lalit modi ipl: lalit modi questions the relationship of cvc,the owner of the new ipl franchise with the betting companies
In the Indian Premier League (IPL), 10 teams are going to play instead of eight from next year. BCCI has earned around Rs 13 hundred crore from the auction of two new franchises. But Lalit Modi has raised questions on these changes. Remember that Modi, who is considered the father of IPL, leaves India after being accused of embezzlement of money and lives in England.
Actually, two new franchises have come in the auction, Lucknow and Ahmedabad. Ahmedabad has been bought by CVC Capitals Partners. This company is also associated with speculation as the money of this private equity firm is engaged in companies involved in speculative activities. CVC has bought the team from Ahmedabad by bidding for Rs 5625 crore.
What does Ahmedabad team CVC Capitals do
CVC describes itself as the world’s top company in the private equity field, managing assets worth $125 billion. According to the CVC website, it has investments in companies such as Tipico and Sisal that are involved in sports betting. Betting is not legal in India. CVC has also invested in Formula One in the past and now has a stake in Premiership Rugby.
Asked in tweet – what will happen next
Now former IPL chief Lalit Modi tweeted on Tuesday, ‘I think betting companies can buy IPL teams. Maybe there’s a new rule. A bidder who wins the bid is also the owner of a large betting company. What will happen next? Has BCCI not done its job? What will the anti-corruption units do in such a case?
Lucknow most expensive team in IPL history
The Lucknow franchise was bought by RPSG Ventures for Rs 7090 crore. The ownership of this group is with the country’s big industrialist Sanjeev Goenka. The owners of the legendary football club Manchester United had also bid for the IPL team. A transparent bidding process was followed in Dubai on Sunday, a BCCI official told PTI.
Lalit Modi’s allegation on Ahmedabad franchise
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