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Lalit Modi

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Lalit Kumar Modi
Born (1963-11-29) November 29, 1963 (age 60)
New Delhi, India
Occupation(s)Businessman, Commissioner of the IPL and Vice President of the Board of Control for Cricket in India (BCCI).
Known forCreating and managing the Indian Premier League Twenty20 cricket tournament.

Lalit Kumar Modi, (Gujarati: લલિત કુમાર મોદી, Hindi: ललित कुमार मोदी; born November 29, 1963, Delhi, India)[1] is an Indian cricket administrator and a businessman. He is the Chairman and Commissioner of the Indian Premier League, Chairman of the Champions League (since September 2008), Vice President of the Board of Control for Cricket in India (BCCI) since 2005 and Vice President of the Punjab Cricket Association[2]. He is also the President and Managing Director of Modi Enterprises, the industrial conglomerate created and run by his family, and Executive Director of Godfrey Phillips India, part of the Modi Enterprises business empire.

Background and personal life

Lalit Modi was born into a wealthy and successful business family. His father, Krishan Kumar Modi, is Chairman of Modi Enterprises, a 40 billion Rs business empire which was founded by his grandfather, Raj Bahadur Gujarmal Modi.[3] He attended schools in Shimla and Nainital. He disliked school, and often ran away. After his schooling, he was determined to continue with his studies in the United States. He scored well in the SAT (essential for gaining entrance to a US college or university), and chose to skip the school-leaving examination, which was required for entrance to colleges and universities in India. Subsequently, he gained a place at Duke University in Durham, North Carolina, United States.[4]He is married to Minal and has three children Aliya, Ruchir and Karima. Karima is married and living in London now. He has a grand daughter Aliya who is one year old.

During college life at Duke Lalit Modi was a drug user and seller. In 1985 he pleaded guilty to drug possession (of 400 grams of cocaine), assault and kidnapping case in 1985. He was sentenced two years in prison, 100 hours of community service and a fine of USD10,000 for that case. He returned to India after being released on a probation [4]

Career

While studying at Pace University and Duke University between 1983 and 1986, he spent some time at Philip Morris in 1985 and Estée Lauder in 1986. He was President of International Tobacco Company from 1987 to 1991, and then in 1992 was appointed an Executive Director of Godfrey Phillips India.[5] At around the same time, he started to work on initiatives in the entertainment industry. He worked on a joint venture with Disney, distributing ESPN (then owned by Disney) in India, and persuading ESPN to start showing cricket matches.[4] He put forward proposals for a "limited over" cricket league which he believed would be more television-friendly, but the Board of Control for Cricket in India (BCCI) turned them down. Frustrated, he decided to obtain a place on the board of the BCCI in order to influence it from the inside. He obtained membership of the Rajasthan Cricket Association by concealing his last name. He eventually became president of the Rajasthan Cricket Association, which gave him a seat on the BCCI. In 2005, Modi figured in a power struggle that resulted in Sharad Pawar, an influential politician and national cabinet minister, ousting former Indian cricket supremo and International Cricket Council chief Jagmohan Dalmiya in BCCI elections. Modi was then appointed Vice-President of the BCCI. Heavily involved in the commercial side of the Board's activities, he is reported to have increased their revenues sevenfold between 2005 and 2008, with the BCCI then reporting annual revenues of over 1 billion USD.[6] Finally, in 2008, he launched the Indian Premier League (IPL), a league based around Twenty20 cricket, where each team is limited to batting for a maximum of 20 overs.


Family Threat and Security

Towards the end of March 2009 the Mumbai police were interrogating underworld don Chota Shakeel's arrested hit man Rashid Malabari and during the interrogation he had revealed that there were planning to assassinate cricket chief Lalit Modi, his wife Minal and son Ruchir. This was cross referenced by an government intelligence agency picked up a phone conversation between Chota Shakeel and his boss Dawood Ibrahim instructing him to hire 4 assassins to assassinate Modi and his family either in South Africa or in India. Currently Modi is under constant threat and has three layers of security cordon around him 24*7 and travels around in a bullet proof car.

$975m ESPN deal

The Economic Times quoted:

Cricket economics has once again hit the roof. Sports broadcaster ESPN Star Sports (ESS) has paid a staggering $975 million for exclusive global commercial rights for the Twenty20 Champions League for a 10-year period, starting with the inaugural tournament between October 8–23 this year (2009).

