CVC Sports yet to receive Letter of Intent from the BCCI

The bidders for two new Indian Premier League franchises were previously revealed by the Board of Control for Cricket in India (BCCI). The board, on the other hand, is said to be investigating the corporate connections of the new IPL franchise CVC Capital. According to recent developments, the BCCI has been slow in delivering the Letter of Intent to CVC Sports. Lucknow and Ahmedabad are the two teams that will compete in the next IPL season, according to the board. The highest bidder for the Lucknow franchise was RPSG Group, who paid INR 7,090 crores, while CVC paid INR 5,625 crores for Ahmedabad. The private equity firm CVC Capital Partners, on the other hand, has gained notoriety due to its ties to foreign betting companies.

CVC Sports is attempting to persuade the board’s executives that its investment in a UK betting firm is legal. According to reports, CVC officials have come to India and Dubai to speak with BCCI office-bearers and officials about the situation. There has also been talk of holding another round of negotiations between the involved officials in the coming days or weeks. The BCCI’s legal team has taken on the task of digging deeper into this subject, and there is a possibility that a committee will be formed to oversee the situation. According to BCCI officials, the bidding parties were previously assured that a thorough examination of their business origins will be conducted later because doing so on the auction day would be impossible.

The CVC firm hasn’t spoken on the topic yet, although there have been rumours that the ruling will favour them. According to sources close to American investors, a number of big international companies, including one of the BCCI’s stakeholders, may have invested in the betting companies. They also mentioned that it is not an uncommon occurrence. The board had already been chastised for allowing the CVC Capital firm to participate in the IPL. Lalit Modi also took a shot at the board, questioning its judgement on the matter.