JSW signs deal to acquire 50 percent stake in Delhi Daredevils
JSW group, which owns top football club Bengaluru FC apart from supporting elite Olympic sportspersons, has signed a deal to acquire 50 percent stake in Indian Premier League side Delhi Daredevilscricket Updated: Mar 09, 2018 19:29 IST
The GMR Group -- owners of Delhi Daredevils today inked a packed with JSW Sports for equal partnership in their IPL franchise, subject to approval from the Indian cricket board.
JSW group owns top football club Bengaluru FC apart from supporting elite Olympic sportspersons.
The matter will be placed before the IPL Governing Council on March 16 but it seems a done deal as BCCI mandarins are already in the loop. It will be a mere formality.
It will be interesting to see whether there is a change in management structure of the Daredevils. It is expected that the current set-up will remain intact for this year’s IPL as the tournament is set to start in less than a month’s time.
However both parties remained tightlipped about the valuation of the 50 percent stake.
“GMR Group today announced that it has entered into an agreement with JSW Sports for a 50:50 partnership in GMR Group’s Cricket franchisee DD owned by GMR Sports Private Limited (GSPL). GSPL is owned by the Promoters of the GMR Group,” Daredevils issued a press release.
This relationship between GMR and JSW opens up powerful synergy going forward for both the groups. It is symbolic of immense potential for Sports and Cricket in particular in the region.
“After having nurtured the Franchisee for the last 10 years, we believe the time is right for us to take it to newer heights. We believe JSW as a partner will bring significant value to the franchise with their wealth of diverse experience, GMR Corporate Chairman Kiran Grandhi said.
We are very happy to announce this new partnership with GMR. This is something that we as a group are excited about and the DD team will add to our existing portfolio of sports investments. We look forward to bring our experience and expertise to take the team to new heights said JSW supremo Parth Jindal.
First Published: Mar 09, 2018 19:29 IST