In a shocking turn of events, the Board of Control for Cricket in India (BCCI) will form a neutral panel to investigate CVC Capital, owner of one of the two new franchises Ahmadabad in the IPL. The news comes after BCCI found some betting links emerge. Ahmadabad paid a staggering amount of INR 5625 crores to buy the team but now find themselves in a tight spot.
BCCI will investigate the matter and form a panel comprising legal bigwigs that include retired Supreme Court or High Court judges. An IPL governing council meeting is also planned to be held on December 4 to discuss the matter. If BCCI finds some betting angle, then they will not allow CVC capital to own the IPL team. Adani the next highest bidder (INR 5100 crores) are likely to become the next owner.
Reports emerged that CVC Capital also owns some betting companies after a visit to their website proves. Tipco and Sisal are in their portfolio. The former is a betting company while the latter is related to payment.
Former IPL chairman Lalit Modi had a strong objection to CVC Capitals owning an IPL team considering their involvement in betting. “I guess betting companies can buy an IPL team. must be a new rule. apparently, one qualified bidder also owns a big betting company. what next does BCCI not do their homework. what can Anti-corruption do in such a case?,” tweeted Lalit Modi.
BCCI source said the legal formalities are not completed and the team is going through the matter. “The formalities haven’t yet been completed, the BCCI legal team is going through it and we are expecting them to revert us post-Diwali. The BCCI has full rights on whom they will allow the team, it’s the board’s discretion and we can only decide on a new IPL franchise (CVC) when the legal team reverts to us,” Indian Express quoted a source from BCCI as saying.