In a major development, the Board of Control for Cricket in India (BCCI) will form a neutral panel to investigate CVC capital, owner of the brand new Ahmedabad franchise. The company has paid a whopping 5625 Crores in the auctions, but now find itself under the spotlight for their alleged connection with some betting companies. The Board will now investigate the matter; moreover, they are planning to form a committee laced with legal bigwigs including a retired Supreme Court or a High Court judge. An IPL Governing Council meeting is also scheduled on December 4 regarding the issue.
If the BCCI disallows CVC Capitals from owning the Ahmedabad franchise, then Adani the next highest bidder (INR 5100 Crores) will become the owner. There were allegations that CVC Capital owns betting companies and a visit to their website certainly prove so. It features two prominent betting companies like Tipico and Sisal among their ‘portfolio companies’.While the former is a betting company for online gaming, the latter is a payments company.
Earlier former IPL chairman Lalit Modi also objected to CVC Capitals owning an IPL team considering their history. “I guess betting companies can buy an IPL team. must be a new rule. apparently one qualified bidder also owns a big betting company. what next does BCCI not do their homework. what can Anti-corruption do in such a case?,” tweeted Lalit Modi.
Bidding in the IPL franchise is CVC’s first investment in Indian cricket. Prior to this, they had stakes in Formula 1 racing, football and rugby. Earlier a report in the Indian Express had revealed the possible plan of action from BCCI. “The formalities haven’t yet been completed, the BCCI legal team is going through it and we are expecting them to revert us post-Diwali. The BCCI has full rights on whom they will allot the team, it’s the board’s discretion and we can only decide on a new IPL franchise (CVC) when the legal team reverts to us,” Indian Express quoted a source from BCCI as saying.