The deal, which gives ESS rights for all T20 Champions League seasons until 2017, makes it the highest cricket tournament by value on a per game basis. Earlier this year, the World Sports Group-Sony Entertainment consortium had paid BCCI $918 million for 10-year global rights for the India Premier League (IPL).

Apart from ESS, bids were received from Abu Dhabi Sports Club and Dubai International Capital (DIC). While the DIC bid was for $751.3 million, Abu Dhabi Sports Club’s bid, being a conditional one, was disqualified. ESS had bid $900 million for the deal and an additional $75 million for marketing.

Twenty20 Champions League, modelled after the football champions league, would feature the best teams of the domestic Twenty20 tournaments in various countries. It is being jointly organised by the Indian, Australian and South African cricket boards. The inaugural league, with $6-million prize money, will feature eight teams — two each from India, Australia and South Africa and the champions from the England and Pakistan domestic leagues. The prize money will be shared between the teams and their players.

“This deal will cement our relationship with BCCI, Cricket Australia and Cricket South Africa and we are committed to setting new benchmarks in broadcast and distribution,” ESS MD Manu Sawhney said in a statement. IPL chairman and commissioner Lalit Modi said: “We believe this is the best commercial deal for Champions League.”

[7][8][9][10]

Tax Payer

As of October 31, 2009 Indian Premier League chief, Lalit Modi has claimed the top slot as the highest tax payer in the country for the current fiscal. He has already paid Rs 8 crore in the first half of the current fiscal.[11]

Awards and recognitions

  • He was awarded "The Business Standard Award" for making BCCI the Most Innovative Company in India for the year 2008.[12]
  • On Sep 25, 2008 he was awarded "Brand Builder of the Year" by Asia Brand Conference.
  • On Sep 26, 2008 he was awarded by CNBC Awaaz "The Consumer Award for Transforming Cricket in India"
  • On Oct 6, 2008 he was awarded by NDTV Profit "The Most Innovative Business Leader in India".
  • On Oct 24, 2008 he was awarded by Frost & Sullivan Growth Excellence Awards For "Excellence in Innovation".
  • On Nov 8, 2008 he was awarded the "Teacher's Achievement of the Year award.
  • On Nov 12, 2008 he was awarded "Sports Business- Rushmans Award For Sports Event Innovation".
  • On Jan 22, 2009 he was awarded "CNBC Business Leader" award.
  • On Sep 26, 2009 he was awarded India Leadership Conclave - For building Brand of The Year.

In March 2008, he was listed among India's 30 most powerful people by the India Today magazine.[13]

In the 2008 August issue of the leading sports magazine Sports Pro he is ranked number 17 in the Power List of global figures connected with sports. He is further hailed as the Best Rain Maker (money maker) for any sports body in the history of sports Globally. In the short time that he has been a sports administrator he has raised over Eight billion U.S. dollars for his organisation. All this he has done in an Honorary capacity. He has been described as the most powerful man in Cricket by Mike Atherton in his article in the Telegraph. Time Magazines July 2008, lists him no 16 in their listing of Best Sports Executives in the World for 2008. In the October 2008 issue of international Business magazine Business Week - Lalit Modi was voted no 19 in the list of 25 most powerful Global Sports figures. Lalit Modi also won the NDTV award for the Most Innovative Business Leader of India. In the Nov issue of India's Leading Business magazine Business Today put Modi on its cover and named him one of India's Best Marketers. On the 31st of Dec the annual SportzPower List 2008 ranked him No 1 and the DNA newspaper ranked him 17 on there list of 50 Most Influential people in India. Successfully organised IPL-2 in South Africa in 2009 with a three weeks notice only of having to move from India. In its Sep 2009 issue Forbes Magazine described the IPL as "The World's Hottest Sports League". This distinction is remarkable for a league that just began over a year and a half ago and all credit goes to the Master Mind Lalit Modi. On Dec 28th Business Standard Named Lalit Modi as one of the GAME CHANGERS of THE DECADE and Forbes Year end special Named him one of The Persons of the Year 2009. In Feb 2010 Sports Illustrated named Modi as the 2nd Most Powerful Person in Sports. in Feb 2010 Sports Business Poll for the year 2009 listed Modi - No 14 in its list of World's Top 20 Most Influential Individuals in the Sports World. Sports Pro in there Feb 2010 Issue rated Modi's switch and excecution of IPL in 2009 as the Most successful story for the Year 2009. Fast company that tracks innovation - Has voted IPL as the 2nd most innovative company in the world is sports and 22nd Most innovative company across all companies in the world. In March 2010 he has been listed as 12th Most powerful person in India....

