The Gujarat Titans, a team in the Indian Premier League, are anticipated to undergo a change. The IPL team that started in 2022 will have a new partner in the form of Torrent, a pharmaceutical business based in Ahmedabad that is prepared to purchase the majority of the franchise’s shares. The private equity business that now owns Titans, CVC Capitals, has formally requested something from the Board of Control for Cricket in India (BCCI).
Torrent, which had originally intended to purchase the stakes for two years, was forced to wait for the deadline to shut since every IPL franchise has a statutory three-year lock-in clause. CVC purchased the franchise in 2022, and the BCCI states that management cannot be replaced before the deadline. Monday, February 10, is the last day of the lock-in period.
After that, CVC Capitals can take a management change.
Torrent claims that the value of its ownership stake in the franchise has increased by over 50%. Additionally, according to the report, Torrent plans to acquire almost 60% of the squad. It is important to note that Torrent was among the organisations that attempted to purchase a team in 2022, when the Gujarat and Lucknow teams were introduced, but their attempt was unsuccessful.
Torrent bid INR 4653 crore at the auction, while the Adani group also offered INR 5100 crore. At INR 5625 crore, CVC Capital, however, surpassed both organisations and asserted a stake in the Gujarat team. According to estimates, the Gujarat Titans team is worth Rs 7800 crores. By winning its first IPL title in 2022 and reaching the finals in 2023, it established the majority of its fan following. The team will retain the coaching staff of Ashish Nehra-Vikram Solanki and current Titans captain Shubman Gill.
Home