Gujarat Titans is one of the most successful teams in the history of IPL. According to recent reports, India’s leading industrialist Gautam Adani has withdrawn from the race to buy this franchise. After this, the Ahmedabad-based Torrent Group has decided to buy a large stake in the team.
The development came after CVC Capitals, the current owner of Gujarat Titans, decided to sell its major stake in the franchise. After this, many big business houses showed interest in buying the team, among which the Adani Group was at the forefront.
Initially, it seemed that the Adani Group would buy the Titans. But suddenly India’s richest man pulled out of the deal. According to sources, the high price and the desire to focus on their core businesses such as power and port forced them to take this decision.
Torrent Group has an upper hand in the race for ownership of Gujarat Titans
After the Adani Group backed out, the Torrent Group took advantage of this opportunity. It is reported that he has verbally agreed to a deal of more than US $1 billion (about Rs 8390 crore) with CVC Capital Partners.
“An in-principle agreement has been reached between Torrent and CVC for Gujarat Titans. However, the formal contract can be signed only after the lock-in period is over.”
The lock-in period will end in February 2025. Only after this, the Torrent Group will be able to take control of Gujarat Titans. Under the deal, Torrent will hold a majority stake in the franchise, while CVC Capital Partners will retain a significant minority stake.
However, Gujarat Titans will have to take permission from the Board of Control for Cricket in India (BCCI) to finalise the deal. It is worth noting that the Torrent Group had earlier aspired to buy a franchise in the IPL, but they were not successful then.
In 2021, both the Torrent Group and the Adani Group had bid for new franchises starting in 2022. Torrent had bid Rs 4653 crore and Adani Rs 5100 crore. But CVC Capital Partners bagged the franchise with the highest bid of Rs 5625 crore.
Now it will be interesting to see how Gujarat Titans perform after the arrival of the new owners. Will the Torrent Group succeed in making the team champions again? Or will there be a new twist?
