I bought Rajasthan Royals team in 2009 like Valentine's Day gift for Shilpa Shetty: Raj Kundra

Raj Kundra, the businessman and co-owner of Rajasthan Royals, has opened up about his choice to acquire an 11.7% stake in the IPL franchise alongside his wife Shilpa Shetty, describing it as a deeply personal investment tied to affection rather than pure business strategy.

When Kundra acquired his stake in 2009, the team had already won the inaugural IPL championship the previous year. The investment immediately positioned him in one of cricket's most glamorous ventures during the league's expansion phase, giving him entry into India's sports business landscape. He also reflected on his optimism during the franchise's early years. 

"I bought it like a Valentine's Day gift. I thought Shilpa had the brand value and I am putting in the money. When I bought it, the valuation of the team was Rs 700 crore; now the valuation is at Rs 16,000 crore. My share was 11.7 per cent. I was the first person who believed that this could go big," Kundra told SMTV on YouTube in an interview.

The acquisition turned out to be one of the league's most significant financial commitments at the time. Kundra's involvement with the franchise ended following the 2013 betting scandal, which left a lasting mark on his reputation and involvement in Indian cricket. Speaking about the controversy, Kundra explained his understanding of what transpired.

"We were accused of betting, and betting is not allowed. Then the team was banned for two years. Some players were banned for fixing, and as owners, we were banned for betting. What was that betting? It was like you and me sitting with each other. We would be like, 'Lagi shart?' (Want to bet?) That was the conversation. They said even that is not allowed. And we thought, you are banning us for this? The case is still sub judice with the Supreme Court," he said.

When asked whether betting actually occurs within the IPL, Kundra maintained that while a parallel market exists globally for IPL wagering in jurisdictions where it is legal, no internal wrongdoing happened within his franchise's operations.

The Justice Lodha committee handed down its ruling in 2015, imposing a lifetime ban on Kundra from all cricket activities. He acknowledged the severity of the punishment for a minority stakeholder but maintained that saving the team from further damage was paramount.

"I was the only one who was blamed. I said, 'Let's take it for the team. Saving the team was more important'," Kundra stated on the channel.

His stakes in the franchise were transferred out of his control, ending his involvement with the Royals that had begun just six years earlier.