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Article states that Vijay Mallya "bought" the Barbados Tridents for $100.00 USD

LINK - April 11th

Good people, this goes two ways:

1. Mallya commits to the development of the team and leverages the governments support to ensure growth in a mutually beneficial way.
2 (coughing). Mallya leverages his ownership to his advantage alone, and sells the team -at a spectacular markup- after threatening to withhold the team next season due to "lack of adequate support"

Did the CPL give locals/regional interest the option to buy for $100???? Was the "promise of investment" from Mallya enough??? Ok, that is all folks, back to my cold Guinness.

In reply to pelon

Can you give me $100?
I would like to own the Tridents.

In reply to pelon

Wow very very interesting.

In reply to nick2020

Would need to add $1 to that, that's $1 USD or $2 Bajan

dats like signing a contract for 20 years, 1 million USD.

Bleed them,Mallya! They withstood Stanford..you are a small fry..

In reply to Khaga

Easy Surya

In reply to pelon

according to how they are structured companies can worth $200 but control assets in the millions.

In reply to FuzzyWuzzy

Follow Mallya news in India..

In reply to Khaga

it must be that the franchise had some debt that he absorbed in the purchase and that was good enough for CPL. The 100 was just a formality.

Since this is a commercial business arrangement there must be valuable consideration or else the agreement could be deemed "nudum pactum".

Consideration fees in these type of agreements are mostly nominal.... nothing wrong with that

In reply to matchstick

I am going to observe how all this will go down..

The flag raised is not about how common it is, or whether it has precedent. Did others (esp. in the region) have an opportunity to bid on the team?

This is where the local apologist/intellectual wizards come in and say it's a "commercial business arrangement" or "structured companies can be worth $200 but control assets in the millions". All true peoples, all true, but yuh missing the boat. Stay tuned, it wont be long.

In reply to pelon

sometimes you do that as a government, but you have strict guidelines/assurances as to the annual expenditure by the benefiting company.

In reply to pelon

remember the team was on the market for a while? remember the talk about govt not doing enough to help so the team may need to leave Bim?

Great! another corrupt Indian to bleed $$ from!!!
Debt ridden Tridents made a great deal! Millions in debt paid off by the Indian, who will now be liable for all further losses. Great move by the Bim govt!!

bleed dem Indians dryyyy

In reply to sudden

Prediction: He "holds". No investment. No Capital injections. Just HOLDS the card. After all he owned it for $100.00

I would love to be wrong here.

In reply to pelon

It'd be interesting to know if the Barbados government issued passports to Mallya. Mallya got into CPL a couple of months before his troubles with the banks became public in India and he left India. He has since resigned his position as Chairman of RCB.

In reply to pelon

Who pays the players?

In reply to sudden
Old news

In reply to sudden

Let's just say: "watch de ride".

In reply to pelon

Let us not say that.

In reply to matchstick

Precisely- the liabilities must have been significant. In fact buying a debt ridden company for a nominal amount (say $1) is not uncommon.

Buyer takes on debt.

For example:

How to buy a $100 million Formula One racing team for just one pound

Many of you are missing the point: Vijay Mallya is riddled with debt and legal battles. You need to be cash flush (which he no longer is) to buy on paper ($1, $100 etc) and then INJECT capital. Who is going to partner with the embattled debt ridden "king of goodtimes" when CPL is not even remotely profitable????

Just today a story surfaces about his passport could be taken away.

In reply to pelon

seems to me your issue is more with the owner than how the deal is structured

In reply to Verstehen

Or for a more recent example, closer to home:

Mittal offers T&T-based assets for sale for $1 to Government

Again. When good ole Hunte and Hilaire insulated the WICB from the CPL and decided to extract a license fee, many were up in arms.

Its all smoke and mirrors folks.

In reply to sudden

No, nothing so banal. While apologist and sheep called this transaction "standard" - I came here first to say the due diligence was flawed. As the events unfold, "watch de ride" - it will get worst. Then you too will see it has noting to do with the individual, but the process in which the power holders of our cricket prostrate themselves repeatedly.

The structure of the deal is worthless.

UPDATE: Indian court issues arrest warrant for primary stakeholder in the team.

Devious People will always align themselves with Shady People . This is
generally known as :

" BIRDS OF A FEATHER WILL

ALWAYS FLOCK TOGETHER "

It is generally acknowledged that when
you are in a Hole , you should stop
digging . Because at some point You
would be unable to get out of that
Hole .

In reply to pelon

At least ppl will listen a bit more now

Several flags are raised here because di owner is in big trouble at home for suspect financial dealings.

But so we love it.