‘Will have you raided by ED tomorrow’: Ex-IPL boss Lalit Modi’s explosive claim against Shashi Tharoor

Former IPL commissioner Lalit Modi, now living in the UK, has strongly denied accusations of bid rigging during the auction for new IPL teams. In an extensive revelation, he detailed the controversies surrounding the Kochi Tuskers franchise, asserting that he was coerced into signing the agreement under pressure. Modi also claimed that Congress MP Shashi Tharoor threatened him with enforcement action if he refused to approve the deal.

In a conversation on Raj Shamani’s podcast Figuring Out, Modi explained that the IPL raised the minimum bid price for teams from $50 million to $300 million, following the league’s success. “IPL became extremely successful, and we were expecting big money. The minimum bid price was set at $225 million,” he said. He emphasized that teams paying such amounts to the BCCI needed a similar investment in players and operations, stating that a team needed at least $400-500 million in free cash flow and a net worth of $1 billion to be viable.

Modi recounted the bidding process, mentioning three entities—JP Group, Adani Group, and Videocon—who submitted bids. He highlighted strict deadlines for the process, with bids closing at 5:00 pm. However, a third bid for the Kochi Tuskers arrived after midnight, which sparked controversy. Despite objections, the bid was considered, and the board eventually decided to lower the criteria to accommodate it.

Following the rebidding, Sahara Group won the Pune franchise with a bid of $380 million, while Kochi Tuskers’ bid of $348 million came second, and Adani’s bid of $333 million came third. Modi expressed concerns about Kochi’s bid, citing the involvement of 12 shareholders, including an unusual clause in the agreement, with Sunanda Pushkar holding a 25% stake without contributing financially.

Modi said he was pressured to sign the deal, despite concerns over its legitimacy. He claimed that Tharoor threatened him when he tried to question the role of Sunanda Pushkar in the deal, even warning him with potential raids. Shortly after, Modi received instructions from BCCI President Shashank Manohar to sign the agreement urgently, allegedly under pressure from “10 Janpath.” Modi said he only signed the deal under duress and documented his actions in the agreement.

The situation escalated further when Modi learned of Tharoor’s marriage to Sunanda Pushkar shortly after the signing. This prompted Modi to publicly question Pushkar’s rise to wealth and her involvement in the Kochi franchise, leading to widespread controversy and political uproar, with opposition parties calling for a joint parliamentary committee inquiry.