Modi questions BCCI for allowing betting-related company to buy new IPL team

Lalit Modi. Pic/AFP

Former IPL boss Lalit Modi has questioned the entry of private equity firm CVC Capital Partners in the IPL due to its investments in companies linked to betting activities.

CVC, which calls itself a "world leader in private equity and credit with USD 125 billion of assets under management", shelled out Rs 5,625 crore for buying the Ahmedabad franchise in the world's biggest T20 league, last week.

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The Lucknow franchise went to RPSG Ventures for Rs 7,090 crores. As per the company's website, it has investments in companies like Tipico and Sisal which are involved in sports betting.

"I guess betting companies can buy a @ipl team. must be a new rule. apparently one qualified bidder also owns a big betting company. what next? does @BCCI not do there homework. what can Anti corruption do in such a case? [sic]" he tweeted.

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