The Working Committee of the BCCI may seek revaluation of the Chennai Super Kings team which, the BCCI members think, was grossly undervalued.
The Chennai Super Kings team's plea to change the ownership pattern has been referred to the working committee.
When CSK was transferred from India Cements to a subsidiary -Chennai Super Kings Limited -in February this year, it was valued at a mere Rs 5 lakh.
Top BCCI officials have confirmed that the issue will be discussed at the April 26 Working Committee meeting in Kolkata.
“We will have to see what the working committee members decide. One way could be to seek revaluation,“ a BCCI office-bearer said.
It is learnt that the a couple of IPL governing council members raised the matter at its recent meeting in Delhi. They have also expressed surprise at the speed with which the CSK's application was approved by the previous governing council.
“The application came on February 23 and the matter was approved on February 27. By valuing at Rs 5 lakh, the CSK management will escape paying a mere Rs 25,000 as the BCCI IPL rule states that five per cent of money transaction will have to be paid to the board,“ the board official said.
It has been further felt among the members that going by the price of now defunct Sahara Pune Warriors and Kochi IPL teams, the value of CSK would be much higher and the BCCI would be entitled to at least Rs 30-40 crore.
The Chennai Super Kings management had previously sought permission from the BCCIIPL that it be allowed to transfer the ownership of the team from India Cements to a trust. Prior to that India Cements, the original owner of the team, had turned it into a wholly-owned subsidiary.
The move was aimed to get former BCCI president N Srinivasan escape the conflict of interest clause. Now with the matter going to working committee, there could be a new twist to the whole issue.
Source: TimesOfIndia
