India's richest race to own sports teams; Mukesh Ambani No.1: Forbes

NEW YORK: As owning a sports club becomes the new status symbol for country's uber rich, it is India's wealthiest man Reliance Industries Chief Mukesh Ambani who leads the pack with his IPL team ' Mumbai Indians' being worth an estimated $ 200 million, according to Forbes.

According to Forbes, India's richest are racing to own sports teams in the field of cricket, kabbadi, hockey and badminton.

Leading the pack of team owners is India's richest person -- Mukesh Ambani, along with wife, Nita Ambani, with their IPL team 'Mumbai Indians' that stands at an estimated $ 200 million, Forbes said.

Reliance Industries had picked up the Mumbai Indians cricket franchise for more than $ 110 million in 2008.

Other billionaire IPL team owners include G M Rao ranked 98th in the Forbes India rich list, who owns the Delhi Daredevils and media magnate Kalanithi Maran (ranked 38), who owns the Sunrisers Hyderabad, Forbes added.

"For India's rich, having a sports club of one's own is the newest status symbol," Forbes said, adding that Mohit Burman, scion of the Burman family ranked number 18 on the Forbes list has two of them.

In 2008, the Burman family, that owns the Dabur Consumer Goods empire, snapped up a stake in the Kings XI Punjab cricket team at the inaugural auction of the Indian Premier League (IPL).

The IPL tournament has generated $ 3.2 billion (in sponsorship fees and broadcasting revenues) over the years.

Last year the Burman family had picked up the Mumbai Magicians field hockey team and the Pune Pistons badminton team, the magazine added.

Meanwhile, the Ambanis are also backing what they see as the next big thing: soccer.

The newly launched Indian Super League, in partnership with sports management firm IMG, made its debut in October with Brijmohan Lall Munjal's Hero MotoCorp as the title sponsor.

Electronics magnate Venugopal Dhoot and Sanjiv Goenka are among the eight franchise owners.

Meanwhile, Kabbadi -- an ancient Indian sport, recently got a fresh lease on life after Anand Mahindra (ranked 74th in the Forbes list) created the Pro Kabbadi League in March.

Banker Uday Kotak (15th richest man in India) and retail mogul Kishore Biyani are fellow team owners.

The inaugural edition of the Pro Kabbadi League has garnered 435 million TV viewers over the 37-day event. It is now the country's second-most-viewed sporting tournament, Forbes said.