Rajasthan Royals owner accuses Raj Kundra of blackmail? Here's the story so far
Indian Premier League (IPL) franchise Rajasthan Royals’ majority owner, Manoj Badale, on Wednesday accused Raj Kundra, his former co-owner, of attempting to blackmail him by alleging he was defrauded out of his minority stake in the club.
According to reports, London-based venture capitalist Manoj Badale and his company, Emerging Media Ventures, were suing businessman Raj Kundra at London’s High Court for allegedly breaching a 2019 confidential settlement agreement. The case centred on Kundra’s former shares in Rajasthan Royals, winners of the inaugural 2008 IPL—now cricket’s richest tournament, with a brand value of $12 billion.
Badale’s lawyer, Adam Speker, told news agency Reuters that Kundra, who is married to Bollywood star Shilpa Shetty, had threatened to report serious allegations to Indian authorities in what he described as a "blackmail attempt".
Kundra, meanwhile, maintained that he had been informed of certain details about the claimants and, through his lawyer William McCormick, stated that "if that is not true, in due course it will be exposed."
Kundra had been forced to forfeit his 11.7% stake after being found guilty in 2015 of betting on IPL games—part of a scandal that led to Rajasthan Royals being suspended from the tournament for two years, Speker said. He added in court filings that Kundra emailed Badale "out of the blue" last month, claiming he had been "misled and defrauded of the rightful value of my 11.7% stake."
In that email, Kundra said he had filed a complaint with Indian authorities and threatened to escalate the matter to the Board of Control for Cricket in India (BCCI). However, he also suggested he was willing to discuss a deal involving "the restoration of my original equity or compensation reflecting the true and current valuation of the Rajasthan Royals franchise."
Speker further revealed that Kundra messaged disgraced IPL founder Lalit Modi this month, stating that Badale "did not realise cheating me of the true value would cost him dearly."
Badale and Emerging Media Ventures, which currently holds a 65% stake in Rajasthan Royals, obtained an interim injunction against Kundra on May 30, preventing him from breaching the settlement agreement or making disparaging statements.
Kundra’s lawyer, McCormick, said his client accepted that the injunction should remain in place until a full trial of the lawsuit. “It is not an admission that anything improper has been done or is being threatened,” McCormick added.
Rajasthan Royals, who had a forgettable IPL season, is rumoured to part ways with their talismanic skipper Sanju Samson ahead of the next season. Riyan Parag is believed to take over the captaincy as the Kerala wicketkeeper batter is linked with fellow strugglers Chennai Super Kings.
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