IPL 2022 champions Gujarat Titans are set to be taken over by Torrent Group, with CVC Capitals, the current owners looking to sell their majority stakes. "We were also in the race to buy Gujarat Titans franchise in 2021. We had bid Rs 4,653 crore but missed out then. This time a friendly deal has been finalized between CVC Group and Torrent. The official deal will be signed as soon as the lock-in period ends in February," This statement is from a senior official of Torrent Group. Gujarat Titans joined the IPL bandwagon in 2022, and after three years, they will be owned by a company from the state of Gujarat. Gujarat Titans to be purchased by Torrent Group Torrent Group, based out of Ahmedabad and CVC Capital Partners have reached an agreement to take over the IPL franchise Gujarat Titans. The deal between senior officials of both groups has currently happened as a 'friendly handshake' because the Titans are still in their lock-in period. According to BCCI rules, no group can sell their franchise during the lock-in period. Torrent can buy 60% stake instead of 100%
Sources associated with both groups say that instead of selling the entire holding of the franchise, CVC Group is selling only the controlling stake to Torrent Group, so Torrent Group will buy a 60% stake. CVC Group bought the Titans for Rs 5,625 crore in 2021. It should be noted that Adani Group was also in the race to buy this franchise. In 2021, Adani Group had also bid Rs 5,100 crore for it. But then CVC Group won the deal. The 18th season of IPL will start from March 21 and the final will be played on May 25. A total of 74 matches will be played in this season. Torrent Group to splash over 6000 crores
This period will end in the middle of this month i.e. February. According to Torrent sources, this deal will be completed by February 15. The amount of the deal has been kept secret for now. But it is estimated that it could be between 6100 crores to 7800 crores rupees. Why CVC is selling its stake?
Luxembourg's CVC Group is operating with a complete strategy based on the stock market pattern. Meaning if profit is made, book the profit and exit. Gujarat Titans, Lucknow Super Giants joined IPL in 2021
In 2021, bids were placed in Dubai to add two new teams to the IPL. Six cities were in the race. Besides Ahmedabad and Lucknow, the names included Cuttack, Guwahati, Indore and Dharamshala. A total of 22 business houses showed interest in buying the two teams. These included the Adani Group, English football club Manchester United owner Glazer family, Torrent Pharma, Aurobindo Pharma, RP-Sanjeev Goenka Group, Hindustan Times Media Group, former MP Naveen Jindal's Jindal Steel, Ronnie Screwvala and three private equity-related people. RP-Sanjiv Goenka Group bought the Lucknow team for Rs 7,090 crore. Meanwhile, CVC Capital bought the Ahmedabad team for Rs 5,166 crore.Original Article