CVC Capital Partner’s entry has been questioned.
Lalit Modi, the former boss of the Indian Premier League i.e. IPL, has targeted BCCI for betting in the team auction. He tweeted that now it seems that even a betting company can buy a team in IPL. This is a new rule. The team has recently been auctioned off and one team owner is involved in betting. Doesn’t BCCI say its homework? What will anti-corruption do in such cases?
Recently, there has been an auction for two new IPL teams. Sanjeev Goenka’s company RPSG Group has bought the Lucknow franchise for Rs 7090 crore. Private equity firm CVC Capital Partner has bought the Ahmedabad franchise for Rs 5625 crore. Lalit Modi has questioned the entry of CVC Capital Partner.
i guess betting companies can buy a ipl team. must be a new rule. Apparently one qualified bidder also owns a big betting company. what next 😳😳😳 – does CCBCCI not do there homework. what can Anti corruption do in such a case? #cricket
– Lalit Kumar Modi (alLalitKModi) October 26, 2021
These two companies are in the business of betting
Modi said that CVC Capital has also invested in some companies which are in the business of betting. According to CVC Capital Partner, it is the world’s leading private equity firm. Its assets under management are over 125 125 billion. The company has invested in companies like Tipico and Sisal which are in the business of betting.
The whole process has taken place in a transparent manner
Modi said that betting is illegal in India. CVC has also invested in Formula-1 before. Now he has entered the world of cricket through IPL. At the moment, on the questions being raised on the auction process, BCCI officials say that the entire process has been followed in a transparent manner.
Manchester United also participated in the auction
Footballer club Manchester United also joined the auction, which shows that its craze in the world is growing very fast. No participant has complained about the auction process.
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(PTI input)
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