There is the story of an emperor who wore just an underwear and was riding a horse. The people could see that but everybody said the emperor was clothed in a fine robe and were praising the qualities of the robe. Then one boy said “The emperor is naked.†After that everybody said the emperor is naked.
Similar is the story of IPL. There was lot of hype and hoopla about it. Many said it was a great brand. The franchisees were not making profit. Some of them thrived on thousands of crores of rupees they borrowed from public sector banks which they did not return. They went for corporate debt restructuring (CDR). That meant they got more time to pay. Debts were converted into shares at higher than market value.