Jailed notorious swindler Sukesh Chandrashekhar has written a letter to Diageo offering to buy the ownership rights and operational control of the Indian Premier League (IPL) franchise Royal Challengers Bangalore (RCB). Global drinks company Diageo is the promoter of RCB. Sukesh has offered 1 billion US dollars (about Rs 8,300 crore) in the name of his company LS Holdings. He has claimed that this is a better offer than any other IPL team sold recently.
Sukesh has also said in his letter that his proposal is better and more practical than the possible proposal of Adar Poonawala. Recently there was news that Adar Poonawala, CEO of Serum Institute of India and Chairman of Poonawala Fincorp, can buy IPL franchise Royal Challengers Bangalore. Sukesh has written in the letter that his company LS Holdings has made this offer considering the brand value, legacy and commercial potential of RCB.
He has said that it will be an all-cash deal, which will include all related rights, trademarks, player contracts and league entitlements. The offer will be subject to due diligence and regulatory approvals. Sukesh has said in his letter to the promoter company of RCB, ‘I know that recently some other group has made an offer to RCB, but my offer is realistic, which is more than any IPL team sold recently. We are fully prepared to make full settlement within 48 hours, without any third party funding.
Also read: Adar Poonawala in the race to buy RCB… will make a big bid for the franchise
There will be a gift from me for Jacqueline: Sukesh
Sukesh has also mentioned his personal feelings about RCB. He has said, ‘RCB is my home team, it holds a special place in my heart. If this acquisition happens, it will set an example for every boy who dreams big that no dream is too big to be achieved. My partner and lady love Jacqueline Fernandes also dreamed of having a sports team. Nothing is bigger than an IPL team. If this happens, it will be a gift from me for Jacqueline.
Sukesh has also mentioned his legal difficulties in the letter and said that all the allegations against him are just allegations and have not been proved in any court. He clarified that there is no legal case against LS Holdings (registered in British Virgin Islands, operational in USA, London, Dubai, Singapore, Hong Kong, Russia and Sweden). He is ready to share everything like the company’s balance sheet, term sheet, tax compliance etc. and if needed, he can also put the entire amount in the escrow account.
Escrow account is a financial or legal arrangement in which money, property or documents are kept for safekeeping by an impartial third party (agent or bank) between the buyer and the seller until all the terms of the contract are fulfilled. Sukesh has further written in his letter that he is ready to follow all the rules of IPL Governing Council and BCCI. It has sought approval of Letter of Intent (LOI) from Diageo, so that detailed discussions on the offer can begin.
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