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Deutsche Bank head buys stake in Mumbai Indians
By siliconindia
New Delhi/London: The aura of Indian Premier League (IPL) has drawn the head of Germany based Deutsche Bank to buy a minority stake in Mukesh Ambani owned Mumbai Indians. Anshu Jain, head of global markets at Deutsche Bank has bought the stake which can amount up to 15 percent.
As reported by Economic Times, Jain who is a cricket enthusiast have picked up the stake in his personal capacity. As per a person related to the matter this investment will lead Jain to include some English players for the team. Infact, many marquee players like Kevin Pietersen and Andrew Flintoff are targeted by several IPL teams. However, the investment is an expression of his personal love for the game and he is often seen at the Lord's cricket ground enjoying matches. Known to play the odd game of amateur cricket himself, Jaipur-born Jain ranks among the most influential bankers in the world and is widely credited with helping transform Deutsche Bank into an international bond market powerhouse. He is also considered to be a strong contender to succeed Deutsche Bank CEO Josef Ackerman when he steps down in 2010.
But regarding the issue, none of the parties are ready to reveal anything about the deal. While the financial institution refrained from commenting on its employee's personal investment, Reliance never responded.
The minority investor has opted for the investment at a time, when owners of two other IPL teams - Deccan Chargers and Rajasthan Royals - is looking for investors to inject funds into their franchises. Even large business groups and rich overseas Indians were engaged in a bidding war to own one of the eight regional IPL teams. Team owners have paid the stipulated fee to the BCCI for ownership of the teams. They now have to pay 10 percent of the bid amount every year to BCCI as a franchisee fee. With the auction fetching BCCI $723.59 million, the board will get $72.36 million each year.
