Just days after the Board of Control for Cricket in India (BCCI) announced two new owners of IPL teams, there were questions being raised about the ethics and legality on the winning parties.
On Monday, the BCCI announced —RP Sanjiv Goenka Group and Irelia Co Pvt Ltd (CVC Capital Partners) as the owners of the two new IPL teams for a total of Rs. 12,715 crore.
CVC Capital linked with betting firms-Reports
According to a report by Outlook, CVC Capital Partners, who were awarded the Ahmedabad franchise, has run into trouble for its links with betting companies.
According to the report, BCCI’s attention was brought to the notice of CVC’s involvement with betting firms but to much surprise, the Indian Board said there wasn’t any issues regarding it.
“CVC Capital is a big private equity company and they are free to pick up stakes in a betting company because betting is legal abroad. Irelia Company Pte Ltd (through which CVC Capital bid) could be managing many funds but as long as they don’t have any managerial role or control, how does it matter? Betting is a matter of perception. It should not be confused with match-fixing,” a senior BCCI official told Outlook.
According to some sources mentioned in the report, Adani Group, one of the bidder for the two new franchises, is weighting its options.
The Indian board seems there are no issues with the CVC Capital acquiring an IPL franchise.
RPSG Group in conflict of interest
RPSG, which made the winning bid of Rs. 7,090 crore to acquire the Lucknow franchise, is also looked in conflict because BCCI president Sourav Ganguly is a director in ATK Mohun Bagan, the football club that plays in Indians Super League (ISL), owned by the group.
“Ganguly has already initiated the move to step down from directorship. He was always going to do that, in case they happened to win the bid. That’s always how issues of conflict are addressed, a a BCCI official had said, according to media reports.
Goenka said that Ganguly will very soon step down from ATK Mohun Bagan.