From beauty to petroleum, this week is full of excitement…May 24, 2015 1:23
The business of… the IPL scandal
The Indian Premier League was set up in 2008, and is now worth a cool $4 billion. But its fate is in the balance following recent allegations of corruption, fraud, and match-fixing.
May 2, 2010 12:23 by Katherine Azmeh
Suspended IPL chairman Lalit Modi has been compared to the biggest mavericks in sport worldwide, with the BBC calling him “cricket’s answer to Don King of boxing or Bernie Ecclestone of Formula One.”
Modi is by no means a newcomer to the business of sport. He reportedly helped ESPN break the Indian state monopoly on broadcasting cricket matches in the country, and is credited with shaping the multi-billion dollar IPL league into a vibrant success story. Modi stood at the center of this $4 billion business, and “decided almost anything and everything that happened within the IPL,” according to the BBC.
But now Modi has been accused of money laundering and match-fixing – two of the more damaging charges against the man at the center of the scandal. Modi denies the allegations, claiming that he is “on trial by the media”, and insisting that “nothing has been proved.”
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