CSK valuation issue to be discussed at WC meet
Published by Metro India News Online on April 23, 2015 20:33:52 PM
The BCCI's Working Committee during its meeting in Kolkata on April 26 will discuss about Chennai Super Kings being valued at a meager Rs 5 lakh by its owners, which has been objected by some IPL Governing Council members.
"There are lot of grey areas in the valuation of CSK. The matter will certainly come up for discussion at the Working Committee meeting in Kolkata on April 26. We will get clearer picture about it after WC meeting," an IPL governing council member told.
It is learnt that Chennai Super Kings Private Limited after its de-merger from its parent company India Cements have been valued at Rs 5 lakh as per documents that were handed over to IPL Governing Council.
Subsequently, IPL COO Sundar Raman was asked a few questions by a few GC members about the "weird valuation" of the de-merger as they were paying an annual franchise fee of Rs 40 crore and also spent annually around Rs 60 plus crore as players' remuneration.
The other question that was raised was Rs 25,000 being paid upfront to the BCCI for the sale of the franchise.