CVC Capital, which owns the Ahmedabad franchise of IPL, will reportedly get approval from the BCCI after a controversy erupted after it emerged that it has links with betting and gambling companies. With a bid of Rs 5,625 crore, an investment firm CVC Capital in October this year won the bid for a new IPL franchise that will be based out of Ahmedabad. However, soon after a successful bid was placed for the team, former IPL commissioner Lalit Modi alleged that the BCCI did not do its homework as one of the qualified bidders is the owner of a large betting company. (ipl 2022 cvc capitals )
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The bidder also owns a large betting company
Lalit Modi had tweeted that I think betting companies can buy IPL teams. There should be a new rule. Obviously, a qualified bidder also owns a large betting company. what next? Doesn’t BCCI do its homework? So what can anti-corruption do? #Cricket. Soon, the BCCI began investigating the investment firm’s ties with betting companies and found that CVC had two funds – European and Asian. Its European funds have links to speculative companies while Asian funds have no such relationship.
Invested in Franchisees from Asian Fund (ipl 2022 cvc capitals )
According to The Indian Express, CVC Capital has invested in the franchise from its Asian fund and this was informed to the BCCI officials during its recent Annual General Meeting. The BCCI had invited bids for two new IPL franchises which will join the existing eight from next season. The teams will be based out of Ahmedabad and Lucknow. Sanjeev Goenka’s RPSG Group won the Rs 7,090 crore bid for the Lucknow franchise. Meanwhile, the BCCI has extended the deadline to sign three players for two new franchises ahead of the IPL mega auction to be held in February next year. ( ipl 2022 cvc capitals )
