weather_iconAshburn | 14.98 °C | AQI 55
Wednesday, 11 December, 2024

---Advertisement---

Business

Mukesh Ambani And Gautam Adani To Face-Off In IPL, Know More

Adani Group is poised to enter the lucrative realm of IPL team ownership, setting the stage for a competitive showdown with Ambani's Mumbai Indians. Discussions are underway for Adani Group to acquire a significant stake in an existing IPL franchise.

Mukesh Ambani and Gautam Adani face off in IPL stake
Mukesh Ambani and Gautam Adani face off in IPL stake

The Adani Group is likely to join another highly visible and high-value sports platform—the Indian Premier League (IPL). The group is in discussions with one of the existing teams to buy a stake. If the deal goes through, that will again pit Ambani against Adani in the business arena.

The franchises of the teams in IPL are owned by wealthy businesspeople and individuals. The Mumbai Indians were there since the very inception of the league and bagged Rs 359 crore in revenue in 2023. They happened to be one of the most successful teams in IPL, as they won the highest number of tournament trophies.

---Advertisement---

Industrialist Gautam Adani is likely to buy the controlling stake in the IPL team Gujarat Titans. Private equity firm CVC Capital Partners is in discussion with Adani Group for selling its stake in Gujarat Titans. According to ET, the private equity firm is also in talk with Torrent Group over this matter. Sources close to the development said the three-year-old franchise Gujarat Titans could be valued in the range of $1 billion to $1.5 billion. CVC acquired the franchise in 2021 for ₹56.25 billion.

Also Read: Big Schemes And Facilities Likely In Budget 2024 For Those Linked To Swiggy, Zomato, Ola, Uber

---Advertisement---

Now, CVC Capital Partners wants to retain a minority stake in the IPL team. Therefore, it is offloading its majority stake. According to rules of the BCCI, new teams cannot sell their stake for some time. This lock-in period will end in February 2025.

CVC Capital is now looking to offload its stake in the team. However, CVC Capital, Adani Group, and Torrent Group declined to comment on the development. This is not the first time Gautam Adani and Mukesh Ambani-led groups have had a fallout. In the past as well, both the groups were at loggerheads over picking up stake in solar, data centre and 5G spectrum.

However, this is not the first time Adani Group has invested in a sports franchise or cricket. Adani Group earlier invested in the Women’s Premier League and UAE International T20 League. In WPL, the title of the Ahmedabad team was acquired by paying Rs 1,289 crore.

Also Read: CSK-Linked Telecom Tycoon’s Son Ajahn Siripanyo Chooses Monkhood Over ₹40,000 Crore Inheritance

HISTORY

Written By

Swechchha Singh


Get Breaking News First and Latest Updates from India and around the world on News24. Follow News24 on Facebook, Twitter.

Related Story

Live News

---Advertisement---


live

Latest LIVE News Trending Today, Real Time Updates: Kejriwal Announces ‘No Possibility Of Any Alliance With Congress’

Dec 11, 2024
Latest LIVE News Trending Today, Real Time Updates
  • 11:35 (IST) 11 Dec 2024

    Rahul Gandhi Presents Rose & Tiranga To Rajnath Singh

  • 09:57 (IST) 11 Dec 2024

    Kejriwal Announces 'No Possibility Of Any Alliance With Congress'

  • 09:03 (IST) 11 Dec 2024

    Cuddalore, Tamil Nadu: Heavy Rain Lashes Several Parts Of The City

N24 Shorts Logo

SHORTS

Sports

IPL 2025: KKR’s Most Expensive Acquisition Venkatesh Iyer Shines Bright With Ball In SMAT 2024!

Known primarily for his batting in recent years, Iyer reminded everyone of his value as a handy right-arm medium pacer with a brilliant spell of bowling.

View All Shorts

---Advertisement---

Trending