The Modi clan as such seems to be gambling on IPL. Actually, it would not be frivolous to conclude that the Modi business group per se perceives it as their most bankable option to develop their business.
Observe how they are noiselessly buying up all IPL associated properties.
A $320m-$350m (£163m-£178m) deal agreed by the Canada-based billionaire BK Modi to buy a 32.2% stake in Multi Screen Media from minority shareholders has been followed only by the business press in India. But when MSM is identified by its pre-name-change moniker of Sony Entertainment Television, which is a partner in a 10-year, $1bn (£509m) deal to broadcast the Indian Premier League, it is clear that the deal might have some impact on world cricket. And when BK Modi is identified as the uncle of Lalit Modi, the IPL's commissioner and vice-president of the Board of Control for Cricket in India, it would seem he is betting on the success of his nephew's brainchild. So if a report in India's Economic Times is to be believed, it is all the more intriguing that BK Modi has allowed the exclusivity period of the negotiation to lapse, allowing a joint bid from Disney and UTV to enter the running. Has he been let in on a family secret about the viability of the IPL, or indeed perhaps the lack of it?
Along with their stake in the Rajasthan Royals, this new acquisition would guarantee that atleast one industrial house profits from IPL. Lalit Modi is going all out to ensure that.
A $320m-$350m (£163m-£178m) deal agreed by the Canada-based billionaire BK Modi to buy a 32.2% stake in Multi Screen Media from minority shareholders has been followed only by the business press in India. But when MSM is identified by its pre-name-change moniker of Sony Entertainment Television, which is a partner in a 10-year, $1bn (£509m) deal to broadcast the Indian Premier League, it is clear that the deal might have some impact on world cricket. And when BK Modi is identified as the uncle of Lalit Modi, the IPL's commissioner and vice-president of the Board of Control for Cricket in India, it would seem he is betting on the success of his nephew's brainchild. So if a report in India's Economic Times is to be believed, it is all the more intriguing that BK Modi has allowed the exclusivity period of the negotiation to lapse, allowing a joint bid from Disney and UTV to enter the running. Has he been let in on a family secret about the viability of the IPL, or indeed perhaps the lack of it?
Along with their stake in the Rajasthan Royals, this new acquisition would guarantee that atleast one industrial house profits from IPL. Lalit Modi is going all out to ensure that.
2 comments:
Interesting post Otts... Am gonna dig deeper into this... something is up here.
Thanks scorpi, I was wondering why no one commented on this post.
Post a Comment