Former IPL chairman Lalit Modi, who was one of the core founding members of the IPL, has made an attempt to reassociate himself with the IPL ecosystem, which he once built. It would be interesting to see BCCI's standpoint if he manages to return to the scenario.
Today, the BCCI is often known and widely upheld as the World's richest cricket board and one of the most prestigious sports governing organization in the world. The status, to some extent, is a credit to the IPL and this man, Lalit Modi, the real brain behind it.
Over the last decade, the IPL has gained a global status as a financially profitable world league, only behind the National Football League in the United States in terms of commercial valuation.
Whatever happened to Lalit Modi or his integrity, he would still be remembered as one of the foundation members for laying the pillars of modern-day Indian cricket. In the late 2000s, when the BCCI was nowhere near making aggressive financial moves, it was this man who proposed the idea for a franchise league with private owners, massive TV deals and players from around the world.
Within a few seasons from 2008, the IPL had become the biggest commercial property in cricket and a model for other T20 leagues. However, it was during the third season that a major financial irregularity and government breaches were observed against Lalit Modi, which led to his rapid fall and suspension by the BCCI.
He later moved to London and has battled through various legal as well as regulatory challenges linked to the cricket administration irregularities. However, despite being sidelined from the structure, Lalit Modi has never kept himself away from making sharp comments on cricket's business and administration.
Rajasthan Royals and Royal Challengers Bangalore are up for a massive sale
The Rajasthan Royals are one of the two franchises that have been up for sale in the IPL. They have reportedly reached the end of their process, which has been overseen by global investment bank The Raine Group.
The RR's floor valuation has been finalized around US$1.1 billion, which would be fitting with the financial strength of the IPL ecosystem. As per reports from Khelnow, the involved parties and the concerned authorities will meet on the 16th of March to discuss the next phase and determine the progress of the sale.
Currently, Manoj Badade owns the majority of the stakes in the Rajasthan Royals through his company, Emerging Media Ventures (655). The RedBird Capital Partners own 15% of their stake, and lastly, the 13% stake belongs to Lachlan Murdoch. Ian McKinnon, Kal Somani, Simer Mayo and Mihir Patel are among the minor individual stakeholders.
Four Groups have been shortlisted in the bidding race for the Royals
As per reports from Khel Now, Raine Group has reportedly shortlisted a total of four frontrunning bidders, which include the Aditya Birla Group and David Blitzer, who joined forces in order to take over the IPL team. Blitzer is a big name in global sports with several football and basketball teams.
Times Internet Chairman Satyan Gajwani is another such name who has been gaining prominence in global sports; he has a 49% stake in London Spirit, the Hundred-based franchise and was one of the founding investors behind Major League Cricket in America.
The David Blitzer group and the Adar Poonawalla group from Serum Institute of India are the investors who have shown interest in acquiring stakes in either of the two sides between RR and RCB.
However, the minority stakeholder Kal Somani now wishes to take over the team and has reportedly joined hands with former IPL chairman Lalit Modi to expand his control over global sports.
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