Indian Premier League (IPL) franchises Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR) have raked in billion-dollar valuations, opening a window into how the cash-rich league has evolved from a cricket tournament into a tightly held sports-media economy.
This raises the question about how IPL teams are valued and whether these valuations are justified.
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What does valuation mean in IPL’s context?
To understand how valuation is done, let’s first understand the difference between sale price, business value and brand value. A sale price is what a buyer agrees to pay at a point in time. A business valuation, by contrast, is an estimate of what the franchise should be worth based on expected future cash flows. Brand value is narrower still – it captures the worth of the name, identity and goodwill, but not the full business.
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Houlihan Lokey’s 2025 ‘IPL Valuation Study’ defines this distinction. It says brand value is embedded within business value, not equal to it. That is why a brand estimate and a sale price can sit far apart without either being “wrong”.
The report valued RCB’s brand at $269 million and Rajasthan Royals’ at $146 million in 2025. RCPL’s revenue was ₹504 crore in FY25.
Santosh N, managing partner at D&P Advisory, says the reported franchise prices are “at a significant premium to intrinsic value”. If annual revenue for an IPL team is roughly ₹700 crore to ₹800 crore, or under $80 million, then valuations of $1.6 billion to $1.8 billion imply revenue multiples of around 20x to 22x.
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How are IPL teams valued?
The main financial method is discounted cash flow, or DCF. Houlihan Lokey says its IPL business valuation primarily hinges on the income approach, specifically DCF, which estimates the present value of projected future cash flows and terminal value discounted back to today.
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For brand valuation, it uses the relief-from-royalty method, which estimates what a franchise would have had to pay to license its own brand if it did not own it. The methodology explicitly considers the role of marquee players such as Virat Kohli and MS Dhoni, along with the importance of the brand to sponsors, advertisers and fans.
Why media rights matter most
The biggest anchor in any IPL valuation is the central revenue pool, especially broadcasting and league sponsorships. The Houlihan Lokey report says top franchises generate around ₹650 crore to ₹700 crore in annual revenue, with up to 80 per cent visibility secured before the tournament begins, helped by long-term media rights and front-loaded sponsorship deals.
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According to Santosh, around 70 to 75 per cent of franchise revenue comes from the central pool, with only about a quarter coming from team-level sources such as sponsorships, ticket sales and merchandising. Of that central pool, he said, each team gets about ₹500 crore a year from the BCCI and around 70 to 80 per cent of that comes from broadcasting.
This is also why IPL teams are increasingly viewed less as conventional cricket clubs and more as scarce media-linked assets. When media-rights expectations rise, franchise values tend to rise with them.
But Santosh also flags a constraint. The broadcasting market has consolidated, mainly by JioHotstar, making it harder to assume a sharp rise in rights values in the next cycle. “So it is difficult to argue that team revenues will rise 30 or 40 per cent, or even 20 to 30 per cent, in the near term. That is why, from a pure valuation standpoint, these numbers are hard to justify,” he says.
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What makes IPL teams valuable
The central pool sets a floor. Team-level strengths then determine the premium.
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Fan base is one factor. A large, nationwide and digitally active audience improves sponsor pull, merchandise potential and pricing power. Another factor is sponsor quality. Teams that consistently attract blue-chip partners are seen as stronger businesses, not just louder brands.
Houlihan Lokey’s study also argues that IPL franchises benefit from an asset-light structure, salary-cap discipline and low fixed-asset exposure compared with many global sports teams.
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Scarcity matters too. There are only 10 IPL teams, and not all are realistically available for sale. “Out of 10 teams, maybe only one or two are realistically open to investment or sale. When many investors chase very few assets, premiums rise sharply,” says Santosh.
Why RCB’s valuation is not much higher than RR’s
The sale of both RCB and RR begs another question: why is the valuation of a popular franchise like RCB not significantly higher than that of RR?
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On one hand, RCB boasts one of the league’s biggest fan bases, mainly driven by Virat Kohli’s stardom, a premium Bengaluru market and strong sponsor appeal. RR, on the other hand, never had a marquee player like Kohli, or boasts of a die-hard fanbase.
