Top Deustsche Bank executive Anshu Jain has bought a 15% stake in Mukesh Ambani's Indian Premier League franchise Mumbai Indians. Jain, the head of global markets at Deutsche Bank, has picked up the stake in his personal capacity for love of the game, reports The Economic Times quoting sources. Of course, he will make some money in the process too. There is no confirmation of this development either from Jain or from the Ambani camp. The deal comes when other IPL franchises as Deccan Chargers is looking for a buyer and Rajasthan Royals is also looking for investors.
RIL chairman Mukesh Ambani had bought Mumbai Indians for $119.11 million in a highly competitive auction early this year. Some of the players in the team include Sachin Tendulkar, Harbhajan Singh, Shaun Pollock and Sanath Jayasurya. Pollock may not be returning to the franchise as his contract was only for one year and he has expressed his desire to retire from cricket. Jain, who is based out of London, may help Mumbai Indians get some English cricketers, who have till now stayed away from IPL, on the team.
Jain is one of the key members of Deutsche Bank and has helped in the transformation and expansion of the banks global operations. Jain heads the most profitable division of Deutsche Bank and is also touted be the next CEO when present chief Josef Ackermann steps down. He has been with the bank since 1995 and also captains Deutsche Bank's cricket team. Jains name figured as one of the contenders for IPL teams when bidding started earlier this year.
Though the stake bought by Jain is for his love of the game, according to the news report, IPL is turning out to be an attractive investment opportunity.
Publishing house Deccan Chronicle Holdings Ltd, which owns an 80% stake Deccan Chargers, has put its stake on the block and appointed KPMG to look for a buyer. It has already attracted more than 10 bidders, including one believed to be from global private equity major Kohlberg Kravis & Roberts. Rajasthan Royals is another IPL franchise looking for investment.