No hidden stake in Rajasthan Royals, says Chairman

Rajasthan Royals chairman Manoj Badale on Tuesday said that there was no hidden stake in the Jaipur-based franchise in which IPL Commissioner Lalit Modi's brother-in-law has significant share of the ownership.

Updated on: Apr 20, 2010, 16:27:08 IST

PTI | By HT Correspondent, New Delhi

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Rajasthan Royals chairman Manoj Badale on Tuesday said that there was no hidden stake in the Jaipur-based franchise in which IPL Commissioner Lalit Modi's brother-in-law has significant share of the ownership.

Amid allegation that Modi apparently has some stakes in RR made through his brother-in-law Suresh Chellaram, Royals chairman and co-owner Manoj Badale said, "There are no hidden stakes in the Rajasthan Royals -- our ownership structure is a matter of public record through out FIPB (Foreign Investment Promotion Board) application process."

"Mr Chellaram, one behalf of his wife and two children, has been an investor with the Royals since inception and represents 44.2 per cent of the ownership stake of the franchise," Badale said.

"Everything else is speculation," he added.

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