BCCI Secretary Jay Shah has shut down claims of foreign investment in the Indian Premier League (IPL). The BCCI top brass official claimed that the BCCI is a society and no one can invest on the same. The retort from Shah comes after previous reports claimed of Saudi Arabia’s potential investment on the mega league.
The IPL is the biggest cricketing T20 league in the world. Saudi Arabia which has recently shown their advent in globalisation of sports, were keen to invest in the IPL. But nothing doing, as the BCCI Supremo has shut down claiming ‘No Way’ for foreign investment.
“BCCI is a society and nobody can invest in it,” Jay Shah told PTI.
Jay Shah went on to explain that the BCCI is a society and not a company. And thus it will not be possible for foreign investors to play their share.
Earlier there were reports of Saudi Arabia keen to invest multi billion dollars in the IPL. The Business Today reported that Mohammed bin Salman was ready to invest $30 billion in the IPL.
But that cannot be possible. Since the BCCI is registered under the society’s act, it cannot accept any investments from foreigners. Foreign investment can only be possible once it gets the green flag from the Reserve Bank of India and the Central Government.
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