Deutsche Bank boss buys minority stake in IPL franchise
The Economic Times reports:
Anshu Jain, head of global markets at Deutsche Bank, has bought a minority stake in Mumbai Indians, the Indian Premier League (IPL) cricket team owned by Reliance Industries chairman Mukesh Ambani, ET has learnt.
London-based Mr Jain, a keen cricket enthusiast who is often seen at the Lord’s cricket ground enjoying matches, is said to have picked up the stake in his personal capacity. Reliance did not respond to an emailed query asking it to confirm the information, while Deutsche Bank does not comment on personal investments of its executives.
According to a person familiar with the matter, Mr Jain's investment in the Sachin Tendulkar-led Mumbai Indians was made "some time ago" and was for sheer love of the game. One estimate is that his stake could amount up to 15%.
The franchise for Mumbai Indians, which includes cricketing stars such as Harbhajan Singh, South Africa’s Shaun Pollock and Sri Lankan Sanath Jayasuriya, was won by Mr Ambani for $119.11 million as part of a high-stakes auction in which he outbid liquor baron Vijay Mallya. Mr Mallya later successfully bid for the Bangalore team called Royal Challengers.
Mr Jain, it is now hoped, may take a more active role as a minority investor, and use his contacts to rope in some English players for the Mumbai Indians, the person familiar with the matter said.
Several IPL teams are targeting marquee players such as Kevin Pietersen and Andrew Flintoff, but so far the English Cricket Board has been reluctant to allow England players to take part in IPL.
Mr Jain’s investment is an expression of his personal love for the game and not because the Mumbai Indians is in need of money, the person familiar with the matter said.
