IPL team-owners back Lalit Modi

New Delhi: The Indian Premier League (IPL), Lalit Modi and the IPL franchisees, all are under a full-fledged investigation to uncover alleged financial irregularities. But most of the team owners have chosen to stay silent.

One of the franchisees under the microscope is the Rajasthan Royals - a team Lalit Modi is accused of having a stake in. But the team management says it's ready to face a probe.

"As far as I'm concerned the Rajasthan Royals is above board. It is an income tax probe, let it be an I-T, and not media probe. If there is proof then legal action be taken. Let's not jump the gun," Rajasthan Royals co-owner Shilpa Shetty said.

Those willing to go on the record, at least for the record, are supporting Modi.

"Modi has played an important role in developing cricket to this level," IPL Pune Team owner Subroto Roy said.

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"I won't subscribe to the theory that someone is guilty unless he proves himself innocent. Modi is the architect of the IPL. I am not concerned about his tax things, let the government deal with that," Vijay Mallya, owner of the Royal Challenger Bangalore told NDTV.

Mallya also said he's responded to the notice by the Registrar of Companies disclosing that the Royal Challengers is wholly owned subsidiary of his company United Spirits Limited.

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The endorsement of at least a few team owners is a much needed shot in the arm for Lalit Modi for whom the writing, more or less, seems clearly written on the wall.