Cricbuzz.com reports that the Board of Control for Cricket in India (BCCI) has officially approved Torrent’s acquisition of the Gujarat Titans.

The Board of Control for Cricket in India (BCCI) has sanctioned the much-anticipated acquisition of the Gujarat Titans by the Torrent Group. Headquartered in Ahmedabad, the Torrent Group now holds a 67% majority stake following the transfer of control from Irelia Sports India Private Limited (CVC Capital). This culmination of the acquisition was announced by the Torrent Group after securing BCCI’s approval, which was reportedly finalized a few days prior.

Torrent Group, a diversified conglomerate with substantial investments in the healthcare and energy sectors, successfully concluded this transaction based on an enterprise valuation of Rs 7522 crore. Accordingly, Torrent acquired its stake for Rs 5035 crore. Meanwhile, CVC Capital retains a 33% minority stake, continuing its involvement with the franchise. As stipulated by the franchise agreement, a 5% transactional fee will be remitted to BCCI.

This acquisition marks a significant appreciation in the franchise’s valuation since CVC’s initial purchase in 2022 for Rs 5625 crore, reflecting a 34% increase in value. The Gujarat Titans debuted with remarkable success, securing the title in 2022 and finishing as runners-up in 2023. However, the team saw a dip in performance last year, finishing eighth with five wins under Shubman Gill’s leadership.

The ownership transition had been speculated since CVC Capital’s acquisition, despite a mandatory three-year hold on managerial changes, which has now concluded. Consequently, both parties have officially declared the new management structure.

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