The Royal Pune Supergiant owners have planned to extend their association with the Indian Premier League after their two-year franchisee agreement has elapsed. The club owners RP Goenka group are reported to have struck a deal for the majority share in the Rajasthan Royals franchisee, who are making a comeback to the IPL fold after serving a two-year suspension term.
The Jaipur-based franchisee had sought the permission from the IPL Governing Council to change the team name to Royals. The request has reportedly been accepted by the GC.
“The dropping of word Rajasthan from the team’s name had already been approved by GC. The team’s name now is just Royals,” Daily News and Analysis has quoted a GC member as saying.
The name change is said to have helped the Royals team owners close a deal with RP Group’s Sanjiv Goenka, who had owned the Royal Pune Supergiant franchisee for the two years when Rajasthan Royals and Chennai Super Kings were under suspension.
The deal is reported to be around INR 1,000 crore.
However, even if Rajasthan is dropped from the team name, under the IPL rules the new management will have to continue the team association with the State of its origin.
Meanwhile, the Chennai Super Kings owner N Srinivasan has also transferred the team ownership amongst various shareholders of India Cements. The team is valued at a mere INR 50 lakh for the purpose of sales.
The “undervaluation” is causing huge losses to the BCCI, which will gain a mere INR 5 lakh from the ownership transfer of the franchisee. The board has reportedly referred the matter to its legal team and awaiting their opinion for further action.