Ahmedabad-based Torrent Group announced on Monday the successful acquisition of a 67% controlling stake in the Indian Premier League (IPL) franchise Gujarat Titans.
The majority stake was purchased from Irelia Company Pte Ltd, a private equity fund managed by CVC Capital Partners, which previously held full ownership of Gujarat Titans through Irelia Sports India Pvt Ltd. The Board of Control for Cricket in India (BCCI) has granted all necessary approvals for the transaction, paving the way for Torrent Group to take charge of the franchise.
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"With the fulfilment of these conditions, the acquisition has now been successfully completed," Torrent Group stated. Despite the transfer of majority ownership, CVC will continue to retain a 33% minority stake, maintaining its association with the franchise.
Torrent Group first announced the deal's signing on February 12, and its completion ahead of the upcoming IPL season on March 22 signals the conglomerate's ambition to expand its business footprint into the booming Indian sports market.
Founded in 2022, Gujarat Titans have quickly emerged as one of the successful franchises in IPL history by winning the coveted title in their debut season. The Titans also finished as runners-up the following year. Led by Shubman Gill and coached by Ashish Nehra, the team plays its home matches at the iconic Narendra Modi Stadium in Ahmedabad, the world's largest cricket venue.
"The Gujarat Titans, one of the youngest and successful franchises in IPL history, will now benefit from Torrent's extensive expertise in building and managing large-scale businesses," Torrent Group announced. "With a focus on strengthening team operations, fan engagement, and commercial growth, the acquisition sets the stage for an exciting future for the franchise."
The acquisition signifies Torrent's commitment to leveraging its experience in managing large enterprises to enhance the team's operational and commercial aspects, while also contributing to India's evolving sports landscape.
The IPL, renowned for being one of the most-viewed sporting events globally, continues to expand its audience, attracting over 400 million viewers annually and boasting a global following of more than one billion.
"With the completion of this transaction, Torrent Group is set to embark on an exciting journey with Gujarat Titans, further strengthening the franchise's position as a powerhouse in Indian and global cricket," the statement concluded.
