Gujarat Titans likely to get new owners, Adani and Torrent Pharma aim to buy IPL franchise from CVC Capital - Reports

Published at :July 19, 2024 at 2:38 PM

Modified at :July 19, 2024 at 2:38 PM

Gujarat Titans was bought by CVC Capitals for ₹5,625 crores before IPL 2022.

IPL 2022 champions and 2023 finalists Gujarat Titans (GT) might get new owners after reports suggested that Adani Group and Torrent Group are in talks with private equity firm CVC Capital Partners to buy ownership rights.

According to persons familiar with the matter, CVC is willing to sell the majority of its share in the IPL franchise while keeping a minority position. This occurs as the BCCI’s (Board of Control for Cricket in India) lock-in clause, which prevents new teams from selling stakes, expires in February 2025.

Gujarat Titans – a three-year-old franchise – could be valued at between $1 billion and $1.5 billion. CVC bought the franchise in 2021 for ₹5,625 crore.

The BCCI had expanded IPL to a 10-team tournament in 2022 and Gujarat Titans and Lucknow Super Giants were the two new teams, who made their IPL debut that season. Gujarat Titans were captained by Hardik Pandya and defeated Rajasthan Royals in the IPL 2022 final in Ahmedabad to become champions.

GT continued their good run in IPL 2023 as well, reaching the final of the tournament, losing to MS Dhoni-led Chennai Super Kings in Ahmedabad as well.

Gautam Adani looking to add an IPL team to his kitty after buying a WPL franchise

Gautam Adani has already invested in cricket, acquiring a franchise in the Women’s Premier League (WPL) and a team in the UAE-based International League T20. In 2023, Adani offered ₹1,289 crore for the WPL’s Ahmedabad franchise.

“Having missed out on the opportunity to own IPL’s Ahmedabad franchise in 2021, both Adani and Torrent are vying aggressively to buy a majority stake in Gujarat Titans. For CVC, it’s a great opportunity to monetize its stake in the franchise.

IPL franchises have been attracting a lot of investor attention since the league has established itself as an attractive asset with solid cash flows,” the Economic Times report stated.

Gujarat Titans COO Arvinder Singh stated that the franchise is set to attain profitability in the next media rights cycle.

For more updates, follow Khel Now Cricket for IPL 2024 Live Score & IPL Points Table, on Facebook, Twitter, Instagram, Youtube; download the Khel Now Android App or IOS App and join our community on Whatsapp & Telegram.