CVC, which calls itself a “world leader in private equity and credit with $ 125 billion in assets under management”, spent Rs 5,625 crore last week to buy the Ahmedabad franchise in the world’s largest T20 league.
The Lucknow franchise went for an RPSG venture worth Rs 7,090 crore.
According to the company’s website, it has invested in companies such as Tipico and Sisal, which are involved in sports betting.
Betting is not legal in India. CVC has also invested in Formula 1 in the past and now has a stake in Premiership Rugby.
p iplt20 has discovered # bcc’s new policy regarding team ownership. Betting companies can own a team. What T… https://t.co/e5WHorap6lAdvertisement
– Lalit Kumar Modi (LalitKModi) 1635264668000
“I guess betting companies can buy @ipl team. There has to be a new rule. Apparently a qualified bidder also owns a big betting company. Then what? @BCCI doesn’t do homework there. In that case what can anti-corruption do?” Tweeted Tuesday. Modi.
My idea is that betting companies can buy an @ipl team. There must be a new rule. Apparently a qualified bidder is also a big owner … https://t.co/NfdorKlX9AAdvertisement
– Lalit Kumar Modi (LalitKModi) 1635263570000
The IPL also attracted bids from the owners of the iconic football club Manchester United.
A BCCI official told PTI that a transparent bidding process was conducted in Dubai on Sunday.
“None of the room bidders had any problems with the bidding process. It was done in the most transparent manner. The winning bid only reflects the growing global appeal of the IPL.”