Published: Dec 10, 2015, 04:10 PM (IST)
Edited: Dec 10, 2015, 04:35 PM (IST)
Suspended Indian Premier League (IPL) teams Chennai Super Kings (CSK) and Rajasthan Royals (RR) would be paying participation fees for the cash-rich Twenty20 cricket league, for the two upcoming seasons, from which they are suspended. According to The Hindu, both the teams would be paying a participation fees of Rs 72 crore and Rs 56 crore, respectively for the upcoming 2016 and 2017 seasons. Both Chennai Super Kings (CSK) and Rajasthan Royals (RR) were suspended by the Supreme Court, after their management officials Gurunath Meiyappan and Raj Kundra were proved to be involved in betting, in a few IPL matches. While Chennai Super Kings (CSK) is owned by India Cements, the Rajasthan Royals are under the Emerging Media, who had bought them for $91 million and $67 million, respectively. ALSO READ: Niranjah Shah hailed by SCA for bringing IPL to Rajkot
The participating teams have been paying the bid fees since 2008 for the next 10 years as a part of the contract with the dollar conversion rate of Rs. 40 since the same year. Thus, going by the calculation, both CSK and RR will have to play Rs. 36 crore and Rs. 28 crore respectively. “We will be sending an invoice to the two franchise owners whenever it’s due. They have only been suspended for misconduct by their officials, and in order to maintain the franchise agreement for ten years, they have to pay to the BCCI the franchise participation money. Otherwise, they will be deemed as defaulters,” quoted a BCCI official, reports cricknext.com. Ravindra Jadeja may finally play in IPL 2016 for his home side Rajkot!
Following the axing of CSK and RR from 2016 and 2017, BCCI cashed in a couple of new tenders that were allotted to RP-Sanjiv Goenka Group and the Intex Technologies Pvt Ltd. These two new teams will be based in Pune and Rajkot. Both the teams would now pay a revenue of Rs. 26 crore, which consists of Rs. 16 crore from New Rising and Rs. 10 crore from Intex.
