Advertisement
Tuesday, Aug 16, 2022
Outlook.com
Outlook.com

Former IPL Boss Lalit Modi Questions CVC Capital's Entry Into Cash-Rich League

CVC Capital bought the Ahmedabad franchise for Rs 5625 crore in the IPL on Monday in Dubai. The Lucknow franchise went to RPSG Group for Rs 7090 crores.

Former IPL Boss Lalit Modi Questions CVC Capital's Entry Into Cash-Rich League
Lalit Modi founded the Indian Premier League in 2008 and ran the cash-rich league for three years until 2010. | File photo
Former IPL Boss Lalit Modi Questions CVC Capital's Entry Into Cash-Rich League
outlookindia.com
2021-10-27T19:17:43+05:30

Former Indian Premier League boss Lalit Modi has questioned the entry of private equity firm CVC Capital Partners in the IPL due to its investments in companies linked to betting activities.

CVC, which calls itself a ‘world leader in private equity and credit with USD 125 billion of assets under management’, shelled out Rs 5625 crore for buying the Ahmedabad franchise in the world’s biggest T20 league on Monday.

The Lucknow franchise went to RPSG Group for Rs 7090 crores. As per the company’s website, it has investments in companies like Tipico and Sisal which are involved in sports betting. Betting is not legal in India. CVC also invested in Formula 1 in the past and now has stakes in Premiership Rugby.

“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 their homework. what can Anti corruption do in such a case?” Modi tweeted on Tuesday.

The IPL also attracted bids from owners of iconic football club Manchester United. A BCCI official told PTI that a transparent bidding process was conducted on Sunday in Dubai.

“None of the bidders in the room had any issues with the bidding process. It was done in the most transparent manner. The winning bids only showed the increasing global appeal of the IPL.”

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement