Private equity firm CVC Capital Partners is in talks with Adani Group and Torrent Group to sell a controlling stake in Indian Premier League (IPL) team Gujarat Titans (GT), The Economic Times has reported.
CVC may offload a majority stake in the IPL franchise while retaining a minority holding, the report added.
Moneycontrol couldn't independently verify the report.
The lock-in period that prevents new teams from selling a stake will end in February 2025.
According to the report, GT could be valued between $1 billion-$1.5 billion. "Having missed out on the opportunity to own IPL's Ahmedabad franchise in 2021, both Adani and Torrent are vying aggressively to buy a majority stake in Gujarat Titans. For CVC, it's a great opportunity to monetise its stake in the franchise," an official told ET.
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Adani, Torrent, and CVC declined to comment to ET.
Gujarat Titans joined the IPL bandwagon in 2022 when the league added two new teams. CVC Capital had acquired the team for Rs 5,625 crore.
In 2023, Adani Group bagged WPL's Ahmedabad franchise with a top bid of Rs 1,289 crore.
With Rs 193 billion of assets under management, CVC backs sports big time with investments in LaLiga, Premiership Rugby, Volleyball World, and Women's Tennis Association, the report added.
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