CVC Capital are under scanner for alleged links with betting companies: Report

CVC Capital with a bid of Rs 5,625 crore acquired the ownership of the Ahmedabad franchise.

CVC Capital, a private equity firm that won the bid to bag the new IPL franchise of Ahmedabad has found itself in a sticky situation. The issue on hand for the new IPL franchise owner is their connection with the betting companies abroad.

The BCCI is looking into the concerned matter and will be waiting till Diwali to come to any conclusion. BCCI’s legal team is heading an investigation though they will need more time to complete the due process due to CVC Capital Partners investment in betting companies.

According to a source, “The formalities haven’t yet been completed, the BCCI legal team is going through it and we are expecting them to revert us post-Diwali. The BCCI has the full rights on whom they will allot the team, it’s the boards’ discretion and we can only decide on a new IPL franchise when the legal team reverts to us.”

CVC Capital with a bid of Rs 5,625 crore acquired the ownership of the Ahmedabad franchise, which is set to join the IPL 2022 edition. In case if the BCCI comes to the conclusion of cancelling CVC’s bid, the next highest bidder in line will be The Adani Group (5,100 crores) to grab the opportunity to replace the CVC group.

Companies like Tipico and Sisal are named on the portfolio companies list on the CVC Partner’s website. However, there has been no official confirmation on this by the equity firm. This was the first instance where CVC turned their attention to IPL, prior to this they had a stake in Formula 1 racing, Football and Rugby.

With the addition of the two new teams confirmed by the BCCI, the next IPL tournament will see 10 teams competing with each other over a total of 74 matches. Each team will be playing seven home and away matches each.

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