Mumbai, Nov 2: After the huge success of first Indian Grand Prix, a host of celebrities and businessmen like bollywood star Shah Rukh Khan, telugu superstar Akkineni Nagarjuna and Dabur family scion Mohit Burman have invested in the lucrative Indian Racing League partly owned by Sachin Tendulkar.
According to TOI, The Indian Racing League - called the i1 Super Series will hit the tracks on January and end on February 26 next year. It will comprise of eight city-based teams - Mumbai, Kolkata, Chennai, Delhi, Bangalore, Chandigarh, Hyderabad and Pune with cars forming a 16-member grid.
The racing league, owned by Machdar Motor Sports Company, of which Sachin and Sanjana Reddy together have bought a 26% share in the league.
The cost of a franchise is $20m for a contractual term of 15 years. Investors will initially have to pay $5m and the rest $1 million during the ownership period.
Shah Rukh Khan along with Juhi Chawla and Jai Mehta wil own Mumbai franchise, Dabur's Mohit Burman will own the Delhi franchise, while Malaysian business tycoon Tony Fernendes along with UK-based hedge fund manager S G Srinivas is set for the Chennai team.
Telugu star Nagarjuna and entrepreneur N Prasad, have sealed the deal for Hyderabad team, and Yuvraj Singh along with local business partner is after the Chandigarh outfit. Former Indian cricket captain Sourav Ganguly is discussing the possibility of leading a consortium to bag the Kolkata franchise.
The ownership details of the Bangalore and Pune franchises have not been finalized.
Ten Sports will be the official broadcasters of the league. The Machdar group is reportedly also set to receive the necessary permission from the governing body of the sport-Federation International de l'Automobile and the Federation of the Motorsport Council of India.