In the world of money, I’m told, a major cause of financial discomfort is irrational expectation. People follow bubbles rather than reason; they buy at high prices out of a sense of heightened expectation and are forced to sell low when they are surrounded by the debris of such expectation. Cricket, I just fear, might be headed down that path in certain parts of the world.

The current boom in cricket pricing is the result of the seemingly unending enthusiasm of the Indian consumer, the relative, and often willing lack of competition from other Indian sport and the heady economic situation here. And lest we be accused, as we often have others, of not being able to look beyond one’s nose, there is also a fairly significant contribution from a much-maligned American billionaire.

The riches on offer here in India have not escaped the attention of others. Luckily the passage of knowledge doesn’t yet need visas and so other countries, notably England and Australia, are seeking to replicate the IPL model. However, they aspire to go beyond. They hope to entice Indian money, either through television rights or through ownership of franchises, towards their lands. That’s not an unfair business practice though it seems to ignore the two key factors mentioned earlier for the boom in India.

The enthusiasm of the Indian consumer, except in very rare cases, doesn’t extend to matches played overseas where there is no Indian presence. And, more important, the heady growth of the Indian economy has been stopped in its tracks. The sensex has dropped like the batting average of a batsman who’d forgotten to pack his bat. Money is not easily available and it stands to reason that when a product is in relatively short supply, its owner will prioritise and spend it on what he needs the most. If Indian industry is forced to cut back on spending, it is unlikely to buy franchises in Southampton and Adelaide.

... contd.