IPL: Torrent Group acquires majority stake in Gujarat Titans in ownership shake up

3 hours ago 1

Gujarat Titans players celebrating wickets. (FILE photo)

Torrent Group (Torrent) has acquired a bulk involvement of 67 per cent successful the Indian Premier League (IPL) franchise Gujarat Titans. The woody — which is taxable to customary closing conditions and approvals, including from the Board of Control for Cricket successful India — volition spot erstwhile owners CVC clasp a number involvement of 33 per cent successful the franchise.

Subject to the last support from the IPL’s governing council, GT’s caller owners could apt beryllium progressive from the IPL 2025 season. The upcoming IPL play volition commencement connected March 21.

CVC, a planetary backstage equity fund, had paid Rs 5625 crore successful 2021 to bargain the Gujarat Titans. The Ahmedabad-based franchise had gone connected to triumph the IPL rubric successful their archetypal play itself successful 2022 earlier making the last successful the
next season. After losing skipper and talisman Hardik Pandya aft play 2 to the Mumbai Indians, Gujarat Titans had finished eighth successful 2024. The franchise is based retired of the Narendra Modi Stadium, which boasts of being the world’s largest cricket stadium with a capableness of implicit 100,000.

Amit Soni, Partner astatine CVC; Varun Mehta from Torrent; Siddharth Patel, Managing Partner astatine CVC; Shaan Mehta from Torrent and Aman Mehta from Torrent. Amit Soni, Partner astatine CVC; Varun Mehta from Torrent; Siddharth Patel, Managing Partner astatine CVC; Shaan Mehta from Torrent and Aman Mehta from Torrent.

“Torrent Group has entered into a definitive statement to get bulk involvement of 67% successful the renowned Indian Premier League (IPL) franchise, Gujarat Titans (Irelia Sports India Private Limited) from Irelia Company Pte Ltd (“Irelia”) – presently afloat owned by funds managed oregon advised by CVC,” a property merchandise stated.

“As portion of the deal, Irelia volition clasp a important number involvement of 33% successful the franchise,” it further stated.

Jinal Mehta, Director of Torrent Group, said, “As sports continues to summation prominence successful India, Torrent sees large imaginable successful this rapidly increasing sector. With the acquisition of a bulk involvement successful the Gujarat Titans, we are excited to person the accidental to elevate our instrumentality acquisition and unlock caller maturation avenues successful the years to come. We are committed to nurturing the Gujarat Titans squad and creating a lasting bequest for everyone progressive – our fanbase, the players and our employees.”

Siddharth Patel, Managing Partner astatine CVC, said: “We are excited to denote this deal, which marks the opening of a caller section successful India’s astir fashionable sporting lawsuit and our squad Gujarat Titans. Our information successful Indian cricket started strongly, securing the Gujarat franchise, winning the IPL rubric successful our archetypal play and emerging arsenic runners up successful our 2nd season.”

*** Disclaimer: This Article is auto-aggregated by a Rss Api Program and has not been created or edited by Nandigram Times

(Note: This is an unedited and auto-generated story from Syndicated News Rss Api. News.nandigramtimes.com Staff may not have modified or edited the content body.

Please visit the Source Website that deserves the credit and responsibility for creating this content.)

Watch Live | Source Article