Two Gujarat-based business groups, Adani and Torrent, are in talks with Luxembourg-based CVC Capital Partners to acquire the majority stake in the IPL’s Gujarat Titans team.
According to a report by the Economic Times, CVC is open to selling a majority stake while keeping a minority interest. This development comes as the Board of Control for Cricket in India’s (BCCI’s) lock-in period preventing new teams from selling stakes will end in February 2025.
The three-year-old Gujarat Titans, which was acquired by CVC in 2021 for ₹5,625 crore, is estimated to be valued between $1 billion and $1.5 billion. The franchise team also won the IPL trophy in its maiden season, making it popular among cricket fans.
While Torrent has not yet ventured into cricket, Adani has already made investments in the Women’s Premier League (WPL) and the UAE-based International League T20. The report suggests “Having missed the chance to own IPL’s Ahmedabad franchise in 2021, both Adani and Torrent are keenly competing to secure a majority stake in Gujarat Titans. For CVC, it’s an excellent opportunity to monetize its investment in the franchise.”