Modi hails Shilpa for picking up stakes in Rajasthan Royals
The Indian Premier League hailed the decision of Bollywood actress Shilpa Shetty and Dubai-based businessman Raj Kundra for picking up stakes in the Rajasthan Royals franchisecricket Updated: Feb 03, 2009 20:53 IST
The Indian Premier League on Tuesday hailed the decision of Bollywood actress Shilpa Shetty and Dubai-based businessman Raj Kundra for picking up stakes in the Rajasthan Royals franchise that won the multi-million dollar Twenty20 League last year.
Expressing his happiness, IPL Chairman and Commissioner Lalit Modi said, "I am extremely happy to welcome Shilpa and Raj into the IPL family and I am even more thrilled that the Indian Premier League has proved once again that it is a prudent investment opportunity even in these unprecedented times of global economic crises".
The 11.7 per cent stake which has been acquired by Shilpa and Raj places the overall valuation of the Rajasthan Royals at nearly $140 million, which translates into an astronomical figure of 3733 per cent capital appreciation for Emerging Media.
"In my view this is probably the highest appreciation for any franchise, in the history of modern day sports", Modi said.
Modi also said that the IPL had emerged as a notable investment vehicle in these times of economic downturn.
"The Indian Premier League is thus emerging as an investment destination of choice in the present economic environs and am certain will also set a very positive trend for our other franchises to unlock value of their own teams.
First Published: Feb 03, 2009 20:49 IST