IPL: Srinivasan gives up ownership of Chennai Super Kings

N. Srinivasan has transferred his entire 29% shares in Chennai Super Kings to a cricketers' Trust managed by India Cements.

Former BCCI president N. Srinivasan is no longer an owner of Indian Premier League team Chennai Super Kings. According to reports, he has transferred his entire 29% shares in India Cements, the principal owners of Chennai Super Kings, to a cricketers' Trust. Srinivasan is the managing director of CSK. Effectively, 29% of the revenue generated by CSK will go to the India Cements Cricketers' Trust.

This body looks after the welfare of former cricketers employed by India Cements.

"My background and history is of supporting cricket," Srinivasan has been quoted as saying in a national daily."Creation of the Trust and transferring his (Srinivasan's) ownership rights to the trust is complete.

That decision is now irreversible. CSK is not owned by Srinivasan anymore and BCCI has been informed about the changes," a source told the daily.In January, the Supreme Court had barred Srinivasan from participating in the BCCI elections for conflict of interest.

The top court said, Srinivasan was ineligible because he had "commercial interest" in Indian cricket since he owned an IPL team. Srinivasan was seeking a fresh term as BCCI president.

The Tamil Nadu strongman is currently the chairman of the ICC. Given his hot and cold relationship with the current BCCI management headed by president Jagmohan Dalmiya and secretary Anurag Thakur, Srinivasan may not continue in this position for long.CSK owners had triggered a fresh controversy recently when they valued their team at Rs 5 lakh only. The Indian cricket board has sought legal opinion on the "low" valuation.

PTI