Santosh says that even though there is a gulf between the brand values of both teams, their revenues may still be nearly the same.
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“Each franchise gets around ₹500 crore from the BCCI’s central pool, regardless of whether it is at the top or bottom of the table. Team-owned revenue is typically in the ₹200 crore to ₹300 crore range. A team like RR may generate around ₹220 crore on its own, while RCB may generate ₹270 crore to ₹300 crore. So the overall revenue gap remains modest,” he says.
On star power, Santosh says the Kohli effect on RCB should be viewed with caution. “Virat Kohli adds value, but RCB has not yet been able to monetise that value at a dramatically higher level,” he said.
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What are the risks behind these valuations?
The bull case is not without caveats. Santosh identifies three major risks:
Media consolidation could weaken future bidding intensity for IPL rights.
Regulatory or policy action affecting key advertiser categories could hurt broadcaster economics and reduce future rights aggression.
Some investors may be building in aggressive assumptions about a much longer IPL window, which remains uncertain because it depends on player availability, support from other cricket boards and sustained viewer appetite.
Why buyers may still pay up
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Santosh says that these assets are not being bought like hold-forever dividend plays. “These (teams) are like trophy assets. For many investors, especially ultra-rich individuals and strategic buyers, the appeal may go beyond return on investment. Ownership brings status, access, visibility and proximity to the worlds of sport, entertainment and business,” he says.
The second reason is the exit value. According to Santosh, investors may believe that five or six years from now, demand for these assets will remain strong and someone else will be willing to pay $2.5 billion or $3 billion. In that case, their return comes from capital appreciation, not operating cash flow.
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“So this is not a hold-forever, collect-dividends investment. It is more likely a prestige asset plus a bet on future resale at a higher price,” he says.
What’s your favorite horror movie? “Halloween”? “The Ring”? “Invasion of the Body Snatchers”?
Mine is a little-known arthouse classic called “The Hardest Golf Course in the World?” The 15-minute short never appeared in theaters nor has it received a Rotten Tomatoes rating; it went straight to the DP World Tour’s YouTube page where it has drawn a meager audience — about 15,000 viewers — likely because most golfers don’t have the stomach for it.
Among the terrors in this fright flick: England’s Matthew Jordan putting up a slope only for the ball to . . . take a 90-degree turn and roll back toward him (“Makes you look silly,” a commentator says); Andreas Halvorsen of Norway chunking a greenside bunker shot . . . into the rough. And Troy Merritt playing left-handed off a cart path from where he . . . chips his ball into a bush. Those are just the PG-13 scenes; the NC-17 clips aren’t suitable for this site.
This gruesome medley of shots, among many other lowlights, all occurred at the 2025 Hero Indian Open at Delhi Land & Finance Country Club, more commonly known as [cue dissonant violin chords] . . . DLF.
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There’s a fairway out there somewhere.
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DLF, which has played host to the Indian Open since 2017, is a sharp-fanged beast that feeds on uncommitted swings and uncertain reads. The original parkland design, by Arnold Palmer, debuted in 1999 complete with 15,000 newly planted trees and 195 floodlights, which allowed for golf under the stars on all 18 holes. By 2015, though, the course had a new look and more fearsome feel, thanks to a Gary Player redo that included nine new holes and a retooling of nine of Palmer’s holes. The Player course, which stretches north of 7,600 yards, has two lakes, craggy rock formations, fairways choked by trees and bushes and bunkers that resemble the Great Pit of Carkoon. And then you get to the greens, which are about as easy to handle as the banks on a Nascar track. As one course review site noted of DLF, “The average handicap golfer will need to bring a sense of humour and an arsenal of golf balls.”
The pros, too. The DP World Tour is back at DLF this week for the latest playing of the Indian Open, and, after a first round in which 14 players failed to break 80, familiar refrains (shrieks?) could be heard emanating from the press center.
“Might be the hardest course this year,” said German pro Freddy Schott, who had to take two drops Thursday, both of which led to bogeys. “Your game has to be so good overall, there’s not a thing which can leak.”
