Raj Kundra opened up about buying an IPL team for wife Shilpa Shetty. (Photo: Express Archives)When Shilpa Shetty and her husband Raj Kundra bought a significant share in the IPL team Rajasthan Royals back in 2009, they were among the many celebrity owners in the domestic cricket league. However, a few years later, Raj had to withdraw from the team after he was accused of betting in the games. Now, in a new interview, Raj revealed that he bought the team as a Valentine’s Day gift for his wife and spent Rs 81.9 crore in acquiring his share.‘Team was valued at Rs 700 cr then, now valued at Rs 16,000 cr’In a chat with YouTube channel SMTV, Raj shared that he bought the team in 2009, after Rajasthan Royals had won the first season of the IPL. “I bought it like a Valentine’s Day gift,” he said.ALSO READ | ‘Shilpa Shetty hasn’t taken a single penny home from Bastian’: Raj Kundra on restaurant chainRaj said that he did not have any businesses in India at the time and wanted to buy the team so he could establish a business in India. “I thought Shilpa had the brand value and I am putting in the money. I bought my stake then, but the case is still going on,” he said and added that the team was valued at Rs 700 crore then. “When I bought it, the valuation of the team was Rs 700 crore, now the valuation is at Rs 16,000 cr. My share was 11.7 percent,” he said.Raj proudly boasted that his was the “ largest single cheque holder investment in IPL” at that time. “I was the first person who believed that this could go big,” he said.‘Every team makes Rs 200-500 cr annual profit’When asked about how the teams in UPL earn profit, Raj explained that they did not make much profit for the first 5-6 years. “Either it was break-even, or we had to put in a little bit,” he said and explained how the teams are making profit now. “Now the revenues coming in are much bigger. 70 percent comes in through the TV deal. 10-15 percent comes in through sponsorships that are on the jerseys, and another 10-15 percent through the ticket sales,” he said and added that every team of IPL makes an annual profit of Rs 200-500 crore now, depending on their sponsorship deals.ALSO READ | Jana Nayagan box office collection day 1: Vijay’s swansong estimated to open at Rs 100 cr worldwideStory continues below this adRaj said that he was with the team for 5-6 years and after that they were “accused of betting” and tried to defend his actions. “We were then accused of betting and betting is not allowed. Then the team was banned for two years. Some players were banned for fixing and as owners, we were banned for betting. What was that betting? It was like you and me sitting with each other. We would be like, ‘Lagi shart? (Want to bet?)’ That was the conversation. ‘Lagi 500 ki shart? (Want to bet for 500?)’. They said even that is not allowed. And we thought, you are banning us for this? The case is still sub judice with the Supreme Court.”‘Betting happens’Raj claimed that he was the only owner of the Rajasthan Royals who was blamed. “I was the only one who was blamed. I said, ‘Let’s take it for the team. Saving the team was more important’.”When asked if betting happens within IPL, Raj said, “Betting happens. There’s a parallel market for this. Internationally, people bet in IPL, where it’s legal. Here too, I am sure there is an underground market. But internally, nothing of this kind happens here.”In 2015, Raj was suspended for life by the Supreme Court-appointed Justice R S Lodha committee, which investigated the 2013 betting scandal. Kundra continues to claim innocence.Story continues below this adDISCLAIMER: This article reflects personal claims and interview commentary intended solely for entertainment and informational purposes.