Santosh concurs, adding that while Dhoni will leave CSK with a very big void to fill, the club must shift from player-centric to culture-centric branding.
Evaluating a brand’s contributions to your company’s bottom line and whether it will continue to deliver significant strategic value in the future isn’t perfect science. Often, brand bosses face the tricky task of balancing hard-nosed financial wisdom with the merits of keeping fans happy. Toyota was lucky to have an Innova to step into the shoes of its hot selling Qualis in 2005, but will Chennai Super Kings (CSK) be equally lucky?
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The five-time IPL winner has had a rather rocky start to this IPL season with three consecutive losses and just one win. Adding to the club’s woes is the uncertainty surrounding the team’s star performer, Mahendra Singh Dhoni. Cricket commentators like Sanjay Manjrekar argue that Dhoni’s presence among CSK’s playing 11 is more for his brand value than cricketing competence.
They have a point. As per a report by Brand Finance, at $122 million, CSK is the IPL franchise with the highest brand value. Its player Dhoni picked up a whopping 42 brand endorsements last year, with a brand value of over $90 million. But is that enough reason for CSK to keep the 43-year-old on the field?
The club is faced with a unique conundrum in choosing between Dhoni the player and Dhoni the brand. Fans have taken to social media to voice their discontent at CSK for underutilising its biggest star by playing him as low as number nine in the batting order against Royal Challengers Bangalore.
Sandeep Goyal, chairman at Rediffusion, opines that CSK’s decision to retain him is hurting both, brand CSK and brand Dhoni. ‘Thala Dhoni’, as he is fondly called by fans, is synonymous with CSK. “Over the years, he has been a great finisher for his side. CSK fans throng the stadium not just to cheer their team but mainly to see Dhoni. But age has finally blunted the Dhoni sparkle as a batsman. He should bow out gracefully before fans desert him and forget his past glories,” says Goyal.
The brand value question
Dhoni retired from international cricket in 2019 but has dismissed rumours of his retirement from the IPL. Industry observers note that advertisers have associated with CSK largely because of Dhoni’s star power. As per CrispInsight’s eDART-IPL25 study, Dhoni has the second-highest fan following after Virat Kohli in the league.
Santosh N, managing partner at D&P Advisory, explains the role that Dhoni plays in driving up CSK’s revenues and its brand value. A team’s brand value is directly tied to the revenue it generates through sponsorships, gate receipts, and merchandising. “Dhoni’s presence boosts all three — he attracts sponsors, fills stadiums even in away matches, and fuels merchandise sales like no other player. Dhoni’s exit won’t just reduce visibility. It risks a brand identity void, especially in non-core markets where Dhoni’s appeal bridges the fan connection,” says Santosh.
In the event of his retirement from the IPL, Santosh suggests that CSK could reframe Dhoni’s transition as the start of a new chapter rather than as a loss of an icon.
KV Sridhar, global chief creative officer, Hypercollective and Nihilent has a slightly different take. He believes that because Dhoni transcends boundaries, he is valuable not just to CSK but to the entire IPL as well. “Dhoni’s legacy will live on among CSK and IPL fans even when he retires. CSK’s brand value may not see an immediate fall even after he steps down because its commercial value is still very high. However, if the team’s performance continues to decline over the next couple of seasons, CSK’s brand value may take a hit,” remarks Sridhar.
For brand Dhoni too, the hit won’t be major. Experts note that several cricketing icons such as Sunil Gavaskar and Sachin Tendulkar continue to stay relevant and land big brand deals despite being out of action on the field.
Ajimon Francis, MD India for Brand Finance doesn’t expect to see erosion in CSK’s brand value in the short-term even if Dhoni calls it a day. The CSK sponsors have been there for a long time and Dhoni himself has indicated that he will continue his association with the club as mentor. Gulf Oil India’s partnership of over 12 years with CSK is the longest in IPL history.
Other prominent brands like TVS Eurogrip and Muthoot Group have also partnered with the club for several years. Francis also points out that IPL clubs should look to define themselves with narratives that don’t lean heavily on a certain player or personality. “Sporting clubs are often centred around some prominent players. For example, fan engagement is built around players like Mohamed Salah in the case of the Liverpool football club, or Lionel Messi when he was with Barcelona. However, teams should strategise their brand building around certain elements like style of play, instead of creating a personality cult,” he says.
Santosh concurs, adding that while Dhoni will leave CSK with a very big void to fill, the club must shift from player-centric to culture-centric branding. IPL teams should market a collective ethos over individual icons for long-term brand equity.