The Rajasthan Royals IPL franchise has said if co-owner Raj Kundra is found guilty of betting, he will be suspended and will forfeit his shares in the team.
Kundra and his wife Bollywood actor Shilpa Shetty own 11.7 per cent stake in the Royals. There are three other co-owners.
The franschise said in a statement, "we have always been clear that the same rules apply to players, management or owners. As such, our actions will be consistent as in the case of the spot fixing allegations with respect to our players. Raj Kundra is a minority (11.7 per cent) shareholder, and he has no involvement in the running of the franchise. We believe that Mr. Raj Kundra is a law abiding citizen and would not act contrary to law. If however, he is proven guilty, or has breached any regulations, he will be suspended, and he will also forfeit his shares."
The Delhi Police alleged yesterday that Mr Kundra has, during a 10-hour-long interrogation, admitted to placing bets worth Rs 1 crore in the last three years on IPL matches. Gambling on all sports except horse-racing is illegal in India.
The police's allegations against Kundra will be discussed at an emergency meeting of the Board of Control for Cricket In India or BCCI on Monday. Rules say an IPL franchise can be terminated if a team- owner "acts in a way that brings the BCCI/IPL/game of cricket into disrepute."
Kundra's wife and partner Shilpa Shetty has denied reports that she also placed bets on one match, a claim made by Mr Kundra's business partner Umesh Goenka, according to the Delhi Police. Kundra tweeted last night, "Will make formal statement soon rest assured I am not involved in any wrongdoings. Do not misconstrue silence 4 guilt. Truth will prevail."
Three Rajasthan Royals players, including Test cricketer S Sreesanth, were arrested last month in the betting and spot-fixing scandal that has engulfed Indian cricket. They have denied charges that they took money from bookies to deliberately bowl badly during pre-determined overs. All three are in jail. They were suspended by the Rajasthan Royals immediately after their arrest.