Some of India’s biggest corporate are scrambling to own a trophy Indian Premier League side after the country’s Supreme Court banned two of the tournament’s biggest teams over the 2013 match-fixing scandal.
The Chennai Super Kings – the 2010 and 2011 champions and the most valuable side in the multi-billion dollar tournament – and the Rajasthan Royals were suspended from taking part in the IPL for two years by a Supreme Court-appointed inquiry commission on Tuesday after members of the teams’ management were found to have engaged in illegal betting, including against their own teams.
According to reports a number of high-profile industrialists are now gearing up to pick up franchises if the Board of Control for Cricket in India (BCCI) auctions off two new teams.
Among those is Gautam Adani, chairman of the $11 billion agri-business Adani Group; Sajjan Jindal of steel giant JSW Group; Venugopal Dhoot of the electronics major
Videocon as well as the Munjal family of the Hero Group which has a long history of backing sports in India.
One investor told the Times of India that the IPL remains an “interesting” investment opportunity, particularly now that the BCCI has taken steps to root out corruption from the tournament.
The BCCI is said to be looking at reviving the teams from Pune and Kochi both of which were disbanded after the 2011 season over financial and administrative irregularities respectively.
The board is also said to be looking at creating a team for the city of Ahmedabad.