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CSK Switches Ownership, RR Changes Name
By CricShots - Oct 26, 2017 9:36 am
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rajasthan
Rajasthan Royals won the inaugural edition of IPL

The Rajasthan Royals and the Chennai Super Kings were the 2 IPL franchises which were banned after the 8th edition of the cash-rich league following charges of corruption and fixing against their respective owners. Now, they are set to make comeback to the IPL in 2018 in the 11th edition.

According to the recent reports, the Rajasthan Royals will drop the word ‘Rajasthan’ from their name and shift base to Pune, and from now will be known as just the ‘Royals.’ That name changed was approved by the IPL Governing Council some months ago.

In addition to this, India Cements chairman N Srinivasan, who also owns CSK, has transferred shares in the team to India Cements shareholders, with the franchise valued, according to these documents, at a relatively low sum of ₹50 lakh.

The Rajasthan Royals and Chennai Super Kings were suspended from the IPL in 2015 following spot-fixing activities by their respective owners – Raj Kundra and Gurunath Meiyappan, who is incidentally the son-in-law of N. Srinivasan.

With each team suspended for two years, both individuals – Meiyappan, the Team Principal at CSK, and Kundra, saw life suspensions from the IPL. As a result of that landmark decision by the Supreme Court-appointed Lodha Committee, neither is allowed to be associated with the IPL.

The change of name for the Royals’ and the subsequent shift to Pune happened because of a deal with Sanjiv Goenka, the owner of the Rising Pune Supergiant, which largely featured members of the CSK. The reports suggest that the deal involved as much as ₹1,000 crore.

Even BCCI officials have acknowledged that share sale by CSK is suspicious and an official said, “This issue related to CSK has been referred to our legal team. We will wait for their advice.”