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Sport is considered as one of the most popular mode of entertainment globally. As of 2013, the global sports market size was approximated to be $40 billion1. India has only1 per cent share of this $40 billion industry where 90 per cent of the sports related revenues are generated by cricket alone2. A study conducted jointly by AC Nielsen and TAM Sports indicates that Football is the most popular sport in the world with a reach of over 100 plus countries and an estimated fan base of more than 4.1 billion. Cricket is a distant second with a reach of only 25+ countries and is approximately followed by 650 million people worldwide. "A survey by Ernst &Young in 2005 had predicted that going by the present growth rates, and with the Olympic Games seeing two more editions, 2012 (London) and 2016 (Rio de Janeiro) and two more Asian Games (China and the one in 2019, for which bidding is still on) and one more Commonwealth Games (CWG) (Glasgow, 2014), the sports sponsorship market will be more than doubling across the globe by 2019,"3. Revenues generated from the sponsorship for a global sporting event is projected at Rs. 50,000 crores while that for Indian Premier League (IPL) this value is a mere Rs. 450 crores (Nielsen- Tam Sports report, 2012).