BCCI gives go-ahead for Torrent takeover of Gujarat Titans

Torrent Group Takes Over Gujarat Titans

The Board of Control for Cricket in India (BCCI) has given the go-ahead for the transfer of control of Gujarat Titans from Irelia Sports India Private Limited (CVC Capital) to the Torrent Group.

Key Details

• The Torrent Group will hold 67% of the shares, while CVC will retain a minority stake of 33%.
• The sale was completed at an enterprise valuation of Rs 7522 crore, with Torrent buying the 67% stake for Rs 5035 crore.
• The BCCI is entitled to 5% of every transaction conducted within the ownership group.

Background

Gujarat Titans was bought by CVC in 2022 for Rs 5625 crore, and has since seen an appreciation in value of Rs 1897 crore (34%). The team has been successful, winning the title in its inaugural year and finishing runners-up in 2023.

Takeover Details

The Torrent Group takeover has been speculated since CVC bought the team in 2022. However, the transfer of management was not permitted during the initial three-year lock-in period. With the completion of the three-year term last month, the parties have now formally announced the change in management.