In another big news from the Indian Premier League circuit, CVC Capital Partners, who were recently awarded the Ahmedabad franchise by the Board of Control for Cricket in India (BCCI) after a due team bidding procedure in Dubai may find itself losing the franchise.
The news comes at the revelation that the company has heavily invested in gambling and betting companies which would be a direct clash as both of these activities are banned as per the Indian legal system. It is also being reported by Outlook that Adani Group is mulling to file a complaint against CVC Capital for their links with the betting ventures.
In case, CVC Capital Partners lose the franchise, Adani Group is expected to be the new owner.
With betting and gambling is illegal in India – the home of the tournament – a new team to a company with interest in those activities would not be a rational decision at all for the BCCI.
Earlier, former IPL Chairman Lalit Modi, one of the key men behind the inaugural season of the T20 tournament, questioned the Board of Control for Cricket in India for allowing a “betting investing company” to own a new Indian Premier League team.
“i guess betting companies can buy a @ipl team. must be a new rule. apparently one qualified bidder also owns a big betting company. what next 😳😳😳 – does @BCCI not do there homework. what can Anti corruption do in such a case ? #cricket,” his tweet dated October 26 reads.
Check out his tweet here:
i guess betting companies can buy a @ipl team. must be a new rule. apparently one qualified bidder also owns a big betting company. what next 😳😳😳 – does @BCCI not do there homework. what can Anti corruption do in such a case ? #cricket
— Lalit Kumar Modi (@LalitKModi) October 26, 2021
A report by Outlook also claims that the BCCI came to notice this clash much later and it is surprising that they did not notice this when during the verification stage of the team bidding process. Only after the long verification round were the financials opened for evaluation.
It is to be noted that CVC Capital made the second-largest bid of INR 5600 crore to win the Ahmedabad franchise. What’s more is that they overtook the Adani Group who were considered as frontrunners to claim the franchise. The Adani Group had bid for an INR 5100 crores. Lucknow, the other franchise to have been bought on Monday, was owned by RPSG Group who took no chance whatsoever and bid for a whopping INR 7090 crores.