Lucknow Press
After the Ambani family, the Adani Group is also preparing to enter the IPL. Yes, private equity firm CVC Capital Partners is preparing to sell its controlling stake in the Gujarat Titans IPL Team. CVC is in talks with both the Adani Group and the Torrent Group regarding this.
According to the news published in the Economic Times, CVC wants to sell the controlling stake of the team, not the entire share. CVC wants to keep the remaining shares with itself.
The deal will be done after February 2025
The Board of Control for Cricket in India (BCCI) has barred the new IPL teams from selling their stakes till February 2025. This deal can be implemented if the ban is lifted after February 2025. Sources claim that the three-year-old Gujarat Titans IPL franchise is expected to be worth between $1 billion and $1.5 billion. In 2021, it was bought by CVC Capital Partners for Rs 5,625 crore ($745 million).
CVC is trying to sell shares after making a profit.
After missing the opportunity to buy the Ahmedabad IPL team in 2021, Adani and Torrent Group are trying to buy a large stake in Gujarat Titans. On the other hand, CVC also wants to sell its stake after making a profit. Both Adani and Torrent Group are in Ahmedabad. At the same time, CVC Capital is in Luxembourg. However, none of the three has made any comment on this. The reason for investors being attracted towards IPL franchise is that IPL has become a league which generates good income.
CVC is a big company investing in sports.
The source also claimed that unlike Torrent, Adani Group has already entered the world of cricket. The group has bought teams in the Women’s Premier League (WPL) and UAE’s International League T20. In the year 2023, Adani Group won the WPL franchise of Ahmedabad by bidding Rs 1,289 crore. CVC is a big company with assets worth Rs 193 billion and invests in sports. The company has invested in sports organizations like La Liga, Premiership Rugby, Volleyball World and Women’s Tennis Association.
Adani Group had placed a bid of 5100 crores.
In 2021, BCCI had placed a bid to include two new city-based teams in IPL. Ahmedabad was the most talked about city. During that time, Adani Group had placed a bid of 5100 crores and Torrent Group had placed a bid of 4653 crores. CVC Capital’s company Irelia Sports India had defeated other companies for the Ahmedabad franchise. Gujarat Titans had won the IPL trophy in the first season itself.
Why is Gujarat Titans Nita Ambani’s ‘enemy’?
After entering IPL, Gujarat Titans handed over the command of the team to Hardik Pandya. Let us tell you that before this Hardik Pandya used to play for Mumbai Indians. Under Pandya’s captaincy, Gujarat Titans won the championship in the very first season. After this, Mumbai Indians, owned by Nita Ambani, called Hardik Pandya back from Gujarat Titans and handed over the captaincy of Mumbai Indians to him. Now Adani is in the race to buy the same team.
