CVC Capital Yet To Receive Letter Of Intent From The BCCI

Irelia Company Pte Ltd. (CVC Capital Partners) which managed to win the bid for the Ahmedabad franchise for INR 5625 crores has not yet received a letter of intent from the Board of Control for Cricket in India (BCCI).

Notably, two new teams Lucknow owned by RPSG Ventures group and Ahmedabad owned by CVC Capital Partners are all set to join the Indian Premier League (IPL) 2022 auction.

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Meanwhile, according to the reports of Cricbuzz, the last word on the CVC sports is not out yet. It was reported that the successful bid by the private equity firm for the Ahmedabad franchise has gone into negotiations with the American company and they are trying to clarify to the BCCI officials that its investment in a UK betting firm, which has become a bone of contention, is not illegal.

As a result, there has been a delay in CVC getting a Letter of Intent by BCCI. However, this has not been the case with the owners of the Lucknow franchise, RPSG Group of Sanjiv Goenka as they have already received the letter of intent.

CVC Officials Reach India To Have Talks With The BCCI

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The reports from Cricbuzz further added that the top CVC official has flown to India as well as Dubai to have talks with the BCCI officials. Also, they are expected to have a meeting on Monday, November 15 or in the next couple of days.

Ahead of that BCCI’s legal team are already looking into the CVC files and it is expected that a committee might be formed to solve this matter. Notably, BCCI has already informed the bidding parties that there will be a full-scale study of their business.

“BCCI insiders say that the bidding parties were told on October 25, when the auction had taken place in Dubai, that there may be a full-scale study of their business roots as it was not possible to go through all the papers on that day itself. The BCCI had given itself time up to December 31 for the second round of due diligence, if needed,” As reported by Cricbuzz.

Meanwhile, CVC has not made any comments yet but they are confident that the matter will settle in their favour.

Also Read: Aaron Finch Credits Josh Hazlewood’s IPL 2021 Performance With CSK For His Selection In Australian Playing XI

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