Lalit Modi thinks IPL champions RCB were undersold for $1.78 billion

While the staggering amounts of $1.78 billion (approximately Rs 16,706 crore) and $1.63 billion (approximately Rs 15,290 crore) bid for Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR) respectively have raised eyebrows in India's sporting ecosystem, at least one known figure believes the two popular franchises undersold themselves.

Lalit Modi, former chairman of the Indian Premier League (IPL) and now a fugitive from justice, made a bold statement on the social media platform X. Apparently, before the final bidding amounts became clear, Modi posted that the way to go was to have an 'open auction' with a benchmark of two billion dollars.

• Also Read

  RR sold for $1.63 billion, another consortium bids $1.78 billion for IPL champions RCB

"Like I did for IPL deals. See who stacks up where. Only way. Attach a full term sheet to the bidding document. No negotiations. Just they need to fill number. Winner takes it. Open bid in front of all bidders," Modi posted.

His post was connected to reigning IPL champions RCB, which he called a ‘unicorn’. The franchise was soon acquired by a consortium led by the Aditya Birla Group (ABG) and a Kal Somani-led consortium took control of RR, both for figures listed way under the two-billion mark.

Modi started his post by declaring that he has ‘zero say’ in ‘who sells what to whom’ because he has been in self-exile in London for more than a decade, fearing arrest in India. The Enforcement Directorate has a long-standing investigation into Modi on alleged financial irregularities and money laundering related to the IPL.

The RCB was previously owned by another fugitive businessman, Vijay Mallya, who left India in 2016. Mallya, who was a former Member of Parliament, is accused of financial fraud.