2009, Shilpa Shetty and her husband Raj KundraBought a large stake in an IPL cricket team rajasthan royals. At that time, many celebrities invested money in cricket teams like this. But after some time, Raj had to quit the team as people accused him of betting on matches. Recently, Raj spoke about this in an interview and shared a sweet reason behind the alleged Rs 81.9-crore deal.
Raj Kundra bought the team immediately after winning the title
Raj revealed on YouTube channel SMTV that he acquired the team in 2009, when Rajasthan Royals had just lifted the trophy in the inaugural season of IPL. “I bought it like Valentine’s Daygift,” he said.At the time, he had no business ventures of his own in India and buying the team was a way for him to start one. “I thought Shilpa had brand value, so I invested money in it. I bought my shares then, but the case continues. He added that the team was valued at Rs 7 billion at that time. “When I bought the team, the team was valued at Rs 7 billion and now it is valued at Rs 16,000 crore.” “My share is 11.7%,” he shared.He was also proud of the size of his investment, calling it the “largest single check holder investment in the IPL” at the time. “I was the first person to believe that this thing was going to grow,” he said.
Raj Kundra explains how IPL teams make money
When asked how IPL teams make money, Raj explained that things were not that easy in the first 5-6 years and there was not much profit at all. “Either we break even, or we have to invest a little bit,” he said, before going on to explain how the revenue model has changed since then. “The revenue is much greater now. 70 per cent comes from TV deals. 10-15 per cent comes from shirt sponsorship and another 10-15 per cent comes from ticket sales,” he said. He added that each IPL team now makes an annual profit of Rs 200-500 crore, depending on their sponsorship deals.
Raj Kundra on gambling controversy
Raj said he had been with the team for 5-6 years before things turned around and they were “accused of gambling” and he defended what actually happened. “Then we were accused of gambling, and gambling is not allowed. Then the team was banned for two years. Some players were banned for fixing and as owners we were banned from gambling. What was that bet? It was like you and I were sitting together. We would say, ‘Lagi sart? (Want to bet?)’ and that was the conversation. Or 500 pounds? (Want to bet 500?)’. They said even this was not allowed. We thought, are you going to ban us for this? The case is still before the Supreme Court. “Raj said he was the only one responsible among the owners of Rajasthan Royals. “I was the only one who was blamed. I said, ‘Let’s take it for the team. It’s more important to save the team’.”
Raj Kundra on whether betting really exists in IPL
When asked if betting really happens in the IPL, he replied: “Betting happens. There is a parallel market. Internationally, people bet in the IPL and it is legal. I am sure there is an underground market here as well. But internally, such things are not happening here.”
Raj Kundra banned for life by Lodha Commission
In 2015, the Supreme Court-appointed Justice RS Lodha committee had investigated the 2013 betting scandal and sentenced Raje to a lifetime suspension. Still, he maintains his innocence.