History
In September 2007, the Board of Control for Cricket in India (BCCI) announced the establishment of the Indian Premier League, a Twenty20 competition to be started in 2008.[5] In January 2008, the BCCI unveiled the owners of eight city-based franchises. The Chennai franchise was sold to the India Cements for $91 million, making it the fourth most expensive team in the league behind Mumbai, Bangalore and Hyderabad.[6] India Cements acquired the rights to the franchise for 10 years. Former ICC Chairman N. Srinivasan was the de facto owner of the Chennai Super Kings, by means of his position as the vice-chairman and managing director of India Cements Ltd. The franchisee was transferred to a separate entity named Chennai Super Kings Cricket Ltd., after the Supreme Court of India struck down the controversial amendment to the BCCI constitution's clause 6.2.4 that allowed board officials to have a commercial interest in the IPL and the Champions League Twenty20 on 22 January 2015.[7]
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