CVC Capital Partners has officially announced a definitive agreement to divest a 67% majority stake in the Gujarat Titans, a prominent franchise in the Indian Premier League (IPL), to Torrent Group. This transaction marks a significant shift in ownership for the Gujarat Titans and highlights CVC Capital Partners’ successful, albeit relatively short, foray into Indian cricket.
Siddharth Patel, Managing Partner at CVC Capital Partners, expressed his enthusiasm regarding the deal, stating, “We are excited to announce this deal, which marks the beginning of a new chapter in India’s most popular sporting event and our team Gujarat Titans. Our participation in Indian Cricket started strongly, securing the Gujarat franchise, winning the IPL title in our first season and emerging as runners up in our second season.” This statement underscores the rapid success and high profile achieved by the Gujarat Titans under CVC Capital Partners’ majority ownership. Their entry into the IPL was marked by immediate success, capturing the championship in their debut season and maintaining a strong performance in the subsequent year.
Amit Soni, Partner at CVC Capital Partners, further elaborated on the partnership with Torrent Group. “We are delighted to be able to partner with Torrent, one of the most respected business groups in India. We are now very pleased to welcome the Torrent Group and look forward to unlocking new avenues for growth and development for Gujarat Titans and for the IPL in the years to come.” This reflects CVC Capital Partners’ positive outlook on the future of Gujarat Titans under the new ownership. The collaboration with Torrent Group, a well-established and respected Indian conglomerate, is anticipated to bring fresh impetus and opportunities for the franchise and the broader IPL ecosystem.
Nick Clarry, Managing Partner at CVC Capital Partners, provided a broader perspective on CVC’s investment in sports, noting, “CVC has a long history of investment in sports since our investments in Moto GP and Formula One, and we are extremely proud of how this investment in Gujarat Titans has developed.” He further acknowledged the key stakeholders in Gujarat Titans’ journey: “We particularly want to thank our fans, our management team, our players and the BCCI. Because of them, Gujarat Titans has become a leading franchise on and off the pitch, and together with the support of our wonderful fans, we expect this to accelerate with our new partners, Torrent.” This statement positions the Gujarat Titans investment within CVC Capital Partners’ broader sports investment portfolio and credits the franchise’s success to a collective effort from fans, management, players, and the Board of Control for Cricket in India (BCCI). CVC Capital Partners views the Gujarat Titans as a leading franchise both in terms of on-field performance and off-field brand development, and anticipates continued success under the partnership with Torrent.
The sale of the majority stake is currently pending customary closing conditions and regulatory approvals, including clearance from the BCCI. This procedural step is standard for transactions of this nature and is expected to be completed in due course, officially transferring the majority ownership of the Gujarat Titans from CVC Capital Partners to Torrent Group and heralding a new era for the IPL franchise.
