As per the reports in TOI, Shilpa Shetty and Raj Kundra have decided to sell their stake in Indian Premier League (IPL) team Rajasthan Royals in the wake of the recent Supreme Court judgement holding Kundra guilty on placing bets on IPL matches.
The team has written to both the BCCI and the IPL governing body, informing them of Shilpa and Kundra’s decision to sever all ties with Rajasthan Royals by divesting their 11.7 per cent stake bought in 2009. IPL Chairman Ranjib Biswal on February 19th confirmed that they have received the letter and said the “governing council will take a call on this soon”.
Kundra bought 11.7 per cent stake in Rajasthan Royals after the team won the inaugural edition of the IPL in 2008. Ever since then he, Shilpa and her sister Shamita have been the faces of the team but Rajasthan Royals management, however, had on more than one occasion clarified that the Indian actress or her husband played no role in running the team.
While there is speculation on the exact nature of the share transfer, sources said that Kundra’s stake will got to the existing owners and not to a new buyer.The other owners of Rajasthan Royals are: Tresco International Ltd of Suresh Chellaram and family (44.2 per cent), Blue Water Estate Ltd of Lachlan Murdoch (11.7 per cent) and Emerging Media (IPL) Ltd of Manoj Badale (32.4 per cent). Kundra held his 11.7 in the team through Kuki Investments Ltd.