Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts
 

IPL 2022: CVC Capitals link with betting companies gives away to controversy; BCCI allays concern

IPL 2022: CVC Capitals have links with some betting firms in England and that has led to suspicion over its ownership pattern over the Ahmedabad team that they won in the bidding.

By Karun

Ahmedabad and Lucknow are two new IPL teams

Dubai, October 27: A couple of days after bagging the Ahmedabad franchise for IPL 2022 for Rs 5600 crore, the CVC Capital Partners find themselves in a squishy land after it was suggested that they have investments in betting companies albeit abroad.

The controversy arose because betting and gambling are banned in India as per the country’s law. It may be noted that none of the betting companies that the CVC Capitals have investment do not have operations on Indian shores.

The Adani Group was seen as favourites to win the Ahmedabad-based team and had submitted a bid for Rs 5100 crore in the process held at Dubai on Monday.

The RP-Sanjiv Goenka Group bagged the Lucknow-based team for a whopping Rs 7090 crore.

The CVC Capital Partners made the bid through Irelia Company Pte Ltd and they have a turnover of over Rs 83000 crore and interests firms like BetWay and BetFair which base their operations in United Kingdom where the operations of such companies have been legalised.

However, the critics say that the BCCI ignored the links CVS Capitals Partners have with these firms even in the technical scrutiny round prior to the opening of the financial bids.

But the BCCI downplayed such controversies and said managing funds of such firms are not in violation of any rules, and as far as it has emerged the CVC Capitals does not have a managerial role in any of those companies. They argued that the CVC in its capacity as a leading private equity firm can pick up stakes in betting companies whose operations are under legal purview abroad.

The second highest-bidder Adani Group is closely watching unfolding action and till now has not made any official complaint. The BCCI is also in touch with CVC Capitals to underline their role in the betting firms abroad and at this stage there is no reason to worry about the legality of the bid.

It may be recalled that the CVC Capitals had bought a minor 10 percent stake in La Liga but had to reverse the investment after heavy objection from marquee Spanish clubs like Real Madrid, Barcelona and Atletico Madrid.

Story first published: Wednesday, October 27, 2021, 18:35 [IST]
Other articles published on Oct 27, 2021