The ownership dispute surrounding the Indian Premier League (IPL) franchise Rajasthan Royals has escalated into a legal battle in a UK court. Manoj Badale, the franchise’s majority owner, has accused former co-owner Raj Kundra of blackmail, alleging that he was defrauded out of a minority stake in RR.
Rajasthan Royals have undergone several ownership changes over the years. From 2008 to 2015, the franchise was co-owned by entities including Emerging Media, Blue Water Estate, Tresco International, and Bollywood celebrities Shilpa Shetty and Raj Kundra.
After a two-year suspension, the team returned to the IPL in 2018 with a restructured ownership. Former captain Shane Warne joined as a shareholder, receiving a 3% stake. Manoj Badale has taken majority control of the Royals since 2021.
Manoj Badale Alleges Raj Kundra Breached 2019 Confidential Settlement
London-based venture capitalist Manoj Badale and his company Emerging Media Ventures have filed a lawsuit against Raj Kundra in the London High Court. Badale has alleged that Kundra violated a confidential settlement agreement made in 2019.
The legal case centers around Kundra’s former stake in the Rajasthan Royals. Notably, the ongoing proceedings also involve accusations of blackmail alongside the alleged breach.
Badale holds the majority ownership in the Rajasthan Royals with a 65% stake. RedBird Capital Partners, a U.S.-based investment firm, owns 15% of the franchise. Lachlan Murdoch of Fox Corporation is also a stakeholder.
Raj Kundra Accused of Blackmail by Manoj Badale’s Lawyer in UK Court
Adam Speker, representing Badale, accused Raj Kundra of attempting to blackmail his client. Speker alleged that Kundra, who is married to Bollywood actress Shilpa Shetty, had threatened to report serious allegations to Indian authorities as part of the alleged extortion.
Speker also noted that Kundra was forced to surrender his 11.7% stake in the Rajasthan Royals in 2015 after being found guilty of betting on IPL matches. He revealed that Kundra emailed Badale last month, claiming he had been “misled and defrauded” of the true value of his former stake.
In response, Kundra has denied the blackmail allegations and stated that he has received information about the claimants and their lawyer, William McCormick. He added that if this information turns out to be false, it will eventually be revealed.
Raj Kundra Open to Settlement Over Rajasthan Royals Stake Dispute
In his email, Raj Kundra claimed to have lodged a complaint with Indian authorities and warned that he would escalate the issue to the Board of Control for Cricket in India (BCCI). He also indicated that he was open to a resolution based on the team’s current valuation.
Adam Speker stated that Kundra also messaged former IPL chairman Lalit Modi, saying that Badale would pay a heavy price for allegedly cheating him out of the true value of his stake.
Meanwhile, Kundra’s lawyer, William McCormick, confirmed that his client had agreed to maintain the current injunction until the case proceeds to a full trial.
“It is not an admission that anything improper has been done or is being threatened,” McCormick stated.