Indian businessman Vijay Mallya, who has been in the news recently for fleeing India says he has paid only $100 for the Barbados Tridents, a franchise in the Caribbean Premier League (CPL) T20 tournament.

This revelation has come roughly two months after he made the purchase, ending weeks of speculation about the sale. Tridents is one of six franchises participation in the CPL, which is set to commence on June 29 and run until August 7.

Mallya was quoted saying,

“

Everyone made a big drama about me acquiring the CPL team Barbados Tridents. It was an acquisition that was not made for any cash. The acquisition was made for just $100.

”

Mallya fled India last month amid attempts by creditors to recover US$ 1.5 billion owed by the long-grounded Kingfisher Airlines. He bought the Barbados Tridents in February just before stepping down as the chairman of United Spirits and consequently also lost control over the Indian Premier League franchise Royal Challengers Bangalore.

"By buying the team, me and the other shareholders assumed the obligation to participate in the tournament," said Mallya.

"Now, participation in CPL cost money. So I went to the Barbados government saying 'I need your support'. I met the prime minister and the government agreed to support, but I paid $100 only to buy the team."