In a major development, a new media report has suggested that Lalit Modi could soon own a part stake in Rajasthan Royals.
The popular Indian Premier League franchise recently put a portion of its ownership up for sale. The franchise appointed the investment banking firm The Raine Group to manage the sale process.
According to reports, the firm has already received bids from four different consortiums interested in buying a stake in the team.
Four Groups Submit Bids for Franchise Stake
One of the bidding groups includes a partnership between the Aditya Birla Group and investor David Blitzer.
Another bid has reportedly been submitted by Satyam Gajwani, who leads Times Internet.
The third consortium involves businessman Adar Poonawalla, the CEO of Serum Institute of India.
The fourth group includes Kal Somani and Lalit Modi. Reports suggest that this group is also seriously exploring the opportunity to acquire a share in the IPL franchise.
For the unversed, Lalit Modi is widely known as the man who created the IPL concept. He played a key role in building the franchise-based T20 league that changed the business of cricket around the world.
Modi earlier served as the chairman of the IPL. However, he stepped down after the controversial 2010 IPL spot-fixing scandal surfaced, which also led to investigations involving him.
At present, the ownership of Rajasthan Royals is led by Manoj Badale. His company Emerging Media Ventures holds the majority share of 65 percent in the franchise.
Other stakeholders include RedBird Capital Partners with 15 percent and media executive Lachlan Murdoch with 13 percent.
Several minority investors are also part of the ownership group. These include Ian McKinnon, Kal Somani, Simer Mayo, and Mihir Patel.
The final decision regarding the sale is expected in the coming months. Fans will be watching closely to see if Lalit Modi returns to the IPL ecosystem through this deal.
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