'It’s time to retire and move on' - Lalit Modi steps down from family business

The former IPL Chairman, Lalit Modi, announced that he is retiring from his family business and handing over his empire to his son, Ruchir Modi, on Sunday (January 15). Lalit was recently admitted to the hospital after suffering from a Covid-19 infection and pneumonia attack, and is placed on 24*7 Oxygen support.

The 59-year-old former cricket administrator took to Twitter to announce his decision to retire and also posted two letters to all who are associated with the Lalit Kumar Modi Branch (LKMB) and his Family Trust (KKMFT).

"In light of what I have gone thru, it’s time to retire and move on. And groom my kids. I am handing them all," Lalit Modi wrote in his Twitter post. 

l In light of what I have gone thru, it’s time to retire and move on. And groom my kids. I am handing them all. 😀🥰 pic.twitter.com/DihwLqJd5e

— Lalit Kumar Modi (@LalitKModi) January 15, 2023

A legal battle with family is causing me distress: Lalit Modi

Lalit revealed that his legal battle with his mother and sister is dragging on too long despite some discussions over settlements. He added that a legal battle with his family is causing him a lot of distress and it's time to hand over control of his affairs to his son and retire from the position of head of the LKMB.

my resignation 🙏 https://t.co/8PYeg4XBcE

— Lalit Kumar Modi (@LalitKModi) January 15, 2023

"On and from this date, I shall cease to have any interest, present, and future, in any of the assets properties, or incomes of the KKMFT," Modi mentioned in his letter.

He is credited as the brainchild for the Indian Premier League (IPL) but was later accused of money laundering from the Board of Control for Cricket in India (BCCI). He fled to London in 2010, amid allegations of fraud and tax evasion and was banned by the Indian cricket governing body in 2013 for financial irregularities.