IPL Ahmedabad team: CVC gets all clear but agreement struck over legal terminology
8th January 2022
The decision over the fate of CVC Capital’s Ahmedabad is pending with BCCI for over two months now over the links of CVC with betting companies. The BCCI appointed external legal panel had reportedly given a go-ahead but the parties are now struck with finding a suitable and lawful terminology for the agreement to be signed, reported Cricbuzz.
A delay in closing the deal with CVC may have a ripple effect on the entire timeline for the IPL 2022 edition. Both the new teams are expected to be given a 15 day window to pick marquee players from available pool. The cricketing body is hoping to stick to the February 12-13 auction dates as of now reported Cricbuzz. But the officials have not ruled out a postponement by a week or 10 days. The final auction dates will be decided once the agreement with CVC is signed.
i guess betting companies can buy a @ipl team. must be a new rule. apparently one qualified bidder also owns a big betting company. what next 😳😳😳 – does @BCCI not do there homework. what can Anti corruption do in such a case ? #cricket— Lalit Kumar Modi (@LalitKModi) October 26, 2021
CVC Capital Partners, an investment firm, became the second highest bidder when two new IPL teams were auctioned last October. Soon it came to light that CVC has investments in online betting and gambling companies. CVC had won the rights to own the Ahmedabad franchise for Rs 5625 crores, while Sanjiv Goenka RPSG Group bagged the Lucknow franchise for Rs 7090 crores.
The BCCI had put on hold the execution of the final agreement with CVC and sought legal opinion. This also delayed the IPL media rights issue for 2023-27 cycle. “The IPL Media Rights tender for the cycle 2023-2027 will be released immediately after the appointment of two new IPL teams which is scheduled to be announced on 25th October 2021,” the BCCI had said in a media release after a governing council meeting of the IPL on September 28. However, the media rights tender is still not undertaken.