IPL 2022: CVC Capitals get final nod to own Ahmedabad franchise, BCCI issues Letter of Intent

IPL 2022: CVC Capitals get final nod to own Ahmedabad franchise, BCCI issues Letter of Intent

CVC's ownership of the franchise had come under legal scrutiny after its links with betting firms outside India were found.

IPL Auction 2021
IPL Trophy (Photo Source: IPL/BCCI)

CVC Sports have been given the final clearance regarding their ownership of IPL’s Ahmedabad franchise from the Board of Control for Cricket in India (BCCI), it is learnt.

CVC, a private equity and investment advisory firm with approximately US$111 billion in secured commitments since inception, had won the bid for the team for INR 5625 crore at a walk-in bidding event in Dubai last year but controversy arose upon the emergence of their investments in betting companies outside India, bringing into question the BCCI’s due diligence.

The BCCI referred the matter to the Solicitor General of India, Tushar Mehta, who had recommended the board to take a second legal opinion, while he also advised the board to form a committee and take their report at Governing Council meeting to make a final call whether the American company’s links are in violation of the norms.

While the deadline for the two new franchises to pick three non-retained players ahead of the mega auction was set for December 25, the BCCI received the report from the independent three-member external panel, headed by retired Supreme Court judge, Justice KS Radhakrishnan, only on December 26.

After plenty of legal tussle and scrutiny, the franchise has finally received the Letter of Intent (LOI) from the board, setting clear their ownership of the franchise.

It is learnt further that former England batter Vikram Solanki has been roped in as the Director of cricket of the franchise, while World Cup-winning coach Gary Kirsten will be the mentor and former India pacer Ashish Nehra, the head coach. Indian middle-order batter Shreyas Iyer, who has been released by the Delhi Capitals, is likely to lead the team.

Meanwhile, the mega auction is set to be held in Bengaluru on February 12 and 13 but is currently under doubt owing to the rapid increase in Covid-19 cases in India. The third wave of the pandemic has also put the possibility of holding the tournament in India in doubt. While the BCCI is understandably inclined towards conducting it in India, the chances of taking the league abroad have not been ruled out as the board is actively exploring all options.