and we expect about a hundred companies to come together, “said Abhinav Banthia, President of Bluesport Entertainment.
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