IPL may be the loser

OneIndia reports:

Union Finance Minister Pranab Mukherjee on Monday assured Parliament that all financial aspects of the Indian Premier League (IPL) will be probed, and none who are found guilty, will be spared by the law.

“Some honourable members in the morning raised issues of the IPL and wanted to have a thorough probe in all its aspects. In fact, the concerned the department has already started the investigation process,” Mukherjee informed.

“I can assure the honourable members that all aspects of IPL – including its source of funding, from where the funds were routed how it has been invested-all these aspects are being looked into and the appropriate action as per law will be taken,” he added.
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Rashtriya Janata Dal (RJD) chief Lalu Prasad and Janata Dal (United) (JD-U) chief Sharad Yadav and Communist Party of India (CPI) leader Gurudas Dasgupta demanded a probe into the IPL.

This follows the first definite news of financial irregularities in the IPL, as reported by TOI:

After facing an unceremonious ouster following the performance debacle during IPL-3, the owners of Kings XI are now facing a bouncer from the Central Excise and Service Tax Commissioner, who has slapped a notice of Rs 5 crore for the service tax for the year 2008-09.

The authorities in the service tax commissionerate are computing the tax liabilities of KPH Dream Cricket Pvt Ltd, the company owning Kings XI, for the current season, sources said. Besides sending the notices, the commissionorate is learnt to have communicated with Ness Wadia, Priety Zinta, Mohit Vivek Burman, the co- partners of the company, to clear the tax liabilities of the company.

Meanwhile, PTI tells us that other allegations are being made and denied:

Embattled IPL Commissioner Lalit Modi today rubbished allegations of betting and money laundering in the event and threatened to take legal action against the newspaper which has made the accusations.

Modi, who is in Dubai to attend the ICC’s Executive Board meeting on behalf of BCCI President Shashank Manohar, said the charges were “nonsense” and aimed at discrediting the Twenty20 tournament.

If IPL is much reduced in exposure would it be badly missed? Is 20-20 really cricket?