Lalit Modi, the chairman and commissioner of the Indian Premier League.
Lalit Modi, the chairman and commissioner of the Indian Premier League.

The future of IPL hogs spotlight



Headlines about the future of the Indian Premier League (IPL) have been buzzing for the past week or so but one thing is clear: this is far from a steady ship. Team owners across the board are wondering what the actual financial gains are as they take stock after the first two seasons. And even clubs that have done well on the field are feeling the heat in the accounts department at their offices.

But the main worry is that the Board of Control for Cricket in India (BCCI), under whose banner the IPL is conducted, terminated the contract of International Management Group (IMG) as the tournament's logistic partners. And the reason? They simply found the charges too high. But there are many connected with the IPL who feel the tournament would never have taken off had it not been for IMG's handling of logistics - and even the board members will concede that it took a super-human effort to shift the second edition of the tournament to South Africa once the Indian government failed to guarantee security to teams.

It is hard not to feel sympathy for IMG, and IPL commissioner Lalit Modi now finds himself on a sticky wicket. He was part of the board's working committee which took that decision but he also worked closely with IMG to make the IPL a success. There is little comment emerging from either side but Sharad Pawar, the former BCCI chief who was in power when the concept of the IPL was formed, wrote a strong letter to the board asking them to sort the issue or risk being locked up in legal red tape.

Pawar is more than a former president. He will soon be heading the International Cricket Council (ICC) and his influence on Indian cricket politics is too significant to ignore. So, IMG has a big supporter. On the other side there is Modi, whose contribution to world cricket is commendable. He can be arrogant but there is no denying that he made the cricket world sit up and take notice. The big debates we hear on the survival of 50-over cricket - and Test cricket for that matter - would not have seen the light of day had Modi's IPL failed.

It would be a travesty to see Test cricket's significance diminish, but 50-50 making way for T20 would not be such a bad thing for the game. Modi's success has made his fellow BCCI colleagues insecure as the truth is most administrators love the spotlight just as much as the players. That can be seen in the experience a journalist friend went through. His magazine wanted to interview a top Indian sports administrator and he put in a request to the communications department.

The PR men got back to say that the interview would be granted only if this "big shot" appeared on the cover. The editors, quite rightly, believed he was not worth it and so it never happened. Despite all this, in my opinion Modi has the ability to use his powers to solve the IMG row. First he must placate the team owners who have invested a lot of money in getting the best players to wear their colours and who want the tournament to be run by efficient hands.

Then there are the BCCI members who, as they do not respond well to hard talk, Modi must use all his persuasive powers to make happy. But, although he can be unreasonable, he can do it. I have experienced first hand his talent for defusing a dispute. It was Modi who put severe restrictions on the media who wanted to cover the 2008 IPL. These included some websites being declared unwelcome and newspapers being barred from using any images of the tournament online. A small group of journalists met Modi to take him to task. He was, in the main, unrelenting but we managed to convince him to delete a few of the other weird clauses.

Within an hour, he orchestrated a press conference at which he declared that everything had been sorted out. I was left wondering at how quickly a bed of roses had been created from such a thorny issue. Clayton Murzello is Group Sports Editor of Indian newspaper Midday cmurzello@thenational.ae

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Keane on …

Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”

Mohamed Salah’s debut campaign at Anfield: “Unbelievable. He’s been phenomenal. You can name the front three, but for him on a personal level, he’s been unreal. He’s been great to watch and hopefully he can continue now until the end of the season - which I’m sure he will, because he’s been in fine form. He’s been incredible this season.”

Zlatan Ibrahimovic’s instant impact at former club LA Galaxy: “Brilliant. It’s been a great start for him and for the club. They were crying out for another big name there. They were lacking that, for the prestige of LA Galaxy. And now they have one of the finest stars. I hope they can go win something this year.”

Afghanistan squad

Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.

THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

Essentials
The flights

Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing. 

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Mane points for safe home colouring
  • Natural and grey hair takes colour differently than chemically treated hair
  • Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
  • When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
  • Most modern hair colours are technique-based, in that they require a confident hand and taught skills
  • If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
How to help

Call the hotline on 0502955999 or send "thenational" to the following numbers:

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The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

While you're here ...

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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The 15 players selected

Muzzamil Afridi, Rahman Gul, Rizwan Haider (Dezo Devils); Shahbaz Ahmed, Suneth Sampath (Glory Gladiators); Waqas Gohar, Jamshaid Butt, Shadab Ahamed (Ganga Fighters); Ali Abid, Ayaz Butt, Ghulam Farid, JD Mahesh Kumara (Hiranni Heros); Inam Faried, Mausif Khan, Ashok Kumar (Texas Titans