CVC Capital Partners To Offload Majority Stake In Gujarat Titans; Adani and Torrent Groups in Talks
CVC Capital Partners is reportedly looking to sell a majority stake in the Indian Premier League (IPL) franchise, Gujarat Titans, according to a report in The Economic Times. The Luxembourg-headquartered private equity firm is in discussions with the Adani Group and Torrent Group to transfer control of the franchise, which is currently valued between $1 billion and $1.5 billion. CVC Capital to Retain Minority Stake CVC Capital, which purchased the Gujarat Titans for $745 million in 2021, plans to retain a minority stake in the team. The move comes as the Board of Control for Cricket in India’s (BCCI) lock-in period, which prevents new teams from selling stakes, is set to end in February 2025. Gujarat Titans: A Rapid Rise in Value The Gujarat Titans franchise, based in Ahmedabad, is only three years old but has already achieved decent success, including winning its maiden IPL title in the IPL 2022 season. The franchise’s rising popularity has significantly increased its market value, making it an attractive acquisition target for major conglomerates. Adani and Torrent: Ahmedabad-Based Contenders Both Adani and Torrent Groups are based in Ahmedabad. The Adani Group, which has already made a couple of investments in cricket, including owning the Gujarat Giants franchise in the Women’s Premier League (WPL) and participating in the UAE-based International League T20 with their team, Gulf Giants, had previously bid Rs 5,100 crore for the Gujarat Titans in 2021 but was outbid by CVC Capital. In 2023, Adani secured the WPL franchise, Gujarat Giants with a top bid of Rs 1,289 crore. Torrent Group’s Potential Cricket Debut Torrent Group, although yet to enter the cricket arena, is showing interest in acquiring the Gujarat Titans. The move would mark Torrent’s debut in the sport. CVC Capital’s Diverse Sports Portfolio CVC Capital’s investment portfolio extends beyond cricket. The firm holds stakes in various sports entities, including LaLiga, Premiership Rugby, Volleyball World, and the Women’s Tennis Association. The potential sale of a majority stake in the Gujarat Titans aligns with CVC’s strategic management of its diverse sports investments. As negotiations progress, the cricket community keenly watches the potential shift in ownership, anticipating the impact on the franchise and the broader dynamics of the IPL. The Sportz Planet Desk,Atharva Shetye
Adani Sportsline’s Kho Kho Captain Akshay Bhangare: Stitched for Success
Cuttack, 2nd January 2024: Injuries have derailed the careers of many sportspersons despite their best efforts but the same cannot be said for the newly-named skipper of the Adani Sportsline’s Ultimate Kho Kho League team Gujarat Giants — Akshay Bhangare. The 26-year-old Kho Kho star, who chose his path in the sport when he was just in class 5, has always had his sights on playing at the highest level of the sport. As the captain of the Gujarat Giants, Akshay is grateful for the opportunity given to him by the Adani Sportsline, who have been working hard to promote Kho Kho in the country. “The coach and the management are very supportive towards our team and my teammates and they have built a vibrant team with a good blend of young and experienced players. Under the leadership of the Adani Sportsline, I expect our side to be the team to beat in the season 2 of the Ultimate Kho Kho League.” However, Akshay’s dream of leading the Adani Sportsline-owned Gujarat Giants in the Ultimate Kho Kho League was almost not meant to be. Almost 10 years back, when fighting for a spot in the Maharashtra state team, a young Akshay came close to missing out on selection for the side because of a bike accident just two hours before his semifinal clash in the District Championship that forced him to get stitches and threatened to put him on the sidelines. Recalling what was a tough moment in his budding career, Bhangare went on to reveal how he was not deterred by the multiple stitches on his legs. “I was working hard and training hard to make it to the national team. In 2012, I played in the state championship for the first time. In 2013, when I was physically and mentally ready to play in the district championship, I suffered a major bike accident at 6 am when I had to play for my team at 8 am. I had 8 stitches on my leg and was also mentally affected because of this incident. Many of my teammates were sure I would not be able to play.” Many of the biggest stars of any sport use such a moment to make their case, and much like his sporting idol Cristiano Ronaldo, who is considered an epitome of fitness, Bhangare used this moment to prove that he was the right fit for the state side, especially in front of the selection committee. “At half time, I thought, what is the most that will happen? At the most, the stitches will come off. During what we call the average time in Kho Kho, I defended that time to the best of my abilities and this impressed the selection committee, and they felt that if he could do well with this injury then he was worth giving a chance. So, they said that if I can get fit in the fitness camp, then I will be given a chance. This led to my selection for the state championships and then the national team, because of that moment.” This was the moment that brought the now-Gujarat Giants skipper to the forefront of the sport. He has since gone on to represent Maharashtra in National competitions at the Senior and Junior levels. Not only that, Bhangare has also captained the Maharashtra Senior team as well as the Indian Kho Kho team. Now as the skipper for the Gujarat Giants in his first Ultimate Kho Kho League with his side, he hopes to translate the same kind of resilience to the playing field. – The Sportz Planet Desk
