The BCCI appears to be OK 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 made the funding, doesn’t have hyperlinks with any betting firms. Still, to be utterly ascertained of the info, the cricket board is prone to type a committee in a number of days.
CVC’s possession of the Ahmedabad franchise wasn’t mentioned on the BCCI’s Annual General Meeting in Kolkata on Saturday. Informally, although, the Board members have been apprised of the developments. “CVC has two funds, European funds and Asian funds. While its European funds have links with (sports) betting companies, where betting is legal, its Asian fund is clean. And they invested from their Asian fund. That’s the understanding. Still, the 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 learnt that the BCCI’s understanding relies on its authorized crew’s due diligence on CVC Capital Partners’ investments. Under the ‘portfolio companies’ record on the CVC Capital Partners’ web site is Tipico, a sports activities betting and on-line gaming firm, and Sisal, a betting gaming and funds, client/retail firm. But these are discovered to be linked to their European fund.
CVC Capital Partners had been the second-highest bidder, because the BCCI introduced in two new franchises from the 2022 IPL onwards. While they gained the Ahmedabad franchise for Rs 5,625 crore, the Lucknow franchise went to the best bidder, the Sanjiv Goenka-owned RPSG Group, for Rs 7,090 crore.
CVC’s acquisition of an IPL franchise, nevertheless, had been questioned, bringing a few tweet from former IPL Commissioner Lalit Modi, who posted: “I guess betting companies can buy an IPL team. must be a new rule. Apparently, one qualified bidder also owns a big betting company. what next? does BCCI not do their homework? what can Anti-corruption do in such a case? #cricket”.
But the understanding is that investing from a fund with no hyperlinks to betting firms might be adequate for CVC to retain the Ahmedabad franchise possession. CVC is a world conglomerate with a robust connection to sport by earlier stake-holding in Formula 1 and a latest minority stake in La Liga.
As a BCCI functionary stated, the cricket board has “full rights” on whom to award the franchise possession and in case the second-highest bidder is disqualified, the third-highest bidder – Adani on this case with Rs 5,100 crore – can be the subsequent in line.
