Ahead of the 2025 season, the Indian Premier League (IPL) is likely to witness a shake-up in franchise ownership. Gujarat Titans' (GT) owners, CVC Capital Partners, plan to sell their majority stake in the team to Ahmedabad-based conglomerate Torrent Group.
According to an ESPN Cricinfo report, the paperwork for the deal is currently with the IPL's governing council and could receive final approval before the season starts on March 21.
If the deal goes through, it would mark the first majority stake sale by an IPL franchise owner since the tournament's inception in 2008. Luxembourg-based private equity firm CVC Capital Partners acquired the Gujarat franchise in the 2021 auction for Rs 5,625 crore. The team is operated by CVC Capital's Irelia Sports India.
Torrent Eyeing Gujarat Since Inception
In 2021, Torrent Group established its sports arm, Torrent Sports Ventures Private Limited. The company had bid for both the Lucknow and Ahmedabad teams during the 2021 auction but failed to secure ownership. Later, in 2023, it also unsuccessfully bid for 10 teams put up for auction for the five-team Women's Premier League (WPL).
The deal talks between Torrent and CVC Capital were first reported in September last year by The Economic Times. It noted that CVC's lock-in period for holding Gujarat Titans' stake ended on February 10.
The latest ET report states that the private equity firm is set to make a fourfold return on its investment in the IPL team, as the league's earnings and team valuations have surged. Gujarat Titans ranked eighth with a brand value of $124.0 million.
The Board of Control for Cricket in India (BCCI) is expected to generate more than Rs 50,000 crore from media rights and sponsorships between 2023 and 2027, of which IPL teams receive 50%. Reports indicate that Gujarat Titans incurred losses of Rs 57 crore on revenues of Rs 776 crore in FY24.