Other Deals

Since Modi's joining the BCCI he has successfully concluded the following deals for the BCCI :

  • Team Sponsorship Deal for Team India with Sahara group for 4 years - 103 million dollars (415 Crores) on 20.12.05
  • Team Apparel Sponsor Deal for Team India with Nike for 4 year - 53 million dollars (215 Crores) on 24.12.05
  • Media Rights Deal with Nimbus for 4 years- 612 million dollars on 18.2.06
  • Media Rights for overseas matches with Zee for 4 years - 219 million dollars 0n 7.4.06
  • BCCI Sponsorship Deal with WSG - 46 million dollars (173 Crores) on 27.8.07
  • IPL Media Rights Deal with Sony - 1.26 Billion Dollars 0n 15.1.08
  • IPL Teams Sale with various parties -723.6 million Dollars on 25.01.08
  • Web Media Rights to Live current Media - 50 million dollars on 18.4.08
  • IPL Title sponsorship and Ground sponsors - 220 million dollars - mar-apr 2008
  • Renegotiated with Sony WSG the IPL Media rights from 1.26 Billion Dollars to over 2.3 Billion Dollars on 25.3.2009
  • Renegotiated with Nimbus Media Rights for 4 years for 2000 crores on 15 October 2009
  • IPL Theatrical Rights Deal with UFO and ESD for over 300 Crore Rupees on 12 November 2009
  • IPL Entertainment Broadcast deal with Viacom for over 30 Million dollars on Jan 23rd 2010
  • IPL undisclosed sum deal with Google and You tube on 22nd January 2010

New Teams

Modi announced on the 26th of Aug 2009 that he is going to auction two more Teams in the beginning of 2010 for a base price of anywhere ranging from 200-300 Million US dollars that is a 2 -3 fold increase over what he sold in early 2008. The final base price of new Teams to be added for 2011 season was announced by Modi on 17th Dec 2009 at a whooping price of $225 million US Dollars.

See also

References

  1. ^ "Lalit Modi - Cricinfo profile". Cricinfo. Retrieved 2009-08-30.
  2. ^ "Bindra remains Punjab Cricket Association president". Cricinfo. August 18, 2008. Retrieved 2009-08-30.
  3. ^ "Modi Enterprises - About Us - Founder". Modi Enterprises. Retrieved 5 February 2010.
  4. ^ a b c Bhattacharya, Debaashis (19 April 2009). "Who's this man?". The Telegraph. Retrieved 5 February 2010. Cite error: The named reference "personal_life" was defined multiple times with different content (see the help page).
  5. ^ "Business Week profile - Lalit Modi". Business Week. Retrieved 2010-02-25.
  6. ^ Wade, Matt (8 March 2008). "The tycoon who changed cricket". The Age. Retrieved 2010-02-25.
  7. ^ "ESPN strikes $975m deal for T20 league". The Economic Times. 12 September 2008. Retrieved 25 January 2010.
  8. ^ "ESPN-Star bags Champions League T20 rights for $975m". Business Standard. 12 September 2008. Retrieved 25 January 2010.
  9. ^ Ramamurthy, Ramya (12 September 2008). "ESPN-Star Sports bags $975-m T20 deal for 10 yrs". moneycontrol.com. Retrieved 25 January 2010.
  10. ^ "T20 Champs rights sold for $900m". The Saudi Gazette. Retrieved 25 January 2010.
  11. ^ Thakur, Pradeep (31 October 2009). "Lalit Modi, Jagan among top taxpayers". The Times of India. Retrieved 25 January 2010.
  12. ^ "Advani snubs Ranbaxy deal". rediff.com. June 23, 2008. Retrieved 2009-08-30.
  13. ^ Wade, Matt (8 March 2008). "The tycoon who changed cricket". The Age. Retrieved 25 January 2010.

External Links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Lalit_Modi&oldid=350240932"