Gujarat Titans are one time IPL winner and one time finalists in the three seasons they have played.
The Board of Control for Cricket in India’s (BCCI) lock-in period which will prohibit new teams from selling a stake will end in February next year.
CVC Capitals bought the Ahmedabad-based franchise, which they named Gujarat Titans, in 2021 for a whopping ₹5,625 crore, and the franchise’s estimated value is between $1 billion and $1.5 billion.
“Having missed out on the opportunity to own IPL’s Ahmedabad franchise in 2021, both Adani and Torrent are now eager to buy a majority stake in Gujarat Titans. For CVC, it is a good opportunity to monetize its stake in the franchise,” an official aware of the development was quoted as saying by The Economic Times.
“IPL franchises have been attracting a lot of investor attention since the league has established itself as an attractive asset with solid cash flows,” said another official.
As per American investment bank Houlihan Lokey, the value of the IPL has stood at $16.4 billion, courtesy of a record $6 billion in media rights. The BCCI had signed a blockbuster media rights deal with Disney Star and Viacom18 in 2022.
Both Adani and Torrent are Ahmedabad-based companies, whereas CVC’s headquarters is in Luxembourg. CVC has invested in big tournaments like La Liga, Premiership Rugby, and the Women’s Tennis Association.
Adani Group has a franchise in the Women’s Premier League (WPL) based in Gujarat, named Gujarat Giants, and a team in the UAE-based International League T20 tournament.
Gujarat Titans won the IPL 2022 in their debut year and reached the final of the tournament in 2023.