21 Mar 2012

IPL founder Lalit Modi declared bankrupt

12:38 pm on 21 March 2012

The founder of the Indian Premier League - who is being sued by former New Zealand cricketer Chris Cairns - is reported to have been declared bankrupt by a London court.

Britain's The Daily Telegraph reports that Lalit Modi is fighting the bankrptucy, which was declared in February after an application from a British firm that says Mr Modi has failed to pay for security services it provided.

Mr Modi is also the subject of libel action taken by Mr Cairns.

A decision on that case is expected by the end of April.