The IPL has just witnessed some exciting developments. The CVC Capital Partners have defeated the Adani Group to claim the Indian Premier Leagueโs Ahmedabad franchiseย
ย The CVC Capital Partners, a private equity and advisory firm, has hit the headlines for emerging victorious in todayโs IPL auction. The firm won the bid for Ahmedabad for a stupendous Rs 5,200 crore whereas the RP-Sanjiv Goenka got the lucknow franchise for a massive Rs 7,000 crore. Ahmedabad and Lucknow are the two new teams to take part in the Indian Premier League (IPL).
IPL 2022 New Teams: All about CVC Capital Partners
The private equity and advisory firm was established in 1981 and have invested a great deal in European and Asian markets. Founded as the European arm of Citicorp Venture Capital, the firm are a key part of the multiple group of companies that were hugely responsible for the upliftment and promotion of the FIA Formula One World Championship, along with exercising of the sportโs commercial rights.
Did you know that the CVC Capital Partners bought 14.1% share of SLEC which was held by Lehman Brothers in 2006? After that, the firm now have the majority of the stake i.e. 63.4% in F1. As per Spanish website laligalowdown.com, CVC bought MotoGP brand Dorna for a sum total of 71.5 million Euros in 1998, eventually selling it at 700% profit at 525 million Euros in 2006.
They sold their stake to Liberty Media in 2017 and have also invested in Formula 1. Last year (2020), they acquired a 27% holding in Premiership Rugby, the first division of English clubs, and then in 2021 added another 14% of the rights for the Six Nations and 28% of the Pro14 tournament under their umbrella. This took the firmโs investment total in the sport to as high as 800 million Euros.
This is not it. CVC also have their control or influence in the Spanish Football League, which also includes La Liga. According to sources, the firm agreed to invest heavily (2.7 billion Euros) in return for 10% of the rights of the company in an agreement that will last for 50 years.
Owner And Ownership Structure Of CVC Capital Partners
CVCโs 34 Managing Partners have an average tenure of 15 years with the firm, as per the companyโs official website. To name some of the prominent ones, they are Taha Abdel Dayem (Investment Director), Lisa Abruzzese (Investment Executive), Sami Allouani (Director) among others.
CVC Capital Partners Net Worthย
ย With about $111 billion in secured commitments since its foundation across European and Asian private equity, credit and growth funds, CVC manages total of $70 billion of assets.