Lalit Modi highlights new IPL franchise owner CVC’s links to betting companies

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Former IPL boss Lalit Modi has questioned the entry of private equity firm CVC Capital Partners into the Indian Premier League (IPL) over its investments in companies linked to betting activities.

CVC, which calls itself “a world leader in private equity and credit with $ 125 billion in assets under management,” shelled out Rs.5,625 crore for purchasing the Ahmedabad franchise in the world’s largest T20 league, the last week.

The Lucknow franchise went to RPSG Ventures for Rs 7,090 crores.

According to the company’s website, it has invested in companies like Tipico and Sisal which are involved in sports betting.

Betting is not legal in India. CVC has also invested in Formula 1 in the past and now owns stakes in Premiership Rugby.

“I guess betting companies can buy an @ipl team. must be a new rule. apparently a qualified bidder also owns a large betting company. after that ? @BCCI isn’t doing his homework. what can anti-corruption do in such a case? Modi tweeted on Tuesday.

The IPL has also attracted offers from owners of iconic football club Manchester United.

A BCCI official told PTI that a transparent bidding process was conducted in Dubai on Sunday.

“None of the bidders in the room had a problem with the tendering process. It was done in the most transparent way. The winning bids only showed the growing global appeal of IPL.

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