Former IPL champions to get new owners ahead of 2025 edition after Ahmedabad-based conglomerate set to purchase 67 per cent stake of franchise

The Indian business conglomerate Torrent Group is in a position to purchase a majority stake in the Gujarat Titans, the former IPL winners. This means the team will soon have new owners. CVC Capital Partners (Irelia Company Pvt Ltd), which acquired the club in 2021, will sell a 67% ownership stake in the squad to the Ahmedabad-based conglomerate. The deal is seeking final clearance from the IPL governing council so that Torrent Group can assume ownership before the upcoming season, which starts on March 21.

Torrent Group to purchase 67% stakes

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"The talks of Torrent Group taking two third ownership (67 per cent) is at an advanced stage. The lock-in period for CVC group as sole owners ends in February 2025 after which they are free to sell the stakes," an IPL source told PTI.

"Torrent group is one of the biggest names in Pharmaceutical sector in India and in 2021 when BCCI invited bids for two new teams, they had shown active interest. Obviously any change in ownership pattern requires approval from BCCI which is expected to be given in coming days," he added.

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Although the global private equity firm CVC has not announced the amount of the stake it is selling, in 2021, it paid Rs 5,625 crore to acquire the Titans. Under Hardik Pandya's leadership, the squad won the championship in 2022 and finished second in 2023 under Hardik Pandya's leadership. But the team under Shubman Gill's captaincy finished eighth in the previous season.

India pacer Mohammed Siraj, England white-ball captain Jos Buttler, and Afghanistan spinner Rashid Khan are all important members of the team in addition to Gill. With a worth of almost Rs 41,000 crore, Torrent Group has been attempting to gain traction in the cricket industry.

When the BCCI held an auction for two new teams in 2021, it had previously placed bids for the Ahmedabad (Rs 4,653 crore) and Lucknow (Rs 4,356 crore) franchises through its subsidiary, Torrent Sports Ventures Private Limited. Two years later, the company failed to purchase one of the three cities in the first Women's Premier League (WPL).