In 2009, Shilpa Shetty and her husband Raj Kundra:bought a large stake in the IPL cricket team Rajasthan Royals. In the past, many famous people have put money in cricket teams like this. But after some time, Raj had to leave the team because people accused him of betting on matches. Recently, Raj said this in an interview and shared a sweet reason behind the said Rs 81.9 crore deal.
Raj Kundra bought the team after the title win
Speaking to YouTube channel SMTV, Raj revealed that he got the team in 2009, after Rajasthan Royals lifted the trophy in the inaugural IPL season. “I bought it like a Valentine:The gift of the Sun,” he said.At that time, he did not have his own business in India, and buying the team was his way of doing it. “I thought Shilpa had brand value and I put money on it. I bought my stake earlier, but the case is still going on,” he said, adding that the franchise was worth Rs 700 crore earlier. “When I bought it, the valuation of the team was Rs 700 crore, now the valuation is Rs 16,000 crore. My share is 11.7 percent,” he shared.He also boasted about the scale of his investment, calling it the “biggest investment by an IPL check holder” at the time. “I was the first person to believe it was going to be big,” he said.
Raj Kundra explains how IPL teams make money
Asked about how the IPL teams made profit, Raj explained that things were not so easy in the initial years in the first 5-6 years, there was not much profit. “It’s either break-even, or we have to put in less,” he said, before explaining how the revenue model has changed since then. “Now the revenues that come are bigger. 70 percent come through TV deals. 10-15 percent come through sponsorships that are on jerseys, and another 10-15 percent through ticket sales,” he said, adding that each IPL team now earns an annual income of Rs 200-500 crore, depending on their sponsorship deals.
Raj Kundra in betting controversy
Raj shared that he was part of the team for 5-6 years before things changed, they were “accused of betting,” and he defended what actually happened. “Then we were accused of betting and betting was not allowed. Then the team was banned for two years. Some players were banned for fixing and as owners, we were banned for betting. What is that betting? It was like you and me sitting next to each other. We would be like, ‘Lagi shart? (Want to bet?)’ That was the conversation. Is it still 500? (Want to bet for 500?)’. They said that it is not allowed. And we thought, you banned us because of this? The case is still sub judice in the Supreme Court.Raj says that he is solely responsible for the owners of Rajasthan Royals. “I’m the only one to blame. I said, ‘Let’s take it for the team. Saving the team is more important’.”
Raj Kundra if IPL betting really happens
When asked if betting is really going on within the IPL, he replied, “Betting is happening. There is a market for it. Internationally, people are betting on the IPL, where it is legal. Here too, I am sure there is an underground market.
The ban on Raj Kundra’s life by the Lodha committee
In 2015, the Justice RS Lodha committee appointed by the Supreme Court, which probed the 2013 betting scandal, gave Raj a lifetime suspension. Despite this, he continues to insist that he is innocent.