Torrent Group set to acquire majority stake in Gujarat Titans post-2025, Adani Group withdraws from race: Report

Valuations for IPL teams have soared in recent years, driven by the league's increasing media rights and sponsorship income.

Ahmedabad-based Torrent Group is reportedly set to acquire a majority stake in the Indian Premier League (IPL) franchise Gujarat Titans, following the end of the ownership lock-in period in February 2025. According to a report by The Economic Times, Torrent has reached an informal agreement with European private equity giant CVC Capital Partners, the current majority owner of the team.

Citing sources with direct knowledge of the development, the report suggests that while Torrent Group will likely acquire the majority stake, CVC Capital Partners is expected to retain a significant minority share.

Gujarat Titans, which won the IPL in their debut season in 2022, is currently valued at over $1 billion, reflecting the growth in the league's media rights and sponsorship revenues.

The Adani Group, led by Gautam Adani, was also in the race to acquire Gujarat Titans but is said to have stepped back due to the franchise's high valuation. According to sources, the conglomerate is now focusing on its core businesses, including power and ports. Both Torrent and Adani had previously bid unsuccessfully to buy the Ahmedabad-based franchise in 2021. CVC Capital Partners secured the team for Rs 5,625 crore, outbidding Adani Group and Torrent Group, which had submitted bids of Rs 5,100 crore and Rs 4,653 crore, respectively.

"Torrent and CVC have a gentleman's agreement in place for the Gujarat Titans since a formal deal can only be signed after the lock-in period ends," said a source quoted in the ET report.

CVC Capital Partners, which has significant investments in global sports properties including LaLiga, Premiership Rugby, and Volleyball World, declined to comment on the reported deal, as did Torrent Group and Adani Group.

Moneycontrol was unable to independently verify the report.

Valuations for IPL teams have soared in recent years, driven by the League's increasing media rights and sponsorship income. Between 2023 and 2027, the Board of Control for Cricket in India (BCCI) is expected to generate Rs 50,000 crore in revenue from these sources, which are shared equally between the board and the franchises, the ET report added. IPL franchises saw their revenues more than double in FY24, with individual team earnings rising to Rs 600-700 crore due to an increase in the central revenue pool.

An anonymous source cited by the report explained, "M&A deals typically occur based on revenue or profit multiples, but IPL valuations are more about vanity, given the immense demand and limited supply of franchises."

The exclusive nature of IPL franchises, combined with most existing team owners' reluctance to sell majority stakes, has kept large investors at bay. Major IPL owners include Mukesh Ambani's Reliance Industries, Diageo Group's United Spirits, Bollywood star Shah Rukh Khan, Sun TV Network, and the RP-Sanjiv Goenka Group.

Any sale of equity in an IPL franchise requires BCCI approval.