CVC Capital, owners of the IPL franchise Gujarat Titans, has approached the BCCI seeking permission to sell more than 60 per cent of its stake to the Ahmedabad-based Torrent Group.
It is understood that the BCCI legal team is examining the papers before giving its nod following which the IPL governing council will clear the change of ownership status. The Titans’ new owners are expected to be involved with the team from IPL 2025, which starts March 21.
The exact valuation of the deal remains undisclosed.
The Torrent takeover of the Titans has been in the pipeline for close to a year now but could not be executed since
the IPL franchise was bound by a mandatory three-year lock-in period which got over on Monday.
CVC’s deal with the BCCI was completed in February 2022 with the global private equity fund paying ₹5,625 crore.
Led by Shubman Gill, the team includes Rashid Khan, Jos Buttler among others.
In other instances of franchises changing hands, actress Shilpa Shetty and her husband Raj Kundra decided to sell their stake at Rajasthan Royals in 2015 in the wake of a betting controversy in the IPL. Shilpa and Kundra severed all ties with the franchise by divesting their 11.7 per cent stake bought in 2009.
In 2018, JSW Sports bought a 50 per cent stake in Delhi DareDevils (now Delhi Capitals) at a reported valuation of ₹1100 crore.