Rajasthan Royals looking to start afresh

The Rajasthan Royals are aiming at a new beginning following the completion of their 2-year ban from the Indian Premier League (IPL) imposed by the Supreme Court. As the team gears up for the 2018 IPL season, they have a few things to sort out before the new campaign.

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Playing in the Indian Premier League once again is not the only thing that the franchise is focusing on. During the two year absence, the club owners have held discussions with potential buyers investors and are looking to take the next step as soon as the IPL media rights tendering gets over.

Rajasthan Royals co-owner Manoj Badale confirmed the news of talking to potential investors to TOI this week. “Yes, quite a few corporates have reached out to us with communicating expression of interest to buy stake in RR.” said Badale speaking to the paper from London.

However, Badale denied reports of a meeting held in London between the owners of the Rajasthan Royals and the RPG Sanjiv Goenka Group, who was the owner of the Rising Pune Super Giant. The Rising Pune Supergiant and the Gujarat Lions will not be part of next year’s tournament and will be replaced by the Rajasthan Royals and the Chennai Super Kings.

The overall valuation of the lucrative league has smashed the previous records in recent times with the league demanding and increase in viewership. This may be one of the reasons why Bdale is apprehensive of going all out on it. “In such a scenario, such reports (of stake sale) are bound to erupt. However, we have been receiving several expressions of interests from corporates who are interested in buying a stake in our franchise. However, we shall abide the process of law and BCCI rules and regulations,” he said.

Two years ago, the franchise brought about a change in its shareholding pattern with co-owner Suresh Chellaram – ex-IPL commissioner Lalit Modi‘s co-brother-in-law -transferring his stake to his daughter Amisha. “Raj Kundra (also) voluntarily exited as a shareholder, post the Supreme Court verdict on the allegations made by Delhi police. The shareholding is held between me, Amisha Chellaram and Lachlan Murdoch. Kundra’s shares were acquired back by the company,” Badale said.

The Rajasthan Royals, in 2010, went to the Foreign Investment Promotion Board (FIPB) for approval of shares and voluntarily disclosed the requisite paperwork. The proposal was not accepted and the Enforcement Directorate issued a penal notice on the company. A new order has been passed following an appeal which saw the penalty get reduced by 30 percent. “The order records the fact that ‘there has been no loss to the exchequer in India’, that the money has come into India and that there has been no misutilisation of funds,” Badale explained.

“That said, we are taking the matter to the appropriate court in Mumbai, as we are still challenging the quantum of the adjusted penalty.” added Badale.

However, the franchise hopes to kick start the new season forgetting the past. They intend to begin their second spell in the cash rich IPL keeping away from all controversies. “Certainly, controversies have touched us at various junctures, however we have always been a favourite team of millions of fans because of our ethos of nurturing young talent. It was always our intent to play good cricket, we shall strive to do that going forward and not think about controversies,” Badale said.