Chennai Super kings becomes First Indian Sports Establishment to Gain Unicorn Status.

Why in news?

• The second most successful franchise in the Indian Premier League, (After Mumbai Indians) Chennai Super Kings (CSK) has become the first sports enterprise in the country to achieve unicorn status.
• Chennai Super Kings achieved this historic status as the franchise achieved the market cap of over $1 billion in the private equity market.
• The Chennai-based outfit reached an all-time high of Rs 7,600 crores and became the most valuable sports company in the country.

About Chennai Super Kings

• The parent company of Chennai Super Kings is India Cements, owned by former BCCI president N Srinivasan.
• As the name suggests the parent company is involved in cement manufacturing and its market cap stood at Rs 6,869 crores – over Rs 700 crores less than Chennai Super Kings Cricket Limited (CSKCL).
• Srinivasan bought the franchise way back in 2008 for just $91 million.