Winds of change certainly are blowing across the Indian Premier League ecosystem. Even as news comes in that a Singapore Government-backed firm Temasek is exploring investment in the IPL, from London Lalit Modi cooed yesterday he’s mulling visiting India after getting judicial relief in a financial irregularity case involving the cricket tournament he helped conceptualise and execute.

Temasek is exploring investment opportunities in India’s booming IPL cricket league, a senior executive told Reuters, making the Singapore state investor the latest ‌player to target one of the world’s richest sports tournaments.

The Indian Premier League, once the preserve of Bollywood stars and Indian tycoons, is increasingly attracting sovereign wealth funds, private equity firms and billionaire investors as booming media rights and ⁠rising team revenues drive franchise values higher, according to a Reuters report from Mumbai yesterday.

“IPL is a marquee property and we remain interested in it,” Vishesh Shrivastav, managing director at Temasek India, said in an interview, declining to name any franchise it was evaluating.

“For the right opportunity, we would jump on it,” he added, confirming the firm’s interest in IPL for the first time.

Two major IPL franchise deals this year highlighted ‌the ⁠competition’s growing appeal. United Spirits, the Indian arm of Diageo, agreed in March to sell Royal Challengers Bengaluru at a $1.8 billion valuation to a consortium including billionaire David Blitzer’s Bolt Ventures and Blackstone.

The IPL’s valuation ⁠has climbed over the years to cross $18.5 billion last year, US-based investment bank Houlihan Lokey says.

Temasek has steadily expanded its India footprint, with ⁠portfolio exposure more than quadrupling over the past decade to $42 billion. Shrivastav said Temasek would continue to focus on financial ⁠services, consumer and healthcare in India.

Lalit Modi Plans India Visit: Meanwhile, Lalit Modi, the person who conceptualised IPL and functioned as its first chairman and commissioner from 2008 to 2010 before leaving India to set up base in the United Kingdom yesterday said he plans to visit India later this year or early next year after receiving major legal relief from an appellate tribunal in the long-running 2009 IPL South Africa foreign exchange case.

According to a PTI report from New Delhi, Modi described the ruling as the vindication of a 16-year battle.

In a video message posted on social media, Modi said the tribunal’s verdict had finally established the truth behind his stand on the case.

“I’m really happy with the verdict. It’s really been a great day. Sixteen years I have fought and whatever I have been saying to the media and to everybody has finally emerged as the truth,” Modi said.

The Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act yesterday set aside key penalties imposed by the Enforcement Directorate  against Modi and other former BCCI officials in connection with the conduct of the 2009 IPL in South Africa.

The tribunal held that the foreign remittances in question were current account transactions that did not require prior RBI approval and also ruled that Modi was not responsible for ensuring the BCCI’s compliance with the Foreign Exchange Management Act.

Modi, who has been living in London since leaving India in 2010 amid multiple investigations, said the legal chapter was now behind him.

“I’m going to move on in my life and I’m looking forward to coming back to India. Yes, I will come back probably at the end of this year or early next year.

“My daughter is due with my grandson in October and hopefully everything will be well and I’ll be back in India,” he said.

In a separate post on X, Modi said India had always remained close to him despite his prolonged stay overseas. (IPL image courtesy IPLT20 website)