N Srinivasan gives up Chennai Super Kings ownership: Reports

Former Board of Control for Cricket India (BCCI) president Narayanaswami Srinivasan has reportedly transferred his entire stake in India Cements – the principal owners of Chennai Super Kings to a trust. He is the managing director of India Cements and owns 29 per cent shares.

New Delhi: Former Board of Control for Cricket India (BCCI) president Narayanaswami Srinivasan has reportedly transferred his entire stake in India Cements - the principal owners of Chennai Super Kings - to a trust.

Reports said that Srinivasan's 29 per cent will now go to the India Cements Cricketers' Trust, thus sacrificing the ownership of the Indian Premier League (IPL) franchise. The trust takes care of the interest of former cricketers employed with the company.

“My background and history is of supporting cricket. India Cements has supported cricket for the last 40 years,” Srinivasan was quoted as saying by a leading national daily.

The ICC chairman added, “You should understand that I am not into cricket to make money. While the 71% of the total earnings of CSK goes to its shareholders, former players who have given their heart and soul playing for the company will be beneffited from the 29% that I used to hold.”

Further reports said that the change in ownership of CSK has already been informed to the Indian cricket board.

"Creation of the Trust and transferring his (Srinivasan's) ownership rights to the trust is complete, the decision is now irreversible. CSK is not owned by Srinivasan anymore and BCCI has been informed about the changes," a report said.

The infamous 2013 IPL match-fixing scandal – in which Gurunath Meiyappan, Srinivasan's son-in-law and a team owner of CSK, was found guilty – had tainted the former boss and as a fall-out, the Supreme Court barred him from participating in the board elections for conflict of interest.

During the match-fixing saga, the apex court also raised questioned on conflict of interest which directly linked to his ownership of Mahendra Singh Dhoni-led side.

And in a recent development, CSK owners were subjected to widespread condemnation for a reported devaluation of the franchise, at Rs 5 lakh only. The matter was discussed at length during the April 26 BCCI Working Committee meeting and has has sought legal opinion on the matter.