In a shocking development, a media report is doing the rounds which suggests that Lalit Modi is all set to own a stake in the popular Indian Premier League Franchise Rajasthan Royals. Notably, RR had recently put the franchise up for sale, with Rhine Group, an investment banking firm, entrusted with the responsibility of looking after the proceedings.
Rhine Group has received bids from four different consortia, including the following: a. Aditya Birla Group and David Blitzer; B. Satyam Gajwani, chairman of Times Internet; C. Adar Poonawala; And D. Kal Somani and Lalit Modi.
For those unaware, the IPL is widely considered to be the brainchild of Lalit Modi, and he was the mastermind behind conceiving the idea of a franchise-based league played in a 20-over format. He also held the post of IPL chairman until the infamous spot-fixing scandal broke, in which Modi was revealed to be a fraud.
The current ownership spread of Rajasthan Royals includes Emerging Media Ventures' Manoj Badale, who holds the majority stake at 65 per cent, while Red Bird Capitals Partners (15 per cent), Lachlan Murdoch (13 per cent) and minority stakeholders like Ian MacKinnon, Kal Somani, Simar Mayo and Mihir Patel also hold a small stake to complete the table.
More to follow!
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