The Board of Control for Cricket in India (BCCI) is all set to give the final approval to CVC Capitals Ltd. and issue them a letter of intent following investigations into their links with betting companies. The decision was made at the organization’s Annual General Meeting on the 4th of December in Kolkata, where it was revealed that CVC’s stakes are branched and their investment in the Indian Premier League will be free from any involvement with any online betting platform.
Last month, CVC Capital had successfully bid for a new Indian Premier League franchise based in Ahmedabad back of a INR 5,625 crores stake, edging out the likes of the Glazer family and Adani Group. However, they were later brought into scrutiny on the back of stakes in British betting firms. While gambling and betting are illegal activities in India, many countries allow the same to be carried out under a certain framework.
Taking cognizance of the same, the BCCI embarked upon due investigations into the matter, including an approach to the Solicitor General of India Tushar Mehta. A three-member legal committee was formed to head proceedings.
The latest development at the Annual General Meeting saw the BCCI administrators being informed that CVC has two capital branches, one that invests in European companies while the other deals with its Asian stakes. All the links the company has with betting platforms involves the former, with no involvement from the Asian fund, as per a BCCI official’s report to the Indian Express.
Thus, the company now merely awaits a final approval from the three-member legal committee, following which it will be issued a letter of intent making their ownership status of an IPL team official. CVC Capital were further informed the Christmas deadline for signing the three marquee players ahead of the auction has now been extended.