Private equity firm CVC Capital Partners, which owns Indian Premier League franchise Gujarat Titans, is reportedly ready to offload a majority stake in the IPL team.
According to a report in The Economic Times, CVC wants to retain only a minority holding in the three-year old IPL franchise, which could be valued at between $1-1.5 billion. CVC acquired the team in 2021 for Rs 5,625 crore ($745 million at the then-exchange rate).
Per the business daily, CVC is in talks with Adani Group and Torrent Group (both Ahmedabad-based companies) for a potential stake sale.
Both Adani and Torrent had lost out in the bidding for the Gujarat franchise in 2021. While Adani had placed a bid of Rs 5,100 crore, Torrent had bid Rs 4,653 crore.
While Torrent is yet to foray into cricket, Adani already has investments in the Women’s Premier League (WPL) and UAE-based International League T20.
Adani had bagged WPL’s Ahmedabad franchise with the top bid of Rs 1,289 crore in 2023.
Meanwhile, CVC already has investments in LaLiga, Premiership Rugby, Volleyball World, and Women’s Tennis Association.
