Adani can still be found in Ahmedabad’s IPL team, CVC Capital, involved in the betting business under suspicion.
keypoints:
- Foreign CVC Capital Partners Will Have a History of Betting.
- CVC Capital has invested heavily in betting and gambling companies.
- Under Indian law, gambling and betting are prohibited.
The BCCI has now added teams from Ahmedabad and Lucknow to the Indian Premier League (IPL) through bidding. In such circumstances, an investment in a company involved in betting abroad could hurt CVC Capital Partners, the franchisee of the Ahmedabad team. In a situation where betting is banned in India, the BCCI is getting instructions to disqualify CVC Capital Partners. If that happens, the number two bidder, Adani Group, could get the Ahmedabad team in the IPL. Among the companies in which CVC has invested is a company involved in betting.
The Adani group may be entitled to be the second bidder for the Ahmedabad team.
The Outlook report says that the IPL raises questions about investing in speculative companies against CVC. The BCCI is being directed about the impact of the betting company on the IPL, and the BCCI may take up the matter. CVC Capital Partners was awarded the Ahmedabad franchise through bidding by BCCI in Dubai. This company can get into trouble due to its relationships with companies involved in betting. In such circumstances, Adani Group may be the second bidder for the Ahmedabad IPL team. CVC has invested in lottery operator company Magnum Corporation in Malaysia. The report details Lalit Modi’s tweet. Lalit Modi lashed out at the BCCI, saying that a company involved in betting has got an IPL team. In such a case, what will the Anti-Captions Bureau do? The BCCI has not done enough homework.
Two teams were
earlier banned for two years for betting in the IPL. Earlier, IPL betting was tarnished due to the 2013 betting and match-fixing scandal. Some of their top officials and the team banned Chennai Super Kings and Rajasthan Royals for two seasons after the Supreme Court charged them with corruption. Under the circumstances, handing over a new team to a foreign company with a keen interest in betting and gambling can be difficult for the BCCI. Under Indian law, gambling and betting are prohibited.
Pte Ltd, a Singapore-based subsidiary of Irelia, has bought an IPL team in
India. CVC Partners, a private equity firm that won a franchise by bidding for Ahmedabad in the IPL, has now bought a stake in Formula One racing, football and rugby leagues. In contrast, its Singapore-based subsidiary Irelia Company PTE Ltd has bought an IPL team in India.
GCA welcomes new team at Narendra Modi Stadium
Gujarat Cricket Association Vice-President Dhanraj Nathwani tweeted, “Congratulations to Irelia Company PTE Limited (CVC Group) for getting a new IPL team in Ahmedabad. Welcome to Narendra Modi Stadium as well as the RPSG team. Congratulations on receiving. “
CVC Capital has bought the Ahmedabad team franchise to join IPL 2022 for Rs 5,625 crore. CVC Capital is a private equity firm headquartered in Luxembourg, which invests in emerging businesses and sells its stake at high profits as its profits and valuations increase. Usually, a private equity company buys a certain percentage stake in the company at a valuation. Then, after a short time, they profit, sell their stake in the company, and invest in a new company.
Adani has a team in
Kabaddi and Boxing League Adani has a team in Kabaddi and Boxing League. This time, Adani participated in the bidding for the Ahmedabad and Lucknow teams to add more new team franchises to the IPL auction. Although the CVC group was willing to pay more for the bidding, the Adani group did not get the Gujarat Ahmedabad team; all the cricketers in Gujarat wanted a Gujarati or a Gujarat company to buy the Ahmedabad team. Earlier, Intex had fielded a team called Gujarat Lions in the IPL. Thus, two new teams have been added to the IPL through auction.
What does private equity firm CVC Capital Partners do?
The bid of Rs 5600 crore was won. The company is headquartered in Luxembourg and London. According to 2019 data, CVC Capital has assets of 75 billion. The company has about three lakh employees in different countries of the world. CVC Company was started in the year 1981. The company’s chief executives are Steve Colts and Donald McKenzie. CVC Capital Partners recently bought stakes in the Spanish football leagues La Liga, Formula One and Rugby League. The company is known worldwide for its excellent investments. For example, Pte Ltd, a Singapore-based subsidiary, has bought the Cricket League IPL team.
The company’s chief executives are Steve Colts, Donald Mackenzie and Rolly Van Rapard.
Parthiv Patel is eager to watch the thrilling match in
Ahmedabad Parthiv Patel, a cricketer from Ahmedabad, tweeted that he was happy to know that his hometown Ahmedabad has an IPL team; there is no need to wait for a thrilling match at our world-class stadium. Is. Congratulations and best wishes to all those involved in the BCCI, including Jai Shah and Sourav Ganguly.
