CVC Capitals, a private equity firm that won the bid to bag the Indian Premier League’s (IPL) Ahmedabad franchise, has landed in hot waters due to its connection with bidding companies abroad and have to wait until the end of Diwali for its fate to be decided by the Board of Control for Cricket in India (BCCI).
“The formalities haven’t yet been completed, the BCCI legal team is going through it and we are expecting them to revert us post-Diwali. The BCCI has full rights on whom they will allot the team, it’s the board’s discretion and we can only decide on a new IPL franchise (CVC) when the legal team reverts to us,” a source from BCCI was quotrd as saying.
CVC Capitals won a bid of Rs 5,625 crore to acquire the ownership of the Ahmedabad franchise, which will join the IPL from next season. In case if the BCCI decides to cancel their claims, then the next best bidder – The Adani Group (Rs 5,100 crores) will be next in the fray to grab the opportunity.
