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JSW Group shelves plans to buy an IPL team

MUMBAI: The controversy over the
cash-rich Indian Premier League (IPL)
has made JSW Group think twice about
buying a franchise.
JSW was looking to buy Royal
Challengers Bangalore (RCB) from
Diageo Plc in a $100 million deal.
“I think it’s a no at this point of
time, purely based on the whole
negative aura that has been
generated. We don’t want our brand
to be associated with a league that is
so tainted at the moment,” Parth
Jindal, the son of Sajjan Jindal who
oversees the conglomerate’s sports
interests, told Reuters.
Jindal was disturbed by the findings of
Justice RM Lodha Committee report,
which was appointed by the Supreme
Court to probe into the IPL spot-
fixing and betting scandal. The
committe proposed a two-year
suspension of Chennai Super Kings
(CSK) and Rajasthan Royals (RR) from
participating in the IPL. It said that
the betting activities of CSK’s
Gurunath Meiyappan and RR’s Raj
Kundra have brought the game to
disrepute and bad name to BCCI.
Some corporates, however, have
shown interest in bidding for another
IPL team. Videocon Group, which
sponsors the Mumbai Indians, has said
that it spends big advertising money
on branding and it would make sense
for it to own a franchise if it comes
at the right price. Chances are that
there could be a new Ahmedabad team,
which would make it lucrative for
Gautam Adani of the Adani Group to

JSW Group shelves plans to buy an IPL team

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