More on the man and his machinations.
The story began in April 2008, when the BCCI and the IPL entered into an agreement with Live Current Media (LCM) Inc, a Nasdaq-listed company, for web rights to the IPL and the Champions League till 2017. LCM was given these rights for a whopping $49 million to be paid in instalments.
In March 2009, the contract was revised downwards. Through a novation agreement (legal document that substitutes an old debt with a new one), the BCCI and IPL agreed to transfer the original contract to Global Cricket Ventures (GCV) Private Ltd, headquartered in Singapore for just $20.75 million, raising several eyebrows.
GCV later entered into a joint venture with a Dubai-based company, Netlink Blue Holdings, which had the mobile and digital rights to the IPL. With this, the web, digital and mobile rights to the events came under a single entity.
Around the same time, another company with the name GCV was floated in Mauritius. On August 20, 2009, the Singapore-based firm assigned the original contract to the new entity for a mere $1.75million.
The BCCI and IPL were, however, not made party to this new agreement, in violation of the original MoU. But GCV claimed that it had given prior notice to the BCCI of its intent to reassign the deal to the Mauritian company.
This is when Modi’s relatives entered the scene. In November 2009, Elephant Capital Investments, through its subsidiary based in Mauritius, picked up a 50% stake in GCV for $10 million. Gaurav Burman, Modi’s stepson-in-law, is a director in Elephant Capital. The company’s managing director, Gaurav’s brother Mohit, is co-owner of Kings XI Punjab.
Each additional piece of information merely confirms a growing feeling that the IPL is nothing more, nothing less, than a gigantic shell game.
Also read this interview:
Why did you disclose the names of the Kochi team owners?
Because many people in the consortium itself were not aware of who owned the side.
Why did you not disclose the names of other franchises?
They are in public domain. If required, I will disclose them.
“If required”?! They are *not* in the public domain in detail. And as a member of the public, can I “require” it, please?