Lalit Modi reveals how a Sholay-style double-sided coin changed the face of Indian cricket forever
Lalit Modi
has said that a double-headed coin from his son's magic kit changed the course of Indian cricket's media rights auction. Modi recalled how the unusual coin toss overturned Zee chairman
Subhash Chandra
's late-night request for an advantage, and eventually saw Nimbus outbid Zee's $550 million bid to win the deal with an offer of $660 million.
According to Modi, events took an unusual turn on the eve of the rights auction. Around 2:30 am, Zee chairman Subhash Chandra arrived at his home, accompanied by a union minister. Chandra, Modi said, was determined that Zee must win the rights at any cost.
Chandra allegedly gave Modi three envelopes. Each envelope was marked with one, two or three dots, and carried different financial offers. Modi said Chandra also asked him to ensure that Zee's bid would be opened last. With Zee's name beginning with 'Z,' it would have given the broadcaster a natural edge in an alphabetical opening order.
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Undo
Turning to a Son's magic double-sided coin
Modi says he was faced with a dilemma. He wanted to avoid granting Zee an unfair advantage but needed a way to decide the order transparently. At that point, his son handed him a toy from his magic kit, a coin with two heads.
On the day of the auction, Modi brought the coin into the room. He told all participants that the order of opening bids, whether from, A to Z or Z to A, would be decided by a coin toss. The toss, which was bound to land on 'heads,' gave the invited executive the chance to choose. The choice was made for Z to A, reversing the sequence and preventing Zee from being the last bidder.
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The bidding results
Modi recalled that when the envelopes were finally opened, Zee's highest bid stood at around $550 million. Nimbus, however, topped it with a bid of about $660 million. The outcome gave Nimbus the rights, shutting Zee out despite its multi-envelope strategy.
A turning point for Indian cricket
Modi said this outcome marked a crucial turning point. The higher deal value set new financial benchmarks in Indian cricket's broadcasting market and paved the way for the growth of commercial rights that later helped shape the Indian Premier League.
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