BCCI conducted the sale of the two new IPL franchises on Monday in Dubai. RPSG Group and CVC Capital have won the bids for the two new franchises. Having owned the Rising Pune Supergiant team in the past, RPSG Group is not new to IPL. However, CVC Capital is a new name to the Indians. In this article, we take a look at more details about CVC Capital, the firm that has won the bid for the Ahmedabad franchise in IPL.
CVC Capital wins bid for the Ahmedabad franchise
CVC Capital Partners is a private equity firm based out of Luxembourg. As per reports, the company made a bid of INR 5166 crores to get the rights to own the Ahmedabad franchise. Meanwhile, the Sanjiv Goenka-led RPSG Group had a winning bid of INR 7090 crores for the Lucknow franchise. The Narendra Modi Stadium will be the home venue for the CVC franchise.
Here is all you need to know about the latest IPL team owners
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CVC is a world leader in private equity and was founded in 1981. As per the official LinkedIn page, the firm has $117.8 billion of assets under management and total committed funds worth $161.9 billion.
The firm is not new to investment in sports. In the past, the firm has held a stake in Dorna Sports and Formula 1. Recently, it made a massive investment in La Liga, the premier football league in Spain. It had run into a controversy, with giants Real Madrid and Barcelona expressing their displeasure at not being consulted over the move.
CVC Capitals has also invested heavily in the sports of rugby. At the moment, it holds stakes in Premiership Rugby, Pro14 Rugby and the Six Nations Rugby. The Volleyball World is the most recent investment. CVC are founders of the same. The firm holds a lot of experience in the area of sports investment. Exposure of the Indian Premier League will only increase after the latest development.
