Lalit Modi’s kin have stakes in at least 2 teams

It’s been well-documented that people close to Lalit Modi have won franchisee rights in two teams, but there is no evidence yet that the IPL commissioner had been partial towards these owners and co-owners.

What’s known is that Suresh Chellaram, a Nigeria-based businessman who has stakes in Rajasthan Royals, is the brother-in-law of Modi.

Emerging Media had paid $67 million to bag the franchise. UK-based businessman Manoj Badale is reported to have a 32% stake in Royals, while Chellaram is said to have 44% stake.

The rest of the stake is controlled by businessman Raj Kundra, actress Shilpa Shetty and media giant Lachlan Murdoch.

Modi’s stepson-in-law Gaurav Burman is the brother of Mohit Burman, chairman of Dabur Pharma.

Mohit along with industrialists Ness Wadia and Karan Paul and Bollywood actress Preity Zinta bought the Mohali franchise (Kings XI Punjab) for $76 million. Gaurav is on the board of Dabur International.

Incidentally, Gaurav is also a director in Elephant Capital, a private equity firm. Elephant Capital has invested $10 million in Global Cricket Ventures (GCV), which has bagged the digital and mobile rights for IPL and the Champions Trophy until 2017. GCV is running the official IPL website.

Also, N Srinivasan, the BCCI secretary and owner of India Cements, bagged the Chennai franchise (Chennai Super Kings) for $91 million.

What has raised eyebrows is that the chief national selector Krishnamachari Srikkanth continues to remain brand ambassador for Chennai Super Kings.