Paid $100 to acquire CPL franchise: Mallya
Troubled businessman Vijay Mallya has claimed that he paid mere USD 100 to buy Barbados Tridents, a franchise in the Caribbean Premier T20 League (CPL).
Mallya left India last month amid attempts by creditors back home to recover Rs 9000 crore debt owed by the long grounded Kingfisher Airlines.
He bought the CPL team in February days before stepping down as chairman of United Spirits and subsequently also lost control over Indian Premier League (IPL) franchise Royal Challengers Bangalore.
Speaking to PTI, Mallya explained how he along with other shareholders bought Barbados Tridents for USD 100.
“Everyone made a big drama about me acquiring the CPL team Barbados Tridents. It was an acquisition that was not made for any cash. The acquisition was made for just USD 100,” claimed Mallya.
Talking more about the acquisition, Mallya, however said, that cost of running the franchise will cost around USD 2 million. “By buying the team, me and the other shareholders assumed the obligation to participate in the tournament. Now participation in CPL cost money. So I went to the Barbados government saying I need your support. I met the Prime Minister and the government agreed to support but I paid USD 100 only to buy the team.
“Running the team will cost about USD 2 million but the Barbados government is granting subsidies to the franchise. People don’t get it and jump to conclusions without knowing the facts. There is a cost of participation such as players salaries and franchise fee. So I worked out all the numbers, studied the model and went to government asking for help.