The commercial rights holder of the Sri Lanka Premier League, Somerset Entertainment Ventures has denied that former IPL Commissioner Lalit Modi has anything to do with their organisation.
"Contrary to recent news/media reports, SEV would like to point out emphatically that Mr. Lalit Modi, ex Commissioner of the Indian Premier League has no stake or involvement whatsoever in SEV, either directly or indirectly, and has nothing to do with the SLPL or any tournaments of SLC with which SEV is involved on any level. Modi is neither a partner nor a shareholder and is not associated with SEV, or its founders or shareholders, in any capacity, either now or in the past," SEV said in a statement.
The Singapore-based company went onto clarify that they only had the marketing rights of the tournament in contrary to BCCI's objections that they were organising the event.
"SEV is a Singapore-based, sports promotion company which provides sports and hospitality focused marketing and consultancy services. Set up in 2010 in Singapore by the Bhammer family, SEV's flagship involvement in sports is through its partnership with Sri Lanka Cricket ("SLC") (Sri Lanka's apex cricket governing body). The partnership, which is on a long-term basis, kicks off with the launch of the inaugural edition of the Sri Lanka Premier League ("SLPL") which is to be held from July 19 until August 4," the statement further said.
According to the statement, Bhammer family owns majority share in the company while Hyderabad-based Visaka Industries Ltd. holds 10 percent and US based private equity fund Diamond Head Capital, which holds a 1 per cent stake.
SEV had signed a five-year contract with SLC in July last year through which SLC receives Rs. 30 million a year with a five percent increment every year. The Tournament will be held from July 19 to August 4 with seven teams.
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