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And that was your first-round leader talking! Schott erased his leaky swings with a stunning eight birdies to take the solo lead at six under.
“It’s a course that you need to be patient,” added Eugenio Chacarra after a nifty five-under 67. “I just think it’s a real golf course. You hit every club in the bag, you can’t really have a weakness — you need to hit it good from the tee, you need to have a good approach, the landing areas are small. You need to putt good, the greens are firm and fast and it’s hard to read them.”
A real golf course.
The pros on the other end of the ’board weren’t as chatty, but their cards spoke volumes. Shubhan Jaglan of India shot a back-nine 49 that included a double, two triples and a quad. Amardeep Malik, also of India, made four triples and signed for an 89.
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Thursday was not Amardeep Malik’s day at DLF.
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Akshay Bhatia, who won the Arnold Palmer Invitational earlier this month, hit his opening tee shot, on the par-4 10th, out of bounds and made a double. Five holes later, on the par-4 15th, Bhatia accidentally played the wrong ball with his second shot, leading to a two-shot penalty and a triple-bogey 8. Bhatia bounced back with a front-nine 33 but still finished with a welcome-to-DLF 77. “Glad I didn’t shoot 80,” he said with a nervous laugh.
In 2025, three of DLF’s holes ranked among the 10 toughest holes on the DP World Tour: the 414-yard par-4 14th, which had a scoring average of 4.54; the 535-yard par-4 (yes, par-4!) 17th (4.51); and the 446-yard par-4 6th (4.44). Of the 17th, the droll English pro, Eddie Pepperel, tweeted in 2018, “The great thing about the 17th hole in India is that it has 15,000 rocks and 15 fans. Most great 17th holes have 15 rocks, and 15,000 fans.”
In the first round Thursday, 14 was playing harderstill, to a stroke average of 4.93. Twenty-five players made double or worse.
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You might be asking yourself, What was Gary Player’s end game here? In an era when playability and user-friendliness have become fashionable, what was the motivation for building such a shin-kicking test? On Thursday afternoon, I dropped Player’s office a line to see if he might talk me through his design strategy. Player was traveling, but one of his representatives did send me a written response from the Black Knight on his “key design philosophies” at DLF.
“Our design intent was to create a captivating and memorable golf course that would achieve world-class standards,” Player wrote. “While the course presents a meaningful challenge, it has been exceptionally well-received by the golfing community.”
He went on: “The course features an immense amount of variety and strategic interest, highlighted by iconic revetted bunkers, a dramatic rock quarry, a large lake, compelling contouring, and breathtaking vistas. What makes the achievement even more remarkable is that the entire landscape began as flat ground. To transform that blank canvas into 18 holes of championship golf is truly extraordinary. The experience is intentionally thought-provoking, offering a wide range of shot values that challenge players to think strategically throughout the round. Every hole offers something unique, continually engaging the player’s attention from the first tee to the final green.”
Oh, they’ll get your attention alright. They might keep you up at night, too.
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Two years ago, the DP World Tour social team asked a handful of pros what an 18-handicapper might shoot at DLF. The question drew wry smiles, if not outright laughter, from most of the players — and chilling answers.
“I think I can easily see 80 for myself,” said Niklas Norgaard Moller of Denmark. “I think we’re close to 150, maybe 160. Such a difficult course.”
An Eagles love story has taken off in the City of Brotherly Love.
Susie Celek, the ex-wife of Super Bowl champion Brent Celek, took to social media this week to reveal her relationship with former Eagles player Hollis Thomas.
Susie shared a video of her and Thomas during various outings, highlighting moments of affection.
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She captioned it, “Life trends show I’m not big on commitment, but I’m stuck on you, big man.” Lionel Richie’s “Stuck on You” was attached to the post.
Jason Kelce (62), Brent Celek (87) and Zach Ertz (86) of the Philadelphia Eagles celebrate Ertz’s touchdown against the New England Patriots during the fourth quarter in the Super Bowl at U.S. Bank Stadium Feb. 4, 2018, in Minneapolis. (Gregory Shamus/Getty Images)
The timing of the start of Susie’s relationship with Thomas and the end of her marriage to Celek is unclear.
