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Kerala sets up SPV for Champion's Boat League
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SME Times News Bureau | 27 Jun, 2019
As part of showcasing Kerala's famed snake-boat race in the backwaters
in six districts across the state, the Kerala government has decided to
form a Special Purpose Vehicle (SPV) to conduct the IPL-model Champions'
Boat League (CBL) as an annual event in August-November, state Tourism
Minister Kadakampally Surendran said on Wednesday.
Surendran, along with various stake-holders, met Finance Minister Thomas Isaac to finalise the setting up of the SPV.
The
inaugural edition of the Champions' Boat League (CBL) will get under
way with the Nehru Trophy Boat Race on August 10 at Punnamada Lake in
Alappuzha.
The competitions in the CBL will start a week later at
Pulinkunnu (August 17). In subsequent Saturdays, races will be
conducted at Thazhathangadi (August 24), Piravam (August 31), Marine
Drive (September 7), Kottappuram (September 14), Ponnani (September 21),
Kainakari (September 28), Karuvatta (October 5), Kayamkulam (October
12) and Kallada (October 19), before concluding in a grand finale at the
President's Trophy Boat Race at Kollam on November 1.
At the
meeting attended by representatives of boat owners, boat clubs and
rowers' associations, Surendran said that the SPV company is primarily
intended to generate revenue through telecast rights, advertisements and
sponsorships for conducting the premier event, besides deciding on
revenue-sharing among the stake-holders.
"This event is going to
open a glorious chapter in the long history of boat races in Kerala as
it will not only showcase this unique tradition to the whole world but
also bring benefit to the entire spectrum of stake-holders," he said.
The
CBL winner will get a cash prize of Rs 25 lakh, while those finishing
second and third will get Rs 15 lakh and Rs 10 lakh, respectively.
The
Minister also said the CBL has been conceived and planned as a world
class tourism product which will firm up Kerala on the international
map, luring visitors during the monsoon season.
Isaac said the
event has been structured in a commercial-friendly manner so as to bring
advantage to the stake-holders who have kept up the tradition over a
long period.
"I am sure that in coming years, the CBL will grab a
prime spot in international sporting calendar and TV channels will vie
for telecasting it live," he said.
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