IPL 2022: CVC Capitals Makes First Payment To BCCI, Signs The Franchise Agreement

The CVC Capitals has made its first payment to the Board of Control for Cricket in India (BCCI) after submitting the winning bid for the Ahmedabad franchise on October 25 in the closed-bidding auction.

Doubts were being raised over the credentials of the company because of their involvement in a British betting company. However, the CVC has made its first payment of INR 75 crore, confirming the deal from their side. They’ve also signed the franchise agreement.

The American company has fulfilled its end of the deal, and all that’s left now is the signature from the BCCI to secure the ownership. On October 25, CVC Capitals earned the ownership of the franchise to be set up in Ahmedabad for a whopping INR 5625 crores.

Sanjiv Goenka’s RPSG Group won the Lucknow franchise and, similar to CVC, is awaiting the signed papers from the BCCI. According to the agreement, both franchises that will join the IPL 2022 season, have to pay 30 percent of the bid amount in the first week of January.

CVC Capitals’ involvement with a betting company has delayed the deal

The BCCI will reportedly review the deal with CVC Capitals after their involvement with the betting company came to the foreground. It is illegal to have a link with betting firms in India, but the company’s investment in Sky Betting is considered to be legal as per British laws.

There has been no official confirmation yet from anybody in the BCCI. However, certain sources close to the private equity firm assured that the deal is pretty much done and the announcement will be made in due time.

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