MUMBAI: A new chairman will be elected for the Indian Premier League (IPL) during the BCCI?s annual general meeting (AGM) that takes place from 19-20 September.

There has been speculation earlier that Rajiv Shukla will take over the reins from the current IPL chairman Chirayu Amin who was appointed after Lalit Modi was kicked out last year. Media reports state that Amin now wants to step down as he has other responsibilities.

There has also been speculation that IPL CEO Sundar Raman will be given more responsibilities.

N Srinivasan will take over from Shashank Manohar as BCCI president. After India?s poor performance in England, changes are expected to happen in the selection committee.

NEW DELHI: The Enforcement Directorate is looking into complaints of criminal activities like money laundering against Indian Premier League (IPL), Parliament was informed today.

Finance Minister Pranab Mukherjee said in the Rajya Sabha in reply to questions that there are certain "irregularities which are being looked into, particularly relating to some complaints received that there are investments, so far as IPL is concerned, from outside."

"Those are being looked into by the Enforcement Directorate because those are the criminal activities like money laundering," Mukherjee said.

He said the Board of Control for Cricket in India (BCCI) which organises the IPL Twenty20 series had enjoyed income tax exemptions till 2006. This registration was lost in 2006 following verdict of the Allahabad High Court. Since then, BCCI is subject to tax.

He said BCCI itself has taken certain action against IPL. Since the BCCI was earlier exempted from income tax, "there was no question for them to show low income," Mukherjee said, adding the authorities have raised the tax demand after the BCCI lost registration under the Madras Registrations Act.

Tax demands were raised for the assessment years 2007-08 and 2008-09 amounting to Rs 1.18 billion and Rs 2.57 billion respectively. As much as Rs 2.49 billion has already been recovered from BCCI, Mukherjee said.

The gross receipts disclosed by BCCI in its tax returns for the assessment years 2007-08 to 2010-11 are Rs 6.52 billion, Rs 10 billion, Rs 13.88 billion and Rs 16.67 billion respectively, Mukherjee said.

The concerned agencies are looking into the "criminal activities and other areas" under relevant laws, he added.

MUMBAI: Machdar Motorsports is hoping to do for motorsports what the Indian Premier League (IPL) has done for cricket. The motorsports management company has launched the i1 super series, a franchise-based model consisting of nine teams in seven cities involving 14 races.

The nine franchises are being sold at a base price of $5 million by invitation only.

Conducted under the aegis of the world governing body FIA (Federation Internationale de l‘Automobile ) and the Federation of Motor Sports clubs of India (FMSCI), the i1 Super Series event will kick off on 18 December in Noida. It will also have races in Chennai, Pattaya, Kuala Lumpur, Doha, Dubai and Abu Dhabi.
 
"We are speaking to cricketers like Sachin Tendulkar, Yuvraj Singh and Bollywood stars for funds. We hope to finalise deals next month. We want franchise owners who are passionate about developing the event,? 1 Super Series managing director Darshan M said.

The franchises are expected to recoup their investments in the fourth year. "In addition to the fee, the franchises will spend around $2.5-3 million a year. An entity will own a franchise for 15 years. Each team will race with two cars forming an 18 car grid. We have identified 10 cities including the major metros where franchises will be located,? said Darshan.

Sixty per cent of the central revenue pool will go to the franchises. The coverage of the events will be in high-definition.

?We are talking to different parties regarding television production and coverage. Each race will be of 45 minutes and it will be a sprint format rather than an endurance one. There will also be television specials around each race. We are offering $2 million in prize money,? said Darshan.

The cost of running an event will be around $12-15 million. Apart from television fees and sponsorship, merchandise and hospitality are some of the other revenue sources for the franchises.

Franchises will have a pool of experienced drivers to choose from. "We will hold on-ground ?Festivals Of Speed? to market the event. This will have features like drag races and drifting. There will be music and entertainment to bring people closer to the experience. In the long run, we want to set up academies and minor leagues. We will launch a foundation to support talent,? said Darshan.

The company is also looking at doing an event for motorbikes, probably next year. "The aim is to be like the MotoGP. We want to create a brand that can engage with sponsors, manufacturers, circuits and partners and encourage Indian motorsport to become internationally known and respected," said Darshan.