New Delhi. CVC Capital, a private equity firm, has won the bid to acquire the Ahmedabad franchise in the Indian Premier League (IPL). This company has now been embroiled in controversies due to its association with companies that place betting abroad. Now whether this company will be able to buy IPL franchise or not, it will have to wait till Diwali. The fate of this company will now be decided by the Board of Control for Cricket in India (BCCI). BCCI is not allowed to have any kind of association with companies involved in the business of betting. While there is no official statement from the Indian board on the matter so far, it has been learned that the BCCI legal team has started its investigation, on the basis of which it will be decided that CVC Capital is the owner of the Ahmedabad franchise. may or may not persist.
According to the Indian Express report, the BCCI legal team will need some more time to complete a proper investigation on CVC Capital Partners’ investments in betting companies. A BCCI source told The Indian Express, “The formalities are not over yet. BCCI legal team is working on it and we are hoping that after Diwali we will give the report. BCCI has all the right to whom they will allot the team, it is the discretion of the board and we can decide on a new IPL franchise (CVC) only when the legal team brings the report to us.”
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CVC Capitals had won a bid of Rs 5,625 crore to acquire the ownership of the Ahmedabad franchise, which will be included 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 Capil Partners. However, an official confirmation has not been received from the equity firm in this regard yet. Bidding in an IPL franchise is CVC Capital’s first investment in Indian cricket. Prior to this, he had stakes in Formula 1 racing, football and rugby.
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Earlier, former IPL chief Lalit Modi had questioned the entry of private equity firm CVC Capitals Partners in the IPL as it has investments in companies involved in betting activities. Modi had tweeted, “I think betting companies can buy IPL teams. Maybe there’s a new rule. One of the winning bidders is also the owner of a large betting company. What will happen next? Has BCCI not done its job? What will the anti-corruption units do in such a case.”
The new franchises will participate in the IPL from the 2022 season, provided the bidders fulfill all the formalities in the ITT document. IPL 2022 season will consist of 10 teams and will consist of 74 matches, in which each team will play 7 matches at home and 7 matches outside.
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Orignally published at Tailored Stash
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