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The answer to that I am afraid is nope. But these investors seems to think there is room for a 2nd sport. The problem is some critics believe it is all going to be about the spectacle rather than the sport of football itself and therefore do little to further the game in India. But I am very curious and maybe just maybe it is a step in the right direction.
Cricket is a religion in the sub-continent and hence not let any other team sport survive. The Indian premier league (Cricket) is highly successful and this had made a cricket savvy country even more addicted to the sport. So, only individual sport will survive, sport like Badminton has managed to get some attention, primarily thanks Saina Nehwal, PV Sindhu and Jwala Gutta and they managing to world and olympic medals in last two years, and there is a Indian Badminton League, however that did not make even. Though there is still plan for a second season. I think sports like Badminton, Shooting, Archery, Boxing and Wrestling is the best chance for Indian medals in world championships or olympic games...
Interestingly any medal at Olympic games makes you an instant celebrity and of course relatively rich... Sushil Kumar, who won a silver medal at London Olympics got around $ 650,000 + (this is really huge considering teh cost of living in India) with a huge land for the state government. He also won several sponsorship deals thanks to his Medal. Mary Kom's bronze has led her to become even more popular, now a Bollywood Movie

Football is popular, and viewership of English Premier League is quite high. However, a domestic league I don't think is going to change the fortune of Indian football. It needs a miracle, a huge miracle.
P.s. For any curious minds Indian national sport is field hockey and not Cricket.
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