CVC Capitals, a private equity firm that won the Indian Premier League bid (IPL) The Ahmedabad franchise has landed in hot water due to its tie-up with bidding companies overseas and has to wait till the end of Diwali for the Board of Control to decide its fate. Cricket in India (BCCI).
According to the Indian Express, the BCCI legal team will need some more time to complete a proper investigation on CVC Capital Partners’ investments in betting companies.
“Formalities are not completed yet, BCCI legal team is going through it and we are hoping that they will back us after Diwali. BCCI has full authority as to whom they will allot the team, it is the discretion of the board and we can only decide on a new IPL franchise (CVC) when the legal team gets back to us,” a BCCI source told The Indian Express. Quoting said.
CVC Capitals won a bid of Rs 5,625 crore to acquire ownership of the Ahmedabad franchise, which will feature in the IPL from next season. If the BCCI decides to quash their claims, the next best bidder – the Adani Group (Rs 5,100 crore) will be in the fray to grab the opportunity.
The report further claimed that betting companies such as Tipico and Sisal have been named in the list of ‘portfolio companies’ on the website of CVC Capital Partners. However, an official confirmation is yet to be received from the equity firm in this regard.
Bidding in an IPL franchise is CVC’s first investment in Indian cricket. Prior to this, he had stakes in Formula 1 racing, football and rugby.
Earlier, BCCI in its press release had said, “BCCI is pleased to announce the following successful bidders (subject to completion of certain documents and other formalities).
- RPSG Ventures Limited – Lucknow (INR 7090 Cr)
- Irelia Company Pte Ltd (CVC Capital Partners) – Ahmedabad (For INR 5625 Crore)
The new franchises will participate in the IPL from the 2022 season, provided the bidders fulfill the post-bid formalities specified in the ITT document. The IPL 2022 season will consist of ten teams and will consist of 74 matches, with each team playing 7 home and 7 away matches.
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