Celek spent his entire NFL career with the Eagles, helping the franchise win its first Super Bowl title in 2017. He retired after the 2017 season. The tight end missed only one game in his 11-year career.
Brent Celek of the Philadelphia Eagles scores a touchdown during the first quarter of a game against the Los Angeles Rams at the Los Angeles Memorial Coliseum Dec. 10, 2017, in Los Angeles. (Gross/Getty Images)
He finished his career with just under 5,000 receiving yards and 31 touchdowns. Thomas signed with the Eagles in 1996 and left after the 2005 season, two years before Celek joined the franchise.
Philadelphia Eagles tight end Brent Celek celebrates after defeating the New England Patriots in the Super Bowl at U.S. Bank Stadium Feb, 4, 2018, in Minneapolis.(Brad Rempel/USA Today Sports)
Team Penske’s Austin Cindric explained how NASCAR’s horsepower bump will produce extreme tire falloff at Martinsville Speedway. He expects drivers to step off the throttle to preserve rubber.
NASCAR’s 750-horsepower package at Darlington led to 16 lead changes among eight drivers. Many drivers praised the package for its passing ability, but maintained that the front-end nose wash was still a predominant struggle. Joey Logano, in particular, wanted more tire falloff for better racing.
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The onus is now upon Goodyear to deliver the right balance between degradation and durability. The last time Goodyear brought softer sets was at Bristol, where tire wear and corded sets produced a chaotic race.
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Cindric believes in a similar occurrence at Martinsville this year.
“We’ve trended over the last few years of going to tires that definitely wear out more and more at Martinsville,” he said via X/SiriusXM,”On top of that, now we’re adding adding the power and you know, there were times last year Martinsville where you start to get a full throttle as the right rear and the right front tires fall off, so I definitely think it’s going to make an impact, probably more so than maybe anywhere else.”
“We’re doing two u-turns and coming from a stop in comparison to most the places we go. So from what I did on the sim today and everything else, I think it’s definitely going to make an impact and you’re definitely going to have to be pretty nice to those tires,” Cindric added.
Austin Cindric finished among the top-5 at Darlington, making it his maiden top-10 of the season as well. His teammate Ryan Blaney finished among the podium places and took home 42 points.
Dale Earnhardt Jr. shares verdict on NASCAR’s horsepower package at Darlington
Dale Earnhardt Jr. dropped an honest take on NASCAR’s 750-horsepower package at the recently concluded Goodyear 400 at Darlington Raceway. The Cup Series veteran believes NASCAR can ‘move forward’ with the change.
He also noted that removing downforce from underneath the car and stripping away the diffuser aided the racing product. On the latest episode of Dalr Jr. Download, Earnhardt said,
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“It didn’t do anything bad. It didn’t produce anything extraordinary. I think it’s Darlington….Goodyear’s done some great work on the tire. We had guys that were able to pass, able to make moves.”
The 293-lap event saw Tyler Reddick win his fourth trophy in six races, a feat last achieved by Bill Elliott in 1992. The 23XI Racing driver had to overcome a multitude of issues and managed to beat a dominant Brad Keselowski by more than five seconds.
KOCHI: The Indian men’s football team faced fresh embarrassment on Thursday, this time even before they could take the field. National head coach Khalid Jamil and the team were denied entry to Kochi’s Jawaharlal Nehru International Stadium, the venue for India’s Asian Cup qualifier against Hong Kong on March 31. Jamil had reached the stadium to inspect the pitch and attend a scheduled press conference, but officials of the Greater Cochin Development Authority (GCDA) refused him entry.Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW!GCDA security staff also stopped the Indian team from training at the stadium. The team had to later train at Kerala Blasters’ training ground in Trippunithura, 10 kilometres away from the stadium. GCDA staff said they were acting on instructions from the secretary and chairman not to allow anyone into the stadium complex until the full rent and security deposit was paid by the Kerala Football Association (KFA), the host association for India’s Asian Cup Qualifier with Hong Kong here on March 31.
