The management takeover of the Gujarat Titans team by Torrent Groups is now formally complete. The Board of Control for Cricket in India (BCCI) has given the green light to the deal.
With the blessing from BCCI, the controls are now transferred from the Irelia Sports India Private Limited (CVC Capital) to the Torrent Group, an Ahmedabad-based company. With this deal, Torrent Group will hold a majority 67% stake in the team. The CVC Capital Partners will retain 33 percent of the stake in the franchise. A few years back, CVC Partners acquired the IPL franchise for Rs 5625 crore.
Torrent Group is a diversified conglomerate with interests in the healthcare and energy sectors. It has announced the successful acquisition of the majority stake. According to the regulations set by the BCCI, the transfer of ownership requires approval from the BCCI. It is believed that the approval was acquired a few days ago.
It is reported that the sale was completed at a valuation of Rs 7522 crore. It means that Torrent Group will be paying Rs 5035 crore for their 67% stake. Torrent said that “following the receipt of all necessary approvals, including from the BCCI.”
According to the franchise agreement, BCCI is entitled to five percent of every transaction conducted within the ownership group.
The newly found Gujarat Titans team clinched their maiden IPL title in 2022 under the able captaincy of Hardik Pandya. They met the Rajasthan Royals in the final and beat them. In the 2023 IPL, they also reached the final but went down to Chennai Super Kings in a rain-affected game.
However, Hardik Pandya left the Gujarat Titans before the IPL 2024 season and started captaining Mumbai Indians. After Hardik’s departure, Shubman Gill took the reins of the team.
The Torrent Group and CVC Partners deal was initially announced in February this year. They were waiting for official approval from the BCCI. There was an initial three-year lock-in period during which the transfer of management was not permitted. Once the three-year lock period was over, they formally announced the deal.