IPL 2022: The BCCI will give CVC Capital the green light ahead of the upcoming season.
Following approval by the legal committee, the Indian board will issue a ‘Letter of Intent’ to CVC Capital.
The BCCI is expected to give CVC Capital the green light to participate in the IPL 2022. The firm, which paid Rs 5,625 crores for the Ahmedabad-based staff. Was alleged to be associated with gaming and betting companies.
CVC Capitals’ portfolio firms include Sisal, a betting gaming and payments company, and Tipico. A sports betting and online gaming company. The BCCI office-bearers discussed CVC issues during the board’s recent annual general meeting. And it was discovered that the corporation had two funds. One European and the other Asian.
The Asian fund is clean, despite the fact that the European fund is related to betting companies. CVC also put money into their IPL club from their Asian fund. According to a BCCI official. According to sources, the Indian board would issue a ‘Letter of Intent’ to CVC Capital when the legal committee approves the deal.
Lalit Modi against CVC Capitals entering IPL market
IPL 2022: The BCCI will give CVC Capital the green light
Former IPL Commissioner Lalit Modi had previously chastised the BCCI for allowing better companies to access the IPL platform.
“I suppose betting companies can purchase an IPL franchise.” There has to be a new regulation. One of the qualifying bidders appears to be the owner of a large betting organization. So, what’s next? Is BCCI slacking on their homework? In such a circumstance, what can Anti-Corruption do? “#cricket,” Moody wrote on Twitter.
The CVC had already invested in sports such as rugby, football, and Formula 1 before joining the IPL industry. Apart from CVC, the RPSG Group, owned by Sanjeev Goenka, purchased the Lucknow-based team for INR 7090 crores.
The auction for the next edition, according to insiders. Will take place in the first or second week of February. However, the big auction’s host city has yet to be determined.
“We will have the IPL super auction in India until the COVID-19 scenario worsens.” The two-day event will take place on February 7 and 8, and, as in previous years, it will be held in Bengaluru. A senior BCCI official was cited as saying, “Preparations are underway.”