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IPL 2022: New IPL Franchise Ahmedabad owner CVC Capitals in trouble, found links with betting companies

Irelia Company Pte Ltd (CVC Capitals) paid INR 5600 Crores to acquire the Ahmedabad based new IPL Franchise.

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IPL 2022: New IPL Franchise Ahmedabad owner CVC Capitals in trouble, found links with betting companies

New IPL Franchise Ahmedabad owner CVC Capitals in trouble, found links with betting companies.

IPL 2022: It’s not been more than two days and the new IPL franchise Ahmedabad owners CVC Capitals have run into trouble as the company has been found to have links with big betting businesses. Lately, it has been informed that CVC Capitals have heavily invested in the betting and gambling companies.

Chennai Super Kings (CSK) and Rajasthan Royals (RR) have already been banned for two years for their involvement in betting and gambling scandals which tainted the image of the Indian Premier League (IPL) in 2013. 

Several high profiles personalities including cricketers were alleged to have their shares in the scandal and were sent behind the bars by the Supreme Court.

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Under such circumstances, netizens raised their voice and said giving away the new IPL franchise to a company that is actively involved in gambling could turn to be a disaster for the BCCI and IPL.

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However, a senior BCCI official has clarified that as long as the company doesn’t operate such actions in India, they are safe to own an IPL franchise.

 “CVC Capital is a big private equity company and they are free to pick up stakes in a betting company because betting is legal abroad. Irelia Company Pte Ltd (through which CVC Capital bid) could be managing many funds but as long as they don’t have any managerial role or control, how does it matter? Betting is a matter of perception. It should not be confused with match-fixing,” said a senior BCCI official.

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On 25th October, Monday, BCCI sold two new franchises Lucknow and Ahmedabad to RPSG Goenka Group and Irelia Company Pte Ltd respectively after the two emerged as the top bidders to own and operate the IPL franchise from 2022 onwards.

RPSG paid a whopping INR 7090 crores, which apparently is the highest bid, while Irelia Company Pte Ltd (CVC Capitals) raised up INR 5600 Crores to become the second-highest bidder and won the ownership of Ahmedabad based franchise.

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