Vijay Mallya says he paid only US $100 to acquire Caribbean franchise
Troubled businessman Vijay Mallya has claimed that he paid a mere USD 100 to buy Barbados Tridents, a franchise in the Caribbean Premier T20 League.cricket Updated: Apr 11, 2016 21:06 IST
Troubled businessman Vijay Mallya has claimed that he paid a mere US $100 to buy Barbados Tridents, a franchise in the Caribbean Premier T20 League.
Mallya left India last month amid attempts by creditors back home to recover Rs 9000 crore debt owed by the long grounded Kingfisher Airlines.
He bought the CPL team in February days before stepping down as chairman of United Spirits and subsequently also lost control over IPL franchise Royal Challengers Bangalore.
Speaking to PTI, Mallya explained how he along with other shareholders bought Barbados Tridents for USD 100.
“Everyone made a big drama about me acquiring the CPL team Barbados Tridents. It was an acquisition that was not made for any cash. The acquisition was made for just US $100,” claimed Mallya.
Talking more about the acquisition, Mallya, however said, that cost of running the franchise will cost around USD 2 million.
“By buying the team, me and the other shareholders assumed the obligation to participate in the tournament. Now participation in CPL cost money. So I went to the Barbados government saying I need your support. I met the Prime Minister and the government agreed to support but I paid US $100 only to buy the team.
“Running the team will cost about US $2 million but the Barbados government is granting subsidies to the franchise. People don’t get it and jump to conclusions without knowing the facts. There is a cost of participation such as players salaries and franchise fee. So I worked out all the numbers, studied the model and went to government asking for help. They were keen to help me,” added Mallya, who is reportedly living in the UK.
There is no central revenue in the CPL unlike the IPL, so teams can generate revenues only through ticket sales and sponsorship.
Indian actor Shah Rukh Khan too has invested in a CPL franchise, which has been renamed as Trinbago Knight Riders, on the lines of his IPL team Kolkata Knight Riders.
First Published: Apr 11, 2016 18:29 IST