Corporate Jul 19, 2012
Royal Challengers is unlikely to offer any solution to Vijay Mallya's financial troubles, given the bad shape his IPL franchise is in.
A report in the Economic Times says the company has defaulted on its payments to players of team Royal Challengers.
Confirming that the players from his country have not been paid this IPL season, Tony Irish, chief executive of the South African Cricketers Association, has been quoted as saying in the report that there are other international players from RCB (Royal Challengers Bangalore) who have not been paid.
According to the report, the players who had not received remuneration include captain Daniel Vettori.
Earlier, there were reports that Mallya may sell his stake in Royal Challengers to service the debt of Kingfisher Airlines.
Kingfisher Airlines staff have been fighting with the management to get their salaries from March.
The company had promised to pay the salaries for February after a staff strike on Saturday forced the company to cut flights.
A recent Times of India report had said the management had also admitted to the airline employees for the first time that the company is in a make-or-break situation and urged them to work.
Mallya had bought Royal Challengers for $116 million. While the team still has not won an IPL trophy and its financial situation continues to be troublesome, one wonders whether the team would be there to play an IPL match next season.
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