Millennium Post

Dhoni holds no shareholding in Rhiti Sports, says the firm

As a controversy broke out over alleged conflict of interest of Indian skipper MS Dhoni, sports management firm Rhiti Sports on Monday said he holds no stake in the company. It was reported in the media that Dhoni has a 15 per cent stake in Rhiti Sports which also manages Suresh Raina, Ravindra Jadeja and Pragyan Ojha, besides the Indian captain.

However, the firm said that Dhoni was a shareholder only for a brief period, and currently has no stake. ‘As on date, MSD holds no shareholding in Rhiti Sports Management (P) Ltd. However, it is made clear that shareholding was allotted to MSD on 22 March, 2013, only to secure certain old outstandings which were due for more than one year.

‘Further, the payments were cleared in April 2013 and the shareholding was transferred back to promoter of the company on 26 April,’ Rhiti Sports chairman Arun Pandey said in a statement.

In 2010, Dhoni signed up with Rhiti Sports reportedly for Rs 210 crore, an average of Rs 70 crore a year, the costliest deal in Indian cricket. ‘We at Rhiti Sports Management Pvt Ltd are greatly aggrieved at the widespread media reports regarding alleged conflict of interest of MSD. Though not obligated to but in order to put at rest these widespread speculations, we are issuing the following statement to bring in knowledge the correct factual matrix.

‘It is made clear that the Management of Rhiti Sports Management (P) Ltd understands its obligations to the field of sport and the country and adheres to the laws of the land,’he added in the statement. 

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