Former Indian Premier League (IPL) Commissioner Lalit Modi has claimed that Royal Challengers Bengaluru (RCB) are currently valued at around $2 billion and their price will keep rising in the coming years. He said the franchise would make a mistake if it sold for anything less.
After RCB’s first IPL title win earlier this year, reports had suggested the franchise could be sold. The rumours gained pace following the unfortunate stampede in Bengaluru during the celebrations. However, the owners have denied any such move.
RCB were bought for $111.6 million before the first season in 2008, making them the second costliest team at that time. Since then, their brand has grown rapidly. Their large fan base and presence of famous players like Virat Kohli, Chris Gayle and AB de Villiers have made them one of the most valuable IPL sides.
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Lalit Modi Speaks on RCB’s Rising Brand Value
In a recent interaction on the Beyond 23 Podcast with former Australian captain Michael Clarke, Lalit Modi spoke about the future of the IPL and the growing value of franchises. He specifically pointed out that RCB, fresh from their historic title win, are sitting on a financial goldmine.
"We (IPL) are only 18 years old. We have just started the fan following, we have just started the frenzy. It was unfortunate what happened with the stampede in Karnataka after RCB won. But you will see that passion grow across the country, across the world," Lalit Modi said as quoted on the Beyond 23 Podcast.
He further stated that the Bengaluru-based franchise would be making a huge mistake if they ever agreed to a sale below $2 billion.
"If RCB does want to sell, they would be stupid to sell it for less than 2 billion dollars. If it is next year, then 2.5 billion, and if two years later, it would be 3 billion, and if it is four years later, then four billion dollars, take it in writing from me. It will grow by half a billion dollars a year," he added.
Lalit Modi Reflects on Missing the IPL
Lalit Modi, often credited as the architect of the IPL, has been away from the league since 2010, when he was suspended by the Board of Control for Cricket in India (BCCI) over multiple charges. Yet, he continues to follow the tournament closely and has never hidden his emotions about missing the platform he created.
"I miss it. I think of it, and nobody lets me forget it. I watch every match. In life nothing is permanent. I am a part of it, and that can never be taken away. In life, you have got to carry on, and let others carry on. Too much jealousy was created. We have a crab mentality in India, they pull you down. My family was in danger, I was in danger," Modi told Clarke.
The 61-year-old further stressed that despite the controversies, his passion for the game has never faded.
"I would do the same thing all over again (if he had another chance). I love the game, it is part of my DNA, part of my blood. I will never let go of that. I will keep advising, but somebody has to listen. They shy away from the fact if it comes from my mouth," he continued.
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