Former Indian Premier League (IPL) chairman Lalit Modi on Tuesday made serious allegations against CVC capitals who are one of the new IPL franchise owners who bid successfully for the Ahmedabad-based team in the IPL 2022.
BCCI named RPSG Ventures Limited and Irelia Company Pte Ltd. (CVC Capital Partners) as owners of the new IPL teams from 2022. RPSG Group bagged the Lucknow franchise by paying a whopping Rs 7,090 crore while CVC Capital made the second-largest bid (Rs 5,625 crores) to win the Ahmedabad franchise.
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However, the CVC Capital Partners has come under scanner after Lalit Modi tweeted taking a dig at BCCI for allowing companies with links to betting to own a team in the Indian Premier League (IPL).
“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,” Modi tweeted.
As per Outlook India reports, CVC Capital partners have invested heavily in betting and gambling companies. Gambling and betting are banned according to Indian laws and it will be suicidal for the BCCI to award a new team to a foreign company with massive interests in betting and gambling.
Outlook also reported that BCCI’s attention has been drawn towards the CVC Capital's business activities and it was strange that these were not noticed during the long "verification stage" before the financials were opened on Monday evening.
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CVC Capital Partners is a private equity and investment advisory firm with approximately US$ 111 billion in secured commitments since inception across European and Asian private equity, credit and growth funds.
A senior BCCI official told Outlook on Wednesday: "CVC Capital is a big private equity company and they are free to pick up stakes in a betting company because betting is legal abroad. Irelia Company Pte Ltd (through which CVC Capital bid) could be managing many funds but as long as they don't have any managerial role or control, how does it matter? Betting is a matter of perception. It should not be confused with match-fixing."
It is learnt that BCCI bosses had been in discussion with CVC Capital officials to find out if there was any legal issue, and the board seems to be convinced that there are no problems.
(Outlook/IANS inputs)
