The Board of Control for Cricket in India (BCCI) on Monday announced two new teams for the next season of the Indian Premier League (IPL). They are – Ahmedabad and Lucknow, owned by CVC Capitals Partners and Sanjiv Goenka’s RPSG Group respectively. However, CVC Capital Partners has come under the scanner for their links with betting companies.
Notably, CVC Capital has invested heavily in betting and gambling companies. On the other hand, the IPL is already faced trouble for the betting and match-fixing scandal in 2013. Moreover, Chennai Super Kings and Rajasthan Royals were banned for two seasons after a few officials were charged by the Supreme Court for corruption as well. However, gambling and betting are banned as per the Indian laws and their recent move could be suicidal for BCCI.
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Meanwhile, the founder of the Indian Premier League, Lalit Modi took to Twitter and shared his views. He tweeted: “i guess betting companies can buy a @ipl team. must be a new rule. apparently one qualified bidder also owns a big betting company. what next 😳😳😳 – does @BCCI not do there homework. what can Anti corruption do in such a case ? #cricket”
i guess betting companies can buy a @ipl team. must be a new rule. apparently one qualified bidder also owns a big betting company. what next 😳😳😳 – does @BCCI not do there homework. what can Anti corruption do in such a case ? #cricket
— Lalit Kumar Modi (@LalitKModi) October 26, 2021
However, top sources have informed Outlook on Tuesday that BCCI’s attention has been drawn to CVC Capital’s business activities and surprisingly those were not noticed during the long “verification stage” before the financials were opened on Monday evening as well. Notably, CVC Capital made the second largest bid (INR 5600 Crores) and got the Ahmedabad franchise, defeating the ‘favourites’ Adani Group, who bid INR 5100 Crores.
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On the other hand, RPSG Group grabbed the Lucknow franchise with a whopping 7090 crores as well. CVC Capital Partners, however, is a private equity and investment advisory firm where nearly US$ 111 billion has been invested in European and Asian private equity, credit and growth funds as well since the beginning.
Meanwhile, a top source, who was involved with the bidding process has said that a formal complaint is expected from the Adani Group. Even, as per reports, the BCCI officials have been in discussion with CVC Capital officials to check if there is any conflict of interest as well.
