Chennai Super Kings valued at just Rs 5 Lakhs

Chennai Super Kings valued at just Rs 5 Lakhs: Controversy has struck the Indian Premier League and Chennai Super Kings once again as the franchise has been valued at just Rs. 5 lakhs by the team owners. That’s the amount for which the team was sold by India Cements to a subsidiary in February this year.

Interestingly, the IPL Governing Council has refused to accept this valuation and has not approved the sale of the team. As per the BCCI rules, 5 per cent of the sale price of any team must be given to the board. If this valuation of Rs.5 lakh is to be accepted, then the Board got just Rs.25,000 from the sale of the Chennai Super Kings.

The old committee that was in charge during the sale of the team did not question about the price. It was questioned after the new IPL council that was formed according to the guidelines of Supreme Court took charge and the issue was red-flagged in a meeting two days ago.

But according to Indiatoday, The minutes of the old council’s meeting, a copy of which is in possession of the Headlines Today, show how everyone toed a certain line. The owners’ valuation comes even as a US-based consultancy had valued the team at over Rs.450 crore last year.

After Supreme Court accused former BCCI President N. Srinivasan of conflict of interest, the Chennai Super Kings franchisee was transferred to a subsidiary called Chennai Super Kings Cricket Ltd. The previous owners India Cements’ Board had decided that the subsidiary will be owned by existing shareholders on a proportionate basis.