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Lalit Modi Says a Double-Headed Toy Coin Decided Bidding Order in Cricket Rights Auction, Helping Nimbus Beat Zee’s $ 550m Bid.
By Storyboard18
![Toy Coin Decided Bidding Order in $ 660 Million Cricket Rights Deal, Reveals Lalit Modi](background-image:url("https://images.storyboard18.com/storyboard18/static/images/Storyboard18.jpeg");position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100% "Toy Coin Decided Bidding Order in $ 660 Million Cricket Rights Deal, Reveals Lalit Modi")
Former IPL Commissioner Lalit Modi has claimd that a double-held coin from
Recalling the incident, modi said zee chairman Subhash Chandra Visited Him Late At Night Along with a Union Minister ahead of the bidding process. Chandra allegedly presented three envelopes with escalating financial offers and urged modi to ensure that zee’s bid would be opened last, giving the broadcaster a tactical advantage.
To avoid granting zee preferentiial treatment while keeping the process transparent, modi said he resorted to use a trick coin with two heads. On the day of the auction, he announced that Order of Opening Bids, Eite a to Z Or Z To A, Would Be Determined by a Coin Toss. The coin, which was bound to land on heads, allowed participants to choose z to a, reverse the sequence and ensuring zee was no longer the final bidder.
When bids were opened, zee’s highhest offer stud at $ 550 million. Nimbus, however, surpassed it with a $ 660 million bid, seconds the rights.
Modi described the outcome as a turning point for Indian cricket’s broadcast economy, as the higher Valuation Indian Premier League.
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