Indian businessman says he bought Barbados Tridents for $100
NEW DELHI, India (CMC):
Indian businessman Vijay Mallya says he has paid only $100 for the Barbados Tridents, a franchise in the Caribbean Premier League (CPL) T20 tournament.
Mallya's revelation comes roughly two months after he made the purchase, ending weeks of speculation about the sale.
Tridents is one of six franchises participation in the CPL, which is set to bowl off from June 29 and run until August 7.
"Everyone made a big drama about me acquiring the CPL team Barbados Tridents," said Mallya.
"It was an acquisition that was not made for any cash. The acquisition was made for just $100."
Mallya has been described as a troubled businessman who left India last month amid attempts by creditors to recover US$ 1.5 billion owed by the long-grounded Kingfisher Airlines.
He bought the CPL team in February just before stepping down as chairman of United Spirits and subsequently also lost control over IPL franchise Royal Challengers Bangalore.
"By buying the team, me and the other shareholders assumed the obligation to participate in the tournament," said Mallya.
"Now, participation in CPL cost money. So I went to the Barbados government saying 'I need your support'. I met the prime minister and the government agreed to support, but I paid $100 only to buy the team."
Mallya says the cost of running the franchise is estimated to be around $2 million.
"The Barbados government is granting subsidies to the franchise. People don't get it, and jump to conclusions without knowing the facts," said Mallya, who is reportedly living in the United Kingdom.
"There is a cost of participation, such as players' salaries and franchise fee. So I worked out all the numbers, studied the model and went to the government asking for help. They were keen to help me."