Chennai Super Kings owners value team at Rs 5 lakh

By: admin
Updated: 23 Apr 2015 10:58 AM
New Delhi: This could be another moment of embarrassment for erstwhile BCCI chief N Srinivasan. In another major controversy, the Indian Premier League franchise Chennai Super Kings have now declared their team’s value at Rs 5 lakh. The side led by Mahendra Singh Dhoni was transferred to a subsidiary called Chennai Super Kings Limited in February for just Rs 5 lakh.

 


But the new IPL governing council refused to accept this valuation and made it clear that they wouldn’t approve of the transaction. The previous governing council, headed by the then CSK owner and BCCI chief Srinivasan, didn’t find any issues with the price.



But this time as the new governing council members met in New Delhi for a meeting, Jyotiraditya Scindia, who was present as a special invitee raised the issue and insisted that it was not possible to value the heavyweight franchise at such a low figure. As per regulations, the BCCI receives a 5 per cent cut of the value quoted by the owners of the franchise — which would come down to a paltry sum of Rs 25,000 in this case.

 

Last year, an independent evaluation conducted by American Appraisal had showed that the heavyweight franchise was estimated to possess a brand value of Rs 400 crores. When asked about this development, the BCCI officials remained tight lipped, while none of the CSK officials were available for comment.

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