Kundra (left) will give up his 11.7 per cent stake in the Royals

Image courtesy of: ESPNcricinfo

Rajasthan Royals co-owner Raj Kundra has decided to give up his 11.7 per cent stake in the Indian Premier League (IPL) franchise.

The move comes after Kundra was found guilty of betting on IPL matches.

According to sources, the Royals management submitted a letter to the IPL authorities during the player auction on February 16 in Bangalore in an attempt to change the ownership structure of Jaipur IPL Cricket Pvt Ltd, which is the parent company of the franchise.

However, the letter did not confirm whether Kundra’s stake would be sold to a new investor or given to the other three stakeholders.

In November 2014, Kundra, via a Supreme Court affidavit, stated that he would be willing to give up his stake in the franchise until the charges against him were cleared.

“Applicant, being a man of his words, hereby agrees to transfer his ownership in the shares of Jaipur IPL Cricket Private Limited in the custody of this Hon’ble Court or to such person, as may be appointed by the Hon’ble Court,” the affidavit had said. “He agrees that in such a scenario, he will receive back the shares, or any benefit thereof, only in case he is cleared of all of the present allegations. However, the applicant clarifies that the above mentioned act is without prejudice and should in no manner be considered as an admission of guilt or as an acceptance of the said report.”