MUMBAI: The Board of Control for Cricket in India (BCCI) stands to gain Rs 270 million from the divestment of 50 per cent stake in GMR Group’s Indian Premier League franchise Delhi Daredevils (DD), owned by GMR Sports Private Limited (GSPL), to JSW Sports at an enterprise valuation of Rs 11 billion.
This is because the BCCI is entitled to 5 per cent of the transacted value of Rs 5.5 billion for 50 per cent stake, Mumbai Mirror reports.
The deal was on hold awaiting the approval of the IPL governing council. During the recent IPL meeting in Mumbai, the sale was approved. “It is approved in principle, subject of course to due diligence,” a BCCI official told Mirror. “We stand to gain Rs 27 crore (Rs 270 million).”
Also Read
Stake sale to JSW: DD valued at Rs11bn
