Sun. Feb 23rd, 2020

MS Dhoni not a shareholder of company: Rhiti Sports

2 min read


Rhiti Sports issued a statement on Monday in which it stated that Indian skipper Mahendra Singh Dhoni is not a shareholder of the company. The statement came after a report was carried by the Economic Times stating that Dhoni owned a 15 per cent stake in the sports marketing firm.

Rhiti Sports said Dhoni had no shares as on April 26. According to reports on CNN-IBN, the company said that it transferred its shares on March 22, but that was only to secure an outstanding amount it owned to the cricketer.

However, the firm said that Dhoni was a shareholder only for a brief period, and currently has no stake. ‘As on date, MSD holds no shareholding in Rhiti Sports Management (P) Ltd. However, it is made clear that shareholding was allotted to MSD on 22 March, 2013, only to secure certain old outstandings which were due for more than one year.
‘Further, the payments were cleared in April 2013 and the shareholding was transferred back to promoter of the company on 26 April,’ Rhiti Sports chairman Arun Pandey said in a statement.
In 2010, Dhoni signed up with Rhiti Sports reportedly for Rs 210 crore, an average of Rs 70 crore a year, the costliest deal in Indian cricket. ‘We at Rhiti Sports Management Pvt Ltd are greatly aggrieved at the widespread media reports regarding alleged conflict of interest of MSD. Though not obligated to but in order to put at rest these widespread speculations, we are issuing the following statement to bring in knowledge the correct factual matrix.
‘It is made clear that the Management of Rhiti Sports Management (P) Ltd understands its obligations to the field of sport and the country and adheres to the laws of the land,’he added in the statement.

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