Ahmedabad IPL Franchise Owners Make First Payment
Even as questions about CVC Capital’s credentials continue to swirl, casting doubt on the global private equity firm’s successful bid for the Ahmedabad franchise in the Indian Premier League (IPL), news has emerged that the firm has already met its first financial obligation.
It has made a payment of INR 75 crore to the Board of Control for Cricket in India (BCCI), as needed by a franchise, and the American investment firm, with a turnover of more than 120 billion dollars, is said to have also signed the franchise deal. All that is needed now is the BCCI authorities’ countersignature.
The Board of Control for Cricket India (BCCI) has yet to sign the papers, which even the Lucknow franchise owners, Sanjiv Gaoenka’s RPSG Group, are waiting for. The two new franchises must pay 30% of their offer value in the first week of January, according to the agreement.
The Ahmedabad franchise was sold to CVC for Rs 5625 crore. CVC Capitals’ proposal has been questioned due to its ownership in a British betting company, prompting concerns that the BCCI will evaluate the entire transaction, given betting companies are outlawed in India. The counter-argument has argued that CVC’s investment in Sky Betting in the United Kingdom is legal under British law.
Net session in Abu Dhabi
In a completely unrelated situation, the Indian team canceled its scheduled practice session. The players were supposed to have a net session in Abu Dhabi, but team management decided that the three-hour journey time – to and from the ground – would be better for them.
The group is staying at the Th8 Palm in Dubai. Since they arrived in Dubai earlier this month, the team has been given practice grounds in Dubai, largely at the ICC Academy Site, but the most recent ground allowed was in Abu Dhabi, a 90-minute trip from Dubai.