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Former IPL champions Gujarat Titans are set to have new owners as Indian business conglomerate, the Torrent Group, is in line to acquire a majority stake in the franchise. The Ahmedabad-based conglomerate will purchase a 67 per cent stake in the team from CVC Capital Partners (Irelia Company Pvt Ltd), who had bought the team in 2021. The deal is awaiting final approval from the IPL governing council, which would allow Torrent Group to take control ahead of the upcoming season, which will begin on March 21.
"The talks of Torrent Group taking two third ownership (67 per cent) is at an advanced stage. The lock-in period for CVC group as sole owners ends in February 2025 after which they are free to sell the stakes," an IPL source told PTI on conditions of anonymity.
"Torrent group is one of the biggest names in Pharmaceutical sector in India and in 2021 when BCCI invited bids for two new teams, they had shown active interest. Obviously any change in ownership pattern requires approval from BCCI which is expected to be given in coming days," he added.
While the valuation of the stake being sold by CVC remains unconfirmed, the global private equity firm had invested Rs 5,625 crore to acquire the Titans in 2021.
Under the leadership of Hardik Pandya, the team clinched the title in 2022 and signed off with a runner-up finish in 2023. However, in the last season, the Shubman Gill-led side finished in eighth place.
Apart from Gill, other key players in the team include Afghanistan spinner Rashid Khan, England white-ball captain Jos Buttler, and India pacer Mohammed Siraj.
Torrent Group, which boasts a valuation of approximately Rs 41,000 crore, has been trying to make inroads into the cricketing domain.
Through its subsidiary, Torrent Sports Ventures Private Limited, it had previously bid for the Ahmedabad (Rs 4,653 crore) and Lucknow (Rs 4,356 crore) franchises in 2021, when the BCCI held an auction for two new teams.
Two years later, the group also made an unsuccessful attempt to acquire one of the three cities up for grabs in the inaugural Women's Premier League (WPL).
(Except for the headline, this story has not been edited by News Agency staff and is published from a syndicated feed.)