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Football returns to Delhi! SC Delhi gear up for first ISL home game
KFA president Navas Meeran said, “The Asian Cup qualifier will go ahead as planned. What happened on Thursday was a minor technical problem and it will be sorted out soon,” he said.The GCDA is seeking a security deposit of Rs 25 lakh and a match rent of Rs 3 lakh. The KFA agreed to pay, but the GCDA demanded the full amount on Thursday itself, before allowing the scheduled press conference and practice session to proceed. Although the KFA asked for more time, the GCDA refused.Meanwhile, coach Jamil arrived at the stadium for the press conference and ground inspection, but after waiting for a long time at the KFA office amid the dispute, he was left with no option but to leave. Security personnel also stopped journalists from entering for the press conference, saying they had orders from higher authorities not to allow anyone in. The main gate was later locked.
The International Olympic Committee said on Thursday it was re-introducing testing for gender to determine eligibility to compete in the female category, preventing transgender women from competing. The screening will mean Olympic women’s sports from the 2028 Los Angeles Games will be limited to biological females, which would also rule out those with differences in sexual development (DSD). FRANCE 24’s Selina Sykes reports.
Heimir Hallgrimsson was left feeling only pain as the Republic of Ireland’s World Cup dream was shattered in a heart-breaking penalty shoot-out.
Ireland saw a 2-0 lead evaporate on a dramatic night at Prague’s Fortuna Arena as the Czech Republic fought their way to extra time and after a 2-2 draw, edged through 4-3 on penalties to set up a winner-takes-all clash with Denmark on Tuesday evening.
For head coach Hallgrimsson and his players, who were bidding for a first trip to the finals since 2002, it proved an agonising conclusion to a campaign which had blossomed late in the day.
Asked to sum up his emotions, the Icelander said: “One word, just pain. I feel pain, I feel pride for the performance of the players. They gave it all. I feel gratitude towards the supporters who showed up and supported us the whole game, even after the loss.
“I feel pride being a part of that group, but personally – and I know the players will feel pain now, only pain, I would say.”
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Twenty-three minutes into a pulsating contest, Ireland led 2-0 through Troy Parrott’s penalty and an own goal from keeper Matej Kovar and looked to have one foot in Tuesday’s final.
Patrik Schick’s spot-kick reduced the deficit almost immediately, but Hallgrimsson’s side were within four minutes of victory when Czech skipper Ladislav Krejci – currently playing his club football in the Premier League with Wolves – headed his side level to force extra time and ultimately penalties.
Caoimhin Kelleher saved Mojmir Chytil’s attempt to hand Finn Azaz the chance to make it 4-2, but Kovar saved his and Alan Browne’s attempts to set up Jan Kliment to complete the comeback.
For Hallgrimsson, who signed a contract extension last week, the back-to-back victories over Armenia, Portugal and Hungary which booked their trip to Prague will provide a source of optimism for what lies ahead.
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He said: “First of all, we take that with us, that we can play teams higher than us in the FIFA ranking, punch above our weight whether it’s Portugal, Hungary or here, and compete with these teams.
“We came here with three wins in a row – it’s a long time since that happened for this national team, so I think there’s growth in the squad, I think it’s maturing.
“These have been the biggest games most of these players have played, so that’s encouraging, to know that we are growing.”
Hallgrimsson and his players headed home without Derby striker Sammie Szmodics, who was carried off on a stretcher after being knocked unconscious within minutes of his introduction, but is expected to fly back to Ireland on Friday.
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Czech boss Miroslav Koubek was delighted with the outcome of his first game in charge, but admitted there was room for improvement.
He said: “I said it would be a war and it was a war.
“It was a battle indeed, but we proved that we have the right mindset.
“Obviously it was not without mistakes. It was a very raw match. It was an epic battle.”
Back in the 1980s, the aforementioned quartet were all involved in epic fights with one another, with boxing fans regularly debating who they deem to be the best of the four legends.
Just over 30 years later, Crawford became a legend in his own right, claiming world titles in multiple divisions before retiring from the sport back in December following his victory over Canelo Alvarez.
