Following the news of UltraTech Cement acquiring India Cements’ promoters stake on Sunday, it was made clear the transaction will have no bearing on the IPL franchise, Chennai Super Kings.
India Cements bought Chennai Super Kings when the IPL started in 2008, but in 2015, it transferred the team to Chennai Super Kings Cricket Limited (CSKCL), a separate company. Former skipper M.S Dhoni is one of India Cements’ vice presidents.
Former BCCI president N. Srinivasan (Vice-Chairman and Managing Director of India Cements) and his family are the promoters of CSKCL with a 28.14% stake, according to the company’s 2023 annual report, and will continue to own the five-time IPL champion.
Apart from CSK, India Cements has been supporting cricket in Chennai through patronage of various clubs in the TNCA league across divisions. The company has many former first-class and international cricketers as employees. It also operates three teams in the top-flight First Division: Vijay CC, Grand Slam CC, and UFCC (T. Nagar).
It is understood that most of the cricketers employed by India Cements have been moved to CSKCL and won’t be affected by the acquisition.
“The sporting activity of India Cements will not be affected, and the club activities across various divisions will continue without any change. Most of the former cricketers who are employed have already been moved to CSK and will be taken care of,” said a highly placed source.
With the IPL Mega Auction coming up later this year, all eyes will be on whether Dhoni will continue to play for CSK for one more year.
Published - July 29, 2024 10:17 pm IST
