Advertisement
Sunday, Nov 28, 2021
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

Omicron: New Strain Of Coronavirus Escalates Need For Global Vaccine Sharing

Omicron: New Strain Of Coronavirus Escalates Need For Global Vaccine Sharing

'Despite the repeated warnings of health leaders, our failure to put vaccines into the arms of people in the developing world is now coming back to haunt us', wrote former British PM Gordon Brown.

Covid-19: Experts' Take On Omicron And Possibility Of Third Wave In India

Covid-19: Experts' Take On Omicron And Possibility Of Third Wave In India

Though the health experts and scientists in India have advised caution yet they feel that the current immune profile of the majority of the population in India makes them less vulnerable to Omicron as compared to any other country in the world.

Iyer Plays Down Record, Says 'Important Thing Is To Win Match'

Iyer Plays Down Record, Says 'Important Thing Is To Win Match'

Shreyas Iyer hit 105 and 65 against New Zealand to become the first Indian batter to score a century and half-century in his debut Test match.

What Is Omicron: All You Need To Know About The New Coronavirus Strain

What Is Omicron: All You Need To Know About The New Coronavirus Strain

After the detrimental Delta variant which took the world by storm in the second wave of Covid-19, WHO recently declared ‘Omicron’ as the latest ‘variant of concern’ (VOC).

Advertisement