CVC Capital Partners is in discussions with Adani Group and Torrent Group regarding the sale of a controlling stake in the Indian Premier League (IPL) franchise, Gujarat Titans, reported The Economic Times.
According to The Economic Times, CVC Capital Partners is in discussions to sell a majority stake in the Gujarat Titans Indian Premier League (IPL) team in addition to the Adani Group and Torrent Group.
According to folks with knowledge of the situation, CVC is willing to sell the majority of its stakes in the IPL franchise while keeping a minority share. The Board of Control for Cricket in India (BCCI) will lift the lock-in period that prevents new teams from selling their stakes in February 2025.
The franchise, which has only been around for three years, may be worth $1 billion to $1.5 billion. In addition to this, the CVC acquired the franchise in 2021 for Rs 5,625 crore ($745 million at the time of exchange).
The US investment bank Houlihan Lokey has valued the IPL at $16.4 billion thanks to a record-breaking $6 billion television rights agreement. The BCCI signed this media rights contract with Viacom 18 and Disney Star back in 2022. CVC Capital’s headquarters are in Luxembourg, while Adani and Torrent have their headquarters in Ahmedabad.
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Adani has previously made an investment in cricket, contrary to Torrent, by acquiring franchises in the Women’s Premier League (WPL) and the UAE-based International League T20. Adani acquired the Ahmedabad franchise in the WPL with an aggregate bid of Rs 1,289 crore in 2023.
CVC is an integral supporter of sports, having made investments in La Liga, Premiership Rugby, Volleyball World, and the Ladies Tennis Association. CVC boasts Rs 193 billion in assets under control.
The BCCI issued proposals in 2021 for including two more teams from cities in the IPL. Ahmedabad was one of the most strongly opposed cities, with the Adani Group bidding Rs 5,100 crore and the Torrent Group giving Rs 4,653 crore.
Irelia Sports India, owned by CVC Capital, surpassed rivals to get the Ahmedabad franchise. The business saw a significant rise when the Gujarat Titans won the IPL title in their inaugural season.
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