Former IPL chairman Lalit Modi, who was one of the main founding members of the IPL, has attempted to reconnect himself with the IPL ecosystem he once created. If he manages to make a comeback in this scenario, it will be interesting to see the stance of BCCI.
Today, the BCCI is often cited and widely supported as the richest cricket board in the world and the most prestigious sports governing organization in the world. The credit for this situation goes to some extent to the IPL and Lalit Modi, the real brain behind it.
Over the past decade, the IPL has achieved global status as a financially profitable world league, trailing only the National Football League in the United States in terms of commercial valuation.
Why did BCCI suspend Lalit Modi? – here’s the real story
Whatever happened to Lalit Modi or his integrity, he will still be remembered as one of the founding members who built the pillars of modern Indian cricket. In the late 2000s, when the BCCI was no closer to making aggressive financial moves, it was he who proposed the idea of a franchise league with private owners, big TV deals and players from around the world.
Within a few seasons from 2008, the IPL had become cricket’s biggest commercial property and a model for other T20 leagues. However, a major financial irregularity and government violation was witnessed against Lalit Modi during the third season, which led to his suspension by the BCCI.
He later moved to London and continued to battle various legal and regulatory challenges related to cricket administration irregularities. However, despite being sidelined from the structure, Lalit Modi has never shied away from making sharp comments on the business and administration of cricket.
Rajasthan Royals and Royal Challengers Bangalore are up for a massive sale
Rajasthan Royals is one of the two franchises that are up for sale in the IPL. They have reportedly reached the end of their process, which is overseen by global investment bank The Rhine Group.
The floor valuation of RR has been set at approximately US$1.1 billion, which will be in line with the financial strength of the IPL ecosystem. According to Khelno’s report, the parties involved and relevant officials will meet on March 16 to discuss the next steps and determine the progress of the sale.
Currently, Manoj Badade owns the majority stake in Rajasthan Royals through his company, Emerging Media Ventures (655). Redbird Capital Partners owns a 15% stake, and finally, Lachlan Murdoch owns a 13% stake. Ian MacKinnon, Kal Somani, Simar Mayo and Mihir Patel are among the smaller individual stakeholders.
Four groups have been shortlisted in the bidding race for the Royals
According to a Khel Now report, Rhine Group has reportedly shortlisted a total of four leading bidders, including Aditya Birla Group and David Blitzer, who had come together to take over the IPL team. Blitzer is a big name in global sports with multiple football and basketball teams.
Times Internet Chairman Satyan Gajwani is another name gaining prominence in global sports; He owns a 49% stake in London Spirit, the Hundred-based franchise, and was one of the founding investors of Major League Cricket in the US.
David Blitzer Group and Serum Institute of India’s Adar Poonawala Group are the investors who have shown interest in acquiring stake in either side between RR and RCB.
However, minority stakeholder Kal Somani now wants to take over the team and has reportedly joined hands with former IPL chairman Lalit Modi to increase his control over the global game.
Also read: Are Delhi Capitals angry with Kevin Pietersen? The franchise breaks its silence on the shocking exit of the legendary England player!
