CSK's value Rs 5 lakh?
The Board of Control for Cricket in India is reportedly up in arms after discovering that Narayanaswami Srinivasan, the board's former president and owner of the Chennai Super Kings, claimed the value of the IPL franchise is 5 lakh rupees.
According to the Indian Express, India Cements, the company of which Srinivasan is managing director and promoter, put the value of Chennai Super Kings at 5 lakh rupees in order to reduce the fee (five per cent of the value) they had to pay the board for converting the shareholding of CSK into a trust.
An independent evaluation of IPL brands by American Appraisal concluded that the CSK brand was worth roughly 400 crore rupees. It is not clear at this point how India Cements arrived at the Rs 5 lakh valuation.
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