JSW opts out of plans to buy RCB following Lodha panel verdict on IPL

JSW Chairman Sajjan Jindal had signalled their interest of buying the RCB franchise earlier this month

The JSW group are set to shelve their plans of entering the IPL in the aftermath of the Lodha panel verdict on the T20 league, The Times of India reported. The management team that oversees the sport's affairs of the $11 billion business group says the ‘negative aura’ surrounding the IPL following Tuesday’s developments have forced them to rethink their earlier decision of buying a team in the cash-rich league.

The Supreme Court-appointed Lodha panel had recommended the suspension of Rajasthan Royals and Chennai Super Kings for two seasons from the IPL as well as imposing life bans on their principal owners, Raj Kundra and Gurunath Meiyappan.

Parth Jindal who is in charge of the sports team at Jindal group said: “I think it’s a no at this point of time purely based on the whole negative aura that has been generated. We don’t want our brand to be associated with a league that is so tainted at the moment.” Parth is the son of Sajjan Jindal, Managing Director and Chairman of JSW Steel Ltd.

Reports earlier in the month had suggested that the Jindal group was interested in acquiring an IPL team. Though they didn’t mention which team they were looking at, it was widely believed to be Vijay Mallya’s Royal Challengers Bangalore as they already have a presence in the South-Indian city with reigning I-League champions Bengaluru FC.

However in the aftermath of the IPL verdict, it seems they have changed their mind on the matter. in fact a BCCI Governing Council member had hinted along the same lines when asked about whether new teams will be inducted following RR’s and CSK’s suspension.

He said: “There are a few problems with regards to franchises and new owners. Both franchises have lost goodwill. In the existing scenario, can they be sold off or will new buyers be interested?”

Though he was referring to the two suspended teams, JSW feels the whole image of the IPL is tarnished.

Videocon interested in buying an IPL team

It’s not all gloom for the IPL however. Despite the recent happenings, Videocon group has hinted that they are looking to buy a team in the T20 league.It’s billionaire owner Venugopal Dhoot told Reuters: “With some teams going out of the fray, it’s a good time to look for bargain deals. These controversies are not good, but the fact is cricket remains a hugely popular game.”