In a breaking development, a media report doing rounds has suggested that Lalit Modi is all set to own a part share of the popular Indian Premier League franchise Rajasthan Royals. Notably, RR had recently put out the franchise on sale, with Raine Group, an investment banking firm, being handed the responsibilty to take care of the proceedings.
Raine Group has received bids from four different consortiums, which include the following: a. Aditya Birla Group and David Blitzer; b. Times Internet Chairman Satyam Gajwani; c. Adar Poonawalla; and d. Kal Somani and Lalit Modi.
For the unversed, the IPL is widely regarded as the brainchild of Lalit Modi, and he was the mastermind behind envisioning the idea of a franchise-based league to be played in 20-over format. He had also held the position of the IPL chairman until the infamous spot-fixing scandal surfaced on the floor, with link-ups to Modi being the imposter.
The current ownership spread of the Rajasthan Royals includes Manoj Badale of Emerging Media Ventures holding a majority 65 per cent share, while Red Bird Capitals Partners (15 per cent), Lachlan Murdoch (13 per cent) and minority stakeholders like Ian McKinnon, Kal Somani, Simer Mayo, and Mihir Patel also holding a small part to complete the table.
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