Gujarat Titans owners in talks with Adani, Torrent groups for sale of majority stake: Report

CVC Capital Partners, the owners of Indian Premier League (IPL) outfit Gujarat Titans (GT), are reportedly considering to sell a controlling stake in the franchise. According to a report in The Economic Times, CVC Capital Partners are in talks with Adani Group and Torrent Group and are willing to sell a majority stake while they retain a minority holding.

The Board of Control for Cricket in India’s (BCCI) lock-in period which will prohibit new teams from selling a stake will end in February next year.

In 2021, CVC acquired the franchise for a whopping ₹5,625 crore, and the franchise’s estimated value is between $1 billion and $1.5 billion. “Having missed out on the opportunity to own IPL’s Ahmedabad franchise in 2021, both Adani and Torrent are now eager to buy a majority stake in Gujarat Titans. For CVC, it is a good opportunity to monetise its stake in the franchise,” an official aware of the development was quoted as saying by The Economic Times.

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“IPL franchises have been attracting a lot of investor attention since the league has established itself as an attractive asset with solid cash flows,” said another official.

As per American investment bank Houlihan Lokey, the value of the IPL has stood at $16.4 billion, courtesy a record $6 billion media rights. The BCCI had signed a blockbuster media rights deal with Disney Star and Viacom18 in 2022.

Both Adani and Torrent are Ahmedabad-based companies, whereas CVC’s headquarters is in Luxembourg. CVC have invested in big tournaments like LaLiga, Premiership Rugby and the Women’s Tennis Association.

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Adani, on the other hand, have made investments in India’s Women’s Premier League (WPL) and the International League T20 tournament that is based out of UAE. Adani had acquired the Ahmedabad franchise in the WPL for Rs 1,289 crore.

Gujarat Titans (GT) made their IPL debut in 2022 along with Lucknow Super Giants (GT). Hardik Pandya led the team for the first couple of seasons. GT won the title in their debut season in 2022, beating Rajasthan Royals (RR) in the final, and reached the summit clash in 2023, where they lost to Chennai Super Kings (CSK). GT missed the IPL playoffs earlier this year , finishing in eighth place with 12 points.