The Ahmedabad-based Torrent Group is poised to acquire a majority stake in the Gujarat Titans IPL franchise from CVC Capital Partners, as reported by the Economic Times. This move marks a significant shift in the ownership landscape of the team. However, the formalization of this deal will only take place after the existing ownership lock-in period concludes in February 2025.
The Adani Group, led by Gautam Adani, had previously sought to acquire a stake in the Gujarat Titans on two separate occasions but has now withdrawn from the bidding process. In 2021, the Adani Group made a substantial bid of Rs 5,100 crore for the franchise but was ultimately outbid by CVC Capital Partners, who secured the team for Rs 5,625 crore. At that time, Torrent Group also submitted a bid of Rs 4,653 crore.
With the recent developments, Torrent Group and CVC Capital Partners have reportedly reached a "gentleman's agreement," which allows Torrent to take over a controlling stake in the franchise once the lock-in period expires. This agreement sets the stage for a major shift in the team's ownership structure as the IPL approaches its future seasons.
