BCCI investigating new IPL franchise owners CVC Capital's investments in betting companies - Report
BCCI investigating CVC Capital's investments in betting companies. | Photo - BCCI |
The Board of Control for Cricket in India (BCCI) recently announced that CVC Capitals and RPSG Group have emerged as the winners of the bidding for two new teams set to be introduced in the Indian Premier League (IPL) from the 2022 season.
BCCI confirmed that the RPSG Group clinched the ownership rights of the Lucknow franchise with a winning bid of INR 70.09 billion (Rs 7090 crore), and Irelia Company Pte Ltd. (CVC Capital) won the bod for the Ahmedabad franchise for INR 56.25 billion (Rs 5625 crore).
However, CVC Capital's alleged investments in betting companies outside India have put them in a spot of bother. The BCCI is reportedly looking into the company's investments in betting firms and will wait till the board's legal team has dome a complete check. The formalities are expected to be completed after Diwali.
“The formalities haven’t yet been completed, the BCCI legal team is going through it and we are expecting them to revert us post-Diwali,” a BCCI official was quoted as saying by theIndian Express.
“The BCCI has full rights on whom they will allot the team, it’s the board’s discretion and we can only decide on a new IPL franchise (CVC) when the legal team reverts to us," he added.
BCCI is discouraged to form associations with companies in the betting business. Former IPL commissioner Lalit Modi was one of the first to question BCCI's decision to hand the ownership rights of an IPL team to an organisation that has investments in betting companies.
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“I guess betting companies can buy an IPL team. must be a new rule. Apparently, one qualified bidder also owns a big betting company. what next? does BCCI not do their homework? what can Anti-corruption do in such a case? #cricket,” Lalit Modi has said in a tweet.
Several others have also questioned CVC Capital's investments in betting firms which has prompted the BCCI to run a legal check.CVC Capital's fate as the new owners of the Ahmedabad franchise in IPL will be decided by the BCCI after the legal investigation is done.
What if CVC Capital are not allowed to continue as owners?
In case, the BCCI decides to take away the ownership rights from CVC Capital owning to its investments in betting companies, the next best bidder - Adani Group will come into the picture. Adani Group had bid INR 51 billion (Rs 5100 crores) for the Ahmedabad franchise but were left behind by CVC Capital's bid ofINR 56.25 billion (Rs 5625 crore).