Red Steel gets sponsor’s boot

The T&T Red Steel is currently without an owner, leading up to the 2014 Caribbean Premier League (CPL), as previous owners Lycamobile have decided to part ways with the franchise.



T&T Guardian understands that CPL has reached mutual agreement about the ownership of the T&T Red Steel franchise, which will see Lycamobile relinquish ownership with immediate effect.



The joint decision has been taken ahead of the next round of franchise sales, and CPL is in advanced discussions to identify and secure a new owner for the Red Steel, which has already attracted significant interest from a number of potential owners.



Damien O’Donohoe, CEO of Caribbean Premier League, said: “Our goal is to create long-term meaningful partnerships with franchise owners that benefit cricket in the region. We part on good terms and we are both keen to establish other ways in which we can work together in the future to help develop the CPL brand globally.”



A spokesperson from Lycamobile said: "Lycamobile has a long tradition of supporting cricket and cricketing communities and we look forward to aligning our cricketing interests to the continued expansion of the Lycamobile global footprint. We will continue to look at opportunities across the world and we wish the team the very best for the 2014 season."



The franchise rights for the remaining teams (Antigua Hawksbills, Barbados Tridents, Jamaica Tallawahs and St Lucia Zouks) will go up for sale shortly, and are likely to be acquired in the coming months. After what was seen as a very successful inaugural season, two out of three owners have bailed out. The other owners that have given up their team are the owners of the St. Lucia Zouks. The only franchise that has remained sold is the Guyana Amazon Warriors, which is owned by local Guyanese doctor and businessman Bobby Ramroop.



The Red Steel lost US$1.5M last year and this did not go down too well with the owners. If teams don’t acquire owners for the 2014 season, they may be forced to operate on smaller budgets which will see even managers not being hired.



Currently commercial manager of the CPL Jamie Stewart is trying to generate financial interest by making the rounds of the Caribbean to meet with potential sponsors and owners. His travels have been fruitful one understands and now the region will wait with abated breath to see what becomes of the second edition of the CPL. (VM)