Chennai Super Kings ownership not affected as UltraTech acquires India Cements

On Sunday, UltraTech revealed in a statement that its board has approved the purchase of 32.72 per cent stake in India Cements from its promoters, which now takes its overall tally to 55.49 per cent. However, CSKCL is not part of the deal as following the conflict of interest issue that made Srinivasan relieve all his roles in the BCCI, India Cements had made the franchise an independent one.

The shareholding pattern of the CSKCL mirrored that of India Cements with Srinivasan and his family holding 29 per cent of it. With Srinivasan’s daughter Rupa Gurunath entering cricket administration with Tamil Nadu Cricket Association (TNCA), the entire holding was under India Cements Shareholder Trust, which was formed to help the cricketers employed by India Cements. And subsequently after Rupa stepped down as TNCA president, the 29 per cent of those stakes has gone back Srinivasan’s family with CSK’s annual report making a clear mention of it.

As per the report, Srinivasan & his family own 28.14 per cent of the shares in CSKCL. However, what is not clear at this stage is what will happen to the future of the cricketers currently employed with India Cements. Apart from past and current India players, there are several players from Tamil Nadu who are employed with India Cements for long, representing the teams run in the TNCA First Division for long.
The only big question now is what will happen to the employees.