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Having now begun to settle into life after boxing, Crawford has been reflecting on his own career whilst speaking to The Ring, and was asked how he believes he shaped up compared to each of Leonard, Hagler, Hearns and Duran.
“To be honest, I had a little bit of all of them. I wouldn’t say I only had one of their styles because I do so much in the ring.
“Like Marvin Hagler, I’m a southpaw. Like Sugar Ray Leonard, I can box on my toes. Like Roberto Duran, I can roll with the punches, catch, shoot, and throw from underneath. With Tommy Hearns, I can fight from the outside with a good, sharp jab.
I’m all of that in one. … [I would fight] any of them – just pick one of them.”
Kylian Mbappe’s recent knee injury at Real Madrid has taken a concerning turn, with a medical error allowing the French forward to continue playing despite an undiagnosed ligament issue.
The problem began after a knock during Madrid’s La Liga defeat to Celta Vigo last December, but an initial MRI scan was mistakenly conducted on his right knee instead of the injured left one.
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With no damage detected, Mbappe remained in action and went on to feature in multiple matches, even as he experienced discomfort, before a later scan finally revealed the true extent of the injury.
Wrong scan delays accurate diagnosis
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The issue dates back to December when Mbappe first experienced discomfort following a La Liga defeat to Celta Vigo. Club medical staff conducted an MRI scan, but it was mistakenly performed on his uninjured right knee. As a result, no problem was detected initially, and Mbappe remained available for selection.
According to a media report from The New York Times, Mbappe continued playing despite showing signs of inflammation in his left knee, which had not yet been properly assessed.
Injury confirmed after fresh examination
A subsequent scan on the correct knee later revealed a partial tear in the posterior ligament. Real Madrid officially communicated the injury on December 31, describing it broadly as a knee sprain while opting for a conservative recovery approach.
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Despite the underlying issue, Mbappe went on to play three matches after the initial incorrect scan and featured regularly in the following weeks.
Continued involvement despite discomfort
Even after the diagnosis, Mbappe remained involved in several fixtures. He played through a packed schedule, managing appearances across domestic and European competitions while his condition was closely monitored by the coaching staff.
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There were indications that his fitness fluctuated, with some days pain-free and others more problematic. However, the absence of knee instability allowed the medical team to clear him for matches when symptoms were manageable.
Managed workload under new coaching setup
Under new head coach Alvaro Arbeloa, Mbappe’s training intensity was reduced, and his minutes were carefully controlled. The forward missed a short stretch of games in early March and also travelled for further evaluation and treatment.
Real Madrid maintained their stance on a conservative recovery plan, with no surgical intervention deemed necessary.
Gradual return
Mbappehas since made a gradual return to action, coming off the bench in recent matches, including key fixtures in the Champions League and La Liga.
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He has now joined the France national team for upcoming international friendlies, with his fitness continuing to be monitored closely as he works towards a full recovery.
With the Sweet 16 underway, the most tuned-into game may be No. 4 Arkansas against No. 1 Arizona. For Razorbacks’ coach John Calipari, tonight’s game is his 17th appearance in the Sweet Sixteen. If Calipari were to coach his way into the Elite Eight, it would be his 13th time reaching the stage.
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Tonight’s game also has significant value for the Arizona Wildcats. If they were to win, it would be the team’s first appearance in the Elite 8 in over 10 years, when they lost in the round during the 2015 NCAA Tournament. With Wildcats’ coach Tommy Lloyd being linked to UNC’s head coaching vacant spot, tonight’s game may be his last with Arizona if the team were to lose.
En route to tonight’s Sweet 16 matchup, the Razorbacks easily defeated No. 13 Hawaii 97-78 in the opening round, and ended No. 12 High Point’s brief Cinderella run in the Round of 32 with a 94-88 win. On the other side, for the Wildcats, they cruised to a 92-58 win over the No. 16 LIU Sharks in the Round of 64. After briefly struggling against No. 9 Utah State in the Round of 32, Arizona held strong and finished the job 78-66.
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Arizona heads into this game as 7.5-point favorites against the Razorbacks on DraftKings.
Here is a look at the box score from Thursday’s Sweet 16 matchup from the Midwest Region in San Jose.
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