On Sunday, Lalit Modi, the former IPL Chairman, announced his retirement from the family company and the transfer of his empire to his son, Ruchir Modi (January 15). Lalit was recently hospitalised to the ICU after a Covid-19 infection and pneumonia attack, and is now on 24*7 Oxygen support.
The 59-year-old former cricket administrator announced his retirement on Twitter and also issued two letters to everyone involved with the Lalit Kumar Modi Branch (LKMB) and his Family Trust (KKMFT).
l In light of what I have gone thru, it’s time to retire and move on. And groom my kids. I am handing them all. 😀🥰 pic.twitter.com/DihwLqJd5e
— Lalit Kumar Modi (@LalitKModi) January 15, 2023
Lalit said that his legal struggle with his mother and sister is taking much too long, despite occasional settlement talks. He went on to say that a court struggle with his family is giving him a lot of stress and that it’s time for him to take over responsibility of his affairs to his son and step down as head of the LKMB.
He is credited for inventing the Indian Premier League (IPL), however he was subsequently charged with money laundering by the Board of Control for Cricket in India (BCCI). He went to London in 2010, after charges of fraud and tax cheating, and was barred from playing cricket in India by the country’s governing body in 2013 for financial issues.
