Ahmedabad-based Torrent Group has reportedly reached an understanding with private equity major CVC Capital Partners, which owns and operates Gujarat Titans, to acquire a majority stake in the Indian Premier League (IPL) franchise.
Per The Economic Times, Adani Group was also in the fray to take over Gujarat Titans but has stepped back, clearing the path for Torrent. The report quotes a source close to the developments as having said that the two parties have a “gentleman’s agreement in place for Gujarat Titans”. A formal deal can only be signed after the ownership lock-in period ends in February 2025.
CVC is likely to retain a minority stake in Gujarat Titans, which has been valued at over $1 billion, the report indicates.
Both Adani and Torrent had placed unsuccessful bids to acquire IPL’s Ahmedabad franchise in 2021, with bids of Rs 5,100 crore and Rs 4,653 crore respectively.
CVC is already a force to reckon with in the sports ecosystem with investments in LaLiga, Premiership Rugby and Volleyball World. It had picked Gujarat Titans for Rs 5,625 crore in 2021.
For the record, both Adani and Torrent have separate arms for investments in sports. Adani Sportsline owns teams in the Women’s Premier League, kabaddi, kho-kho and International League T20, while Torrent Sports Ventures was formed in 2021.
