JSW Sports acquires 50% stake in Delhi Daredevils from GMR promoters
MUMBAI: JSW Group has acquired 50% stake in Indian Premier League (IPL) franchise Delhi Daredevils from GMR Group promoters. The IPL franchise is housed under GMR Sports, which is owned by the promoters of the GMR Group.
On consummation of the transaction, JSW Sports will hold 50 % stake in GMR Sports. The sale is subject to approval from BCCI and satisfaction of other customary conditions precedent.
This is the second major deal in the history of IPL in which an existing franchise has offloaded stake. In 2009, Raj Kundra and Shilpa Shetty had picked up 11.7% stake in IPL franchise Rajasthan Royals for $16.3 million. Kundra has since exited the IPL franchise after being banned for life from IPL for indulging in betting.
“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 franchise 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 Grandhi Kiran Kumar 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 Parth Jindal.
JSW Sports also owns a franchise in the Indian Super League (ISL) called Bengaluru FC. It also co-owns the Bengaluru Yodhas franchise in the Pro Wrestling League along with cricketer Virat Kohli.