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Chennai Super King’s Rs 5 lakh valuation raises eyebrows
MUMBAI: A new controversy is brewing around the Indian Premier League (IPL). Three-time IPL champions Chennai Super Kings has been valued at Rs 5 lakh by its owner India Cements that is headed by former BCCI president and current ICC chairman N Srinivasan.
According to a report in The Indian Express, Congress MP and Madhya Pradesh Cricket Association (MPCA) president Jyotiraditya Scindia raised the issue of CSK’s low valuation during IPL governing council meeting on 20 April.
“Jyotiraditya Scindia, who was present as a special invitee, was the first to raise the issue. He insisted that it wasn’t possible for CSK to be valued at Rs 5 lakh when India Cements has been paying an annual franchise fee of Rs 40 crore to the BCCI,” a source who attended the meeting told the daily.
According to a recent report by brand valuation firm American Appraisal, CSK was the third most valued franchise brand at $67 million.
Recently, the IPL franchise was hived off into a wholly owned subsidiary of India Cements called Chennai Super Kings Cricket Ltd.
“In case of such a transfer, the franchise is levied a 5 per cent fee of the evaluation amount, and 5 per cent of Rs 5 lakh is pittance. The members voiced their dissent over this discrepancy,” the source added.