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2022 IPL champions and runners-up of IPL 2023, Gujarat Titans are highly likely to get a new owner with their current partners, CVC Capitals eyeing to sell majority stake of their ownership. According to new reports surfacing, one of the leading Indian businessmen, Gautam Adani’s group is set to take the majority share of the stake.
Additionally, the Adani group must be the frontrunner, the Torrent Group are also locked in talks with CVC Capitals to acquire the team in the IPL. According to a report by the Economic Times, Gujarat Titans could be up for sale as the franchise is valued somewhere between USD1 billion and USD 1.5 billion. A source in ET also added that Adani group and the Torrent group are the frontrunners to take the franchise, however CVC Capitals are mulling to keep a minority share.
Adani and Torrent group frontrunners to buy GT
“Having missed out on the opportunity to own IPL’s Ahmedabad franchise in 2021, both Adani and Torrent are vying aggressively to buy a majority stake in Gujarat Titans. For CVC, it’s a great opportunity to monetise its stake in the franchise, an official told ET. Furthermore, another official added, “IPL franchises have been attracting a lot of investor attention since the league has established itself as an attractive asset with solid cash flows.”
Speaking of the current ownership, the CVC Capitals purchased the franchise for INR 5,625 Crore in 2021. The franchise which was led by Indian all-rounder Hardik Pandya in IPL 2022 and IPL 2023, finished winners and runners-up respectively. The side however, saw Shubman Gill take over the reigns from Pandya after latter’s departure to Mumbai Indians. Under Gill’s captaincy, the franchise finished at eighth place with only five wins from 14 league matches.
