Gautam Adani tried to buy stake in this IPL team, failed twice, it will now be acquired by...

Ahmedabad-based Torrent Group is set to acquire a majority stake in the Indian Premier League (IPL) franchise Gujarat Titans, according to reports. The deal is reportedly being made with CVC Capital Partners, a private equity firm that currently owns the team. According to a report by The Economic Times, the Adani Group was also interested in buying a stake in Gujarat Titans but eventually decided to withdraw. This opened the door for Torrent to move forward. 

According to the report, the two parties have a "gentleman’s agreement