The BCCI is okay with CVC Capital Partners’ acquisition of the Ahmedabad franchise within the Indian Premier League, because the understanding is that the worldwide conglomerate’s Asian fund, which has invested, doesn’t have ties with any betting firms. Nevertheless, the cricket board is prone to kind a committee in just a few days to establish the information fully.
The CVC’s possession of the Ahmedabad franchise was not mentioned on the BCCI’s Annual General Meeting in Kolkata on Saturday. Informally, nonetheless, the board members have been apprised of the developments. “CVC has two funds, the European Fund and the Asian Fund. While it has ties to European fund (sports) betting companies where betting is legal, its Asian fund steers clear. And he invested from his Asian fund. That’s the understanding. Nevertheless, BCCI is likely to form a committee in a few days to be doubly sure,” a board member who attended the AGM instructed The Sunday Express.
It is realized that BCCI’s understanding is predicated on the due diligence of its authorized staff on the funding of CVC Capital Partners. Tipico, a sports activities betting and on-line gaming firm, and Sisal, a betting gaming and funds, shopper/retail firm, are listed on the CVC Capital Partners web site as ‘Portfolio Companies’. But they’re discovered to be linked to their European Fund.
CVC Capital Partners was the second highest bidder, as BCCI introduced two new franchises from the 2022 IPL. While they received the Ahmedabad franchise for Rs 5,625 crore, the Lucknow franchise purchased the best bidder, Sanjeev Goenka-owned RPSG Group for Rs 7,090 crore.
However, CVC’s takeover of the IPL franchise was questioned, resulting in a tweet by former IPL commissioner Lalit Modi, who posted: “I think betting companies can buy IPL teams. There should be a new rule. Obviously. , A qualified bidder also owns a big betting company. What next? Doesn’t BCCI do its homework? What can anti-corruption do in such a situation? #cricket”.
But the understanding is that investing from a fund that has no affiliation with speculative firms could also be sufficient for CVC to retain possession of the Ahmedabad franchise. CVC is a global conglomerate that has a robust relationship with the game by way of a earlier stake in Formula 1 and a current minority stake in La Liga.
As a BCCI official put it, the cricket board has “absolute rights” over which to confer possession of the franchise and if the second highest bidder is disqualified, the third highest bidder Adani will likely be Rs 5,100 crore on this case. subsequent in line.
,
With inputs from TheIndianEXPRESS
