Private equity firm CVC Capital Partners reportedly wants to offload a majority stake in Indian Premier League (IPL) franchise, Gujarat Titans. The firm is reportedly in talks with Adani Group and Torrent Group to sell a controlling stake.
According to a report in The Economic Times, CVC wants to retain a minority holding in Gujarat Titans. This comes as the Board of Control for Cricket in India's (BCCI's) lock-in period that prevents new teams from selling a stake ends in February 2025.
The Gujarat Titans franchise, that is three-years old, could be valued between $1-1.5 billion, the report added. The franchise was bought by CVC for $745 million (at the then-exchange rate) in 2021.
Adani and Torrent are both based in Ahmedabad, while CVC Capital is headquartered in Luxembourg. 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 missed out on owing Gujarat Titans in 2021. The conglomerate had placed a bi of Rs 5,100 crore, while Torrent had bid Rs 4,653 crore.
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. Gujarat Titans won its maiden season IPL title, pushing it onwards to popularity.