In 2009, Shipa Shetty and her husband, Raj Kundrabought a major stake in an IPL cricket team Rajasthan Royals. Back then, many famous people invested in such cricket teams. But after some time, Raj had to leave the team because people accused him of betting on matches. Recently, Raj spoke about this in an interview and shared the sweet reason behind the alleged Rs 81.9 crore.
Raj Kundra bought the team immediately after winning the title
Speaking to YouTube channel SMTV, Raj revealed that he found the team in 2009, just after Rajasthan Royals lifted the trophy in the inaugural season of the IPL. “I bought like a ValentineGift of the Day,” he said.At that time, he did not have his own business in India, and buying a team was his strategy. “I thought Shilpa had brand value and I invested in it. I bought my share at that time, but the case is still pending,” he said, adding that the license was valued at Rs 700 crore at that time. My share was 11.7 percent,” he shared.He was also proud of the amount of money he sold, calling it “the biggest check money in the IPL” at the time. “I’m the first person to believe this could be big,” he said.
Raj Kundra explains how IPL teams make money
When asked about how the IPL teams turn a profit, Raj explained that things were not easy in the first 5-6 years, there was no profit at all. “Either it was a bust, or we had to put in a little bit,” he said, before explaining how the money order has changed since then. “Now the revenue coming in is huge. 70 percent comes through TV contracts. 10-15 percent comes through sponsorships on jerseys, and 10-15 percent through ticket sales,” he said, adding that each IPL team now earns an annual profit of Rs 200-500 crore, depending on their sponsorship sales.
Raj Kundra on betting controversy
Raj shared that he was in the group for 5-6 years before things changed, he was “accused of betting,” and defended what happened. “So we pretended to bet and betting was not allowed. Then the team was banned for two years. Some players were banned from fixing and as owners, we were banned from betting. What was the betting? It was like you and I living with each other. We would be like, ‘Lagi shart? (You want to bet?)’ This was a conversation. ‘Lagi 500 ki shart? (Want to bet 500?)’. They said even that is not allowed. And we think, you stop us on this? The case is still in the Supreme Court.”Raj said that he was the only one responsible among the owners of Rajasthan Royals. “I was the only one to blame. I said, ‘Let’s take the team. Saving the team was very important’.
Raj Kundra if betting really happens in IPL
When asked if betting is really happening inside the IPL, he replied, “Betting is happening. There is an equal market for this. All over the world, people bet on the IPL, where it is legal. Here too, I am sure there is an underground market. But internally, nothing like that is happening here.”
Banning of life of Raj Kundra by Lodha committee
In 2015, the Supreme Court appointed the Justice RS Lodha commission, which probed the 2013 betting scandal, and gave Raj a life ban. Despite this, he continues to maintain his innocence.