Kamal Ghorui
Renowned American companies buying stakes in legacy franchises like RCB and Rajasthan Royals validates how these investors view the IPL as the “highest growth sports opportunity in the world”, Times Internet Limited chairman Satyan Gajwani said on Friday.Recent ownership changes in the Indian Premier League reflect a significant surge in its commercial value, with teams now trading at billion-dollar valuations that cement its status as a top-tier global sports event.
“As you would have seen, there were multiple international parties interested in the teams through the process. It is great validation for the IPL and WPL’s success to date and their promise and trajectory ahead. Many of these investors see the IPL as the highest growth sports opportunity around the world today,” Gajwani, RCB’s new co-owner, told news agency PTI.Gajwani is part of the consortium comprising Aditya Birla Group, Times Group, David Blitzer’s Bolt Group and American Private Equity firm Blackstone, which bought a 100 percent stake in RCB for $1.78 billion (Rs 16,600 crore).On the same day, the Rajasthan Royals were acquired by a consortium of US-based entrepreneur Kal Somani, Walmart owner Rob Walton, who also owns NFL team Denver Broncos and Sheila Ford Hemp (related to Ford group), who is the principal owner of Detroit Lions for $1.63 billion.For many, RCB’s $1.78 billion has been considered a ‘steal’, especially with RR going for $1.63 billion.“The media has reported the value to be a ‘steal’ of sorts given the pricing,” Gajwani said.“Pricing is always subjective. It is a strong price for a strong franchise, and I think both the buyers and sellers are happy with the outcome,” he continued. Gajwani revealed that the Times Group was also interested in acquiring Rajasthan Royals.“Yes, we evaluated both franchises closely. They are different and have their sets of pros and cons. We are extremely happy with the outcome of the process.”‘Once deal is complete, we will have discussions with Virat’For the past 18 seasons, Kohli has been integral to RCB’s identity and Gajwani understands that. Once the new owners take over, they plan to hold extensive discussions with the legendary former India and franchise skipper to understand his goals going forward.“Virat is an iconic player, and we’re grateful to be able to partner with him. When the deal finally gets completed, I am sure we will have close conversations with him and his team to understand their goals and objectives, and how we can collaboratively drive success for all involved,” the vice-chairman commented.
