INDIA: UK-based law firm Holman Fenwick Willan (HFW), has advised Bollywood star Shilpa Shetty and her boyfriend Raj Kundra on their purchase of an 11.7 % (US$15.4m) minority shareholding in Indian Premier League (IPL) cricket franchise "the Rajasthan Royals" in what is believed to be the first time an IPL franchise has sold part of its stake.

The HFW team was led by London-based corporate partner Nick Hutton who advised the celebrity duo on report documents and transaction structure.
 
This deal continues heightened interest from not only celebrities, but also high profile corporates, high net worth individuals and several private equity funds in claiming a stake in the IPL. Last month, the Board of Control for Cricket in India (BCCI) sold ownership rights for eight of the 12 cities where the Twenty-20 matches will be played. According to the BCCI, the competitive auction raised over $US723.6m with the highest bid coming in from Reliance Industries managing director and the world's fifth richest man Mukesh Ambani, who paid US$111.9m for the Mumbai rights. 
 
Who owns the IPL