Published: May 02, 2015, 04:54 PM (IST)
Edited: May 02, 2015, 04:54 PM (IST)
N Srinivasan, former head of the Board of Control for Cricket in India (BCCI) and current chairman of International Cricket Council (ICC), has recently been in the news for a number of reasons. Reports suggest that Srinivasan has transferred ownership of Indian Premier League (IPL) team Chennai Super Kings (CSK) to India Cements Cricketers’ Trust.
According to a report in NDTV, Srinivasan has given up the entire 29 percent share in India Cements, which owns CSK. However. Srinivasan remains the Managing Director of CSK. This means that 29 percent of the revenue generated by CSK will go to the trust managed by India Cements. Srinvasan was quoted to have said, “My background and history is of supporting cricket.” A source was reported to have said, “Creation of the Trust and transferring his [Srinivasan’s] ownership rights to the trust is complete. That decision is now irreversible. CSK is not owned by Srinivasan anymore and BCCI has been informed about the changes.”
Srinivasan has been in the eye of the storm ever since the IPL 2013 spot-fixing and betting controversy broke. Recently, CSK valued themselves at a meager Rs 5 Lakhs, effected earlier this year. According to the rules, BCCI is entitled to get five percent of the transaction money in the case of transferral of ownership. Furthermore, Srinivasan has allegedly used Rs 14 crore to hire an agency to spy on a few BCCI members’ phones and emails. It was also reported that the money used belonged to BCCI.
