IPL 2018: Delhi Daredevils get a new co-owner in JSW group
The JSW group also has holdings in ISL side Bengaluru FC.
Published - Mar 13, 2018 12:26 pm | Updated - Mar 13, 2018 12:26 pm
The GMR sports private limited, a company which owns the Delhi Daredevils in the Indian Premier League, has found a co-owner in JSW group, who have acquired 50% of the stakes. The GMR limited has been valued at Rs. 1,100 crores for stake transfer. The deal made between the two companies, however, is yet to be given a nod by the IPL Governing Council and the same will be confirmed only on Friday, March 16. The JSW Group has to pay ₹ 550 crores to the GMR Group for buying the 50% stake.
Reports also add that Kiran Kumar Granthi will continue as the chairman of the franchise and Sangeeta Jindal from the JSW group will take over as the Chairman in 2019 for two years. After another two years, GMR’s chairman can once again take over the position. Basically, every two years, the role can be exchanged between the chairman of both the companies.
Parth Jindal of the JSW group told the media that they are excited to venture into the IPL and add the Delhi Daredevils to their investment portfolio. “This is something that we as a group are excited about and the DD team will add to our existing portfolio of sports investments. We look forward to bring our experience and expertise to take the team to new heights”
A vast portfolio
Delhi’s new co-owner also owns Bengaluru FC in the Indian Super League – they have won two titles in the competition. Besides, they also own Pro Wrestling League’s franchise Bengaluru Yodhas and Haryana Steelers, a team in Pro Kabaddi League.
Can the daredevils change their fate?
Despite having played some of the best players in their history – Virender Sehwag, AB De Villiers, Glenn McGrath and Daniel Vettori, the Daredevils have, for most of the tournament’s history, remained at the bottom of the table. This year, under the captaincy of a successful IPL captain Gautam Gambhir and an aggressive coach Ricky Ponting, they will expect to put up a better show.