BCCI Secretary Jay Shah interacts with Sheikh Nahyan bin Mubarak Al Nahyan who heads the United Arab Emirates Ministry of Culture, Youth, and Social Development during match 2 of season 13 of IPL. File photo: Sportzpics for BCCI
Jay Shah, Secretary of the Board of Control for Cricket in India (BCCI) on Monday, March 11 said that no foreign investment is possible in the Indian Premier League (IPL) without the approval of the central government and Reserve Bank of India (RBI ).
Clearing the air on potential Saudi investment, Shah said that no foreign direct investment is possible in IPL as the parent body of IPL — the BCCI is registered in India as a society and not a company.
“BCCI is a society and nobody can invest in it,” Shah told PTI during an interaction.
In India, a registered society cannot accept foreign investment without the approval of the central government and the Reserve Bank of India.
Rumors of a Saudi investment were rife since the state-owned oil and energy company of the Kingdom already sponsors the Purple (most wickets in a season) and Orange Cap (most runs in a season) awards, which are known as Aramco Purple Cap and Aramco Orange Cap, respectively.
IPL 2024 will begin on March 22, with the defending champions Chennai Super Kings taking on the Royal Challengers Bangalore at the MA Chidambaram Stadium in Chennai.
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Indian Premier League 2024 team owners |
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IPL TEAM |
IPL TEAM OWNER NAME |
OWNER BUSINESS |
| Chennai Super Kings | N Srinivasan | Chennai Super Kings Cricket Limited & India Cements |
| Delhi Capitals | Parth Jindal | GMR Group and JSW Group |
| Punjab Kings | Preity Zinta, Ness Wadia, Mohit Burman, and Karan Paul | , |
| Mumbai Indians | Mukesh Ambani | Reliance Industries |
| Kolkata Knight Riders | Shah Rukh Khan, Juhi Chawla & Jay Mehta | Red Chillies Entertainment & Mehta Group |
| Sunrisers Hyderabad | Kalanithi Maran | Sun TV Network |
| Rajasthan Royals | Manoj Badale | Blenheim Chalcot |
| Royal Challengers Bangalore | , | United Spirits Ltd. |
| Gujarat Titans | , | CVC Capital Partners |
| Lucknow Super Giants | Dr Sanjiv Goenka | RP Sanjiv Goenka Group |
When was BCCI registered as a society?
The Board of Control for Cricket in India (BCCI) is a society registered under the Societies Registration Act 1860. The board started its functioning in 1928, but it got itself registered as a society only in 1940 and that too in Tamil Nadu and not Maharashtra. where its headquarters is located in Mumbai at present.
Paramasivan, who was appointed as the fifth president of BCCI, carried out his duties from Madras (Chennai), therefore BCCI was registered in the Madras Societies Act.
In case society is not run properly by its Board of Trustees, the government cannot intervene directly in the matters. As a society, BCCI does not take any grants from the government like other Sports bodies. It is mostly answerable only to the ICC.
What is a society according to the Registration of Societies Act 1860?
Any seven or more persons associated for any literary, scientific or charitable purpose, or for any such purpose as is described in section 20 of this Act, may, by subscribing their names to a memorandum of association and filing the same with the Registrar of Joint -Stock companies form themselves into a society under this Act.
What is FDI?
A foreign direct investment (FDI) is made by a company or an individual in one country into business interests in another. This could be through a transfer of technology, capital or any other assets. With FDI, foreign companies are directly involved with day-to-day operations in the other country. This means they aren't just bringing money with them, but also knowledge, skills and technology.
First Published: Mar 11 2024 | 5:15 PM ist