The GMR Group owners of Delhi Daredevils inked a pact with JSW Sports (jsw dare devils) for equal partnership in their IPL franchise, subject to approval from the Indian cricket board. JSW group owns top football club Bengaluru FC .
On consummation of the transaction, JSW Sports Private Limited will hold 50% stake in Delhi Daredevils. The sale is subject to approval from BCCI and satisfaction of other customary conditions precedent.
The matter will be placed to the Indian Premier League(IPL) Governing Council on March 16 but is considered as a done deal as BCCI are already in the loop. It will be just a formality.
It will be interesting to see whether thereo is a change in management structure of the Delhi Daredevils or not. It is expected that the current setup will remain unchanged for this year’s IPL11 as the tournament is about to start in less than a month . However both parties remained tightlipped about the valuation of the 50 percent stake.
“GMR Group today notified that they have made an agreement with JSW Sports for a 50:50 partnership in Delhi Daredevils owned by GMR Sports Private Limited (GSPL). GSPL is owned by the Promoters of the GMR Group,”Delhi Daredevils issued a press release.
“This relationship between GMR Sports Private Limited and JSW sports opens up powerful synergy going forward for both the groups. It is symbolic of immense potential for Sports and Cricket and also for Delhi Daredevils in particular in the region.
“We are very happy to announce this new partnership with GMR Sports Private Limited. This is something that we as a group are excited about and the Delhi Daredevils team will add to our existing portfolio of sports investments . We are now looking forward to bring our experience and expertise to take the team to new heights” said JSW dehli daredevils owner Parth Jindal.