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Gujarat Titans IPL Team: After the Ambani family, now the Adani Group is also preparing to enter the IPL. Private equity firm CVC Capital Partners is preparing to sell its controlling stake in the IPL team Gujarat Titans. CVC is in talks with both the Adani Group and Torrent Group in this regard. According to the news published in the Economic Times, CVC wants to sell the controlling stake of the team, not the entire stake. CVC wants to keep the remaining shares with itself.
The deal will happen after February 2025
The BCCI has barred new IPL teams from selling their stakes until February 2025. The deal can come into effect if the rock is cleared after February 2025. Sources claim that the three-year-old Gujarat Titans franchise is estimated to be worth between $1 billion and $1.5 billion. In 2021, the team was bought from CVC Capital Partners for Rs 5,625 crore ($745 million).
Is CVC selling shares?
After losing the opportunity to buy Ahmedabad's IPL team in 2021, Adani and Torrent Group are looking to buy a large stake in Gujarat Titans. On the other hand, CVC also wants to sell its stake at a profit. Both Adani and Torrent Group are based in Ahmedabad. While CVC's capital is in Luxembourg. However, none of the three have made any comment about it. Another reason for investors to be attracted to IPL franchises is that IPL has become a league that generates good revenue.
The source also claimed that unlike Torrent, the Adani Group has already entered the world of cricket. The group has bought teams in the Women's Premier League (WPL) and UAE International League T20. In the year 2023, the Adani Group bought the WPL franchise of Ahmedabad by bidding Rs 1,289 crore. CVC is a big company with assets of 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.
The Adani Group
In the 2021 BCCI auction, bids were made to include two new city-based teams in the IPL. Ahmedabad was the most talked about city. At that time, Adani Group had bid 5100 crores and Torrent Group had bid 4653 crores. Irelia Sports India, a company of CVC Capital, beat other companies for the Ahmedabad franchise. Gujarat Titans won the IPL trophy in the first season itself.
Why are Gujarat Titans Nita Ambani's 'enemy'?
After entering the IPL, Gujarat Titans handed over the command of the team to Hardik Pandya. Let us tell you here that Hardik Pandya used to play for Mumbai Indians earlier. Under Pandya's captaincy, Gujarat Titans won the championship in the very first season. Then Mumbai Indians owner Nita Ambani called Hardik Pandya back from Gujarat Titans and handed over the captaincy of Mumbai Indians to him. Now Adani has also joined the bid to buy the Gujarat Titans team.