Industrialist Vijay Mallya, who is battling against extradition from the United Kingdom to India, was finally replaced as the owner of the Caribbean Premier League (CPL) franchise Barbados Tridents on Saturday. The USA-based CMG Companies (CMG) led a team of local and international investors who took over the beleaguered franchise.
This was Mallya's final connection to the world of sports after his exit from the Indian Premier League franchise Royal Challengers Bangalore and Formula One team Force India due to his financial woes.
The arrival of the new owners will be good news for the Tridents, whose players were finally compensated for playing in the 2018 season under the new ownership deal.
The Barbados-based franchise also announced the signing of West Indies Test and ODI captain Jason Holder as their marquee player for the 2019 season of the CPL.
CMG, through its affiliates, primarily owns and operates franchise restaurants, hotels, and real estate across America and is one of the largest owners of a major fast-food franchise. CMG are no stranger to sports, with sponsorship deals with NBA teams including the Dallas Mavericks and past ownership of CPL’s Jamaica Tallawahs.
“Selling our ownership rights of the winning Jamaica Tallawahs held from 2014-2016 was the right move for us as a business, but we missed being involved in the Region and in CPL. When the chance to purchase the Tridents came along we were delighted, especially with the opportunity to bring good strong local partners onboard,” Manish Patel, Principal of CMG, said.
“We can’t wait to get started at enhancing the profile of this team on and off the field and to bringing a comprehensive sports entertainment package to Barbados. We will work very hard to make Barbadians proud of their team,” he added.
“The issues that the Tridents have faced in recent months have been well documented and are being fully addressed as a priority. We have been working tirelessly to find a solution and we believe that this international-local investor collaboration is the ideal solution,” CPL COO Pete Russell said in a statement.
“This is a group of passionate cricket fans and astute business minds who have experience of successfully running a CPL franchise. The Tridents are in safe hands and the issues the franchise has faced are a thing of the past,” Russell added.
The 2019 CPL will run from September 4 to October 12.