Raj Kundra reportedly spent Rs 82 crore on an IPL team as a ‘Valentine’s Day gift’ to his wife Shilpa Shetty; reveals team now worth Rs 16,000 crore |

Raj Kundra revealed that he bought Rajasthan Royals in 2009 as a Valentine’s Day gift to Shilpa Shetty, spending Rs 81.9 crore for an 11.7% stake, which is now worth Rs 16,000 crore. He called IPL one big check money then. Kundra was later banned for betting in 2015, although he maintains his innocence.

In 2009, Shipa Shetty and her husband, Raj Kundrabought a major stake in an IPL cricket team Rajasthan Royals. Back then, many famous people invested in such cricket teams. But after some time, Raj left the team because people accused him of betting on matches. Recently, Raj spoke about this in an interview and shared the sweet reason behind the alleged Rs 81.9 crore.

Raj Kundra bought the team immediately after winning the title

Speaking to YouTube channel SMTV, Raj revealed that he found the team in 2009, just after Rajasthan Royals lifted the trophy in the inaugural season of the IPL. “I bought like a ValentineGift of the Day,” he said.At that time, he did not have his own business in India, and buying a team was his strategy. “I thought Shilpa had brand value and I invested in it. I bought my share at that time, but the case is still pending,” he said, adding that the license was valued at Rs 700 crore at that time. My share was 11.7 percent,” he shared.He was also proud of the amount of money he sold, calling it “the biggest check money in the IPL” at the time. He said: “I am the first person who believed that this could happen.”

Raj Kundra explains how IPL teams make money

When asked about how the IPL teams turn a profit, Raj explained that things were not easy in the first 5-6 years, there was no profit at all. “Either it was a bust, or we had to invest a little more,” he said, before explaining how the financial system has changed since then. “Now the revenue coming in is huge. 70 percent comes through TV contracts. 10-15 percent comes through jersey sponsorships, and 10-15 percent through ticket sales,” he said, adding that each IPL team now earns an annual profit of Rs 200-500 crore, depending on sponsorships.

Raj Kundra on betting controversy

Raj shared that he was in the group for 5-6 years before things changed, he was “accused of betting,” and defended what happened. “So we pretended to bet and betting was not allowed. Then the team was banned for two years. Some players were banned from fixing and as owners, we were banned from betting. What was the betting? It was like you and I living with each other. We would be like, ‘Lagi shart? (You want to bet?)’ This was a conversation. ‘What should I buy for 500?’ (Want to bet 500?)’. They said even that is not allowed. And we thought, do you stop us on this? The case is still in the Supreme Court.”Raj said that he was the only one responsible among the owners of Rajasthan Royals. “I was the only one who was criticized. I said, ‘Let’s take the team. Saving the team was very important.’

Raj Kundra if betting really happens in IPL

When asked if betting actually takes place inside the IPL, he replied, “Betting happens. There is a parallel market for this. All over the world, people bet on the IPL, which is legal. Here again, I’m sure there is a private market. But internally, nothing like that happens here.”

Banning of life of Raj Kundra by Lodha committee

In 2015, the Supreme Court appointed the Justice RS Lodha commission, which probed the 2013 betting scandal, and gave Raj a life ban. Despite this, he continues to maintain his innocence.