With this approval, Torrent Group has taken majority ownership of Irelia Sports India, which owns Gujarat Titans, by acquiring the stake from Irelia Company Pte Ltd, a CVC-controlled entity.
On February 12, Torrent and Irelia announced definitive agreements for the transaction, pending BCCI and Competition Commission of India (CCI) approval and other closing conditions. As part of the deal, Irelia, managed by funds advised by CVC, will retain a 33% minority stake.
The CCI had approved the transaction on February 20. This is the first majority stake sale by an IPL owner since the world’s richest cricket tournament began in 2008.
Torrent Group, a diversified conglomerate with interests in pharmaceuticals and energy, stated that Gujarat Titans will now benefit from its expertise in managing large-scale businesses. The acquisition is expected to enhance team operations, fan engagement, and commercial growth.
ET first reported Torrent Group’s interest on 13th September 2024 and the deal’s completion on 11th February 2025.While financial terms remain undisclosed, sources estimate Gujarat Titans’ valuation at ₹7,500 crore, placing the 67% stake’s worth at ₹5,025 crore. As part of the transaction, BCCI will receive ₹251 crore, equivalent to 5% of the deal value.CVC originally acquired the franchise in 2021 for ₹5,625 crore, payable over a ten-year period.
Industry sources had earlier told ET that Torrent’s investment in Gujarat Titans is the beginning of a larger sports strategy, with the group eyeing cricket franchises in England, Australia, and South Africa, along with potential expansion into non-cricket sports in India.
The acquisition concludes a four-year wait for Ahmedabad-based Torrent Group, which had lost the Ahmedabad franchise to CVC in 2021 with a ₹4,653 crore bid. Adani Group, which had bid ₹5,100 crore, was also in the race for Gujarat Titans before withdrawing.
The IPL remains the world’s most valuable cricket league, with a cumulative brand value of $12 billion, according to Brand Finance. Gujarat Titans’ brand value stood at $69 million.
Financial data from Tofler shows that Gujarat Titans, which posted a ₹429 crore loss in FY23, reduced its losses to ₹57 crore in FY24. The franchise led revenue charts with ₹776 crore, a 116% increase from ₹359 crore in FY23.
