Virat Kohli in 'conflict of interest' trouble after investing ₹33.32L in BCCI's sponsors?

The startup ecosystem in India has flourished immensely in the past few years. Startups are a tough cookie to bite in, however, it is perceived also as another opportunity for investors to show the talent they possess. With the startup culture developing rapidly in the country, several cricketers and actors have turned towards investing in new ventures. These stars are not only investing money but also their time into these enterprises which they think are promising and lucrative.

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Questions of conflict of interest raise over Virat Kohli MPL deal 

Indian captain Virat Kohli is one such cricketer who has been extremely active with his investments since 2014, the year when startup culture began thriving in India. Kohli is among the top cricketers in the world where every brand wants to have a piece of him. The Bangalore skipper has invested in several startups in recent years. 

However, questions of potential conflict of interest have been raised over one of Kohli's investments that he made in February 2019 in an Indian-based gaming platform which now is the official kit sponsor and merchandise partner of the BCCI. The Indian captain was granted Compulsory Convertible Debentures (CCDs) worth ₹33.32 lakh in Galactus Funware Technology Private Limited, which also owns the mobile gaming platform Mobile Premier League (MPL). Notably, Galactus Funware Technology Private Limited is a subsidiary of M-League Pte Ltd, a company registered in Singapore in April 2018.

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BCCI had announced MPL as the official kit sponsor and merchandise partner of the Indian cricket team in November 2020. As per the contract, MPL Sports has entered into a three-year agreement with the BCCI starting from November 2020 to December 2023. Besides Team India jerseys (Men, Women & Under-19 teams), MPL Sports will also sell licensed Team India merchandise where they will offer the jerseys and its wide range of Team India merchandise to fans at reasonable prices. Kohli was subsequently appointed brand ambassador of MPL in January 2020. Remarkably, the 32-year old has endorsed the gaming platform earlier too.

According to Amit Arun Sajdeh, who is Kohli's business partner in two limited liability partnership firms - Magpie Venture Partners LLP and Virat Kohli Sports LLP, while also being the CEO of Cornerstone Sport and Entertainment Private Ltd which manages the cricketer, Kohli and Cornerstone are free to invest in as many businesses as they wish to. He added that there is no conflict whatsoever as long as Kohli is not invested in Cornerstone.

Speaking about the same, a top BCCI official said that they cannot be expected to track investments of players. Another BCCI member stated that Kohli is an influential figure in Indian cricket and such interconnections aren’t ideal for good governance. Notably, BCCI's constitution raises questions over such commercial connections. The board's constitution defines commercial conflict as: “When an individual enters into endorsement contracts or other professional engagements with third parties, the discharge of which would compromise the individual’s primacy obligation to the game or allow for perception that the purity of the game stands compromised.”

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Virat Kohli net worth

According to Forbes, the Virat Kohli net worth figure from the past year is estimated to be around ₹196 crore (US$26 million). Moreover, his overall net worth is estimated to be around ₹900 crore (US$119 million) according to multiple reports, while others claim that Kohli is worth ₹1,700 crore (though unverified). A major part of his net worth comes from his own business investments and endorsements.

The Virat Kohli net worth also comprises of his earnings from the Board of Control for Cricket in India (BCCI) as an active Indian cricket player, which is ₹7 crore (US$925,730) per annum. The Virat Kohli salary figure lies around ₹24 crore (US$3.1 million) per year considering that he earns ₹17 crore (US$2.24 million) per season from the Bangalore franchise in Indian Premier League (IPL) as well.

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DISCLAIMER: The above Virat Kohli net worth information is sourced from various websites/media reports. The website does not guarantee a 100% accuracy of the figures.

SOURCE: CRICKET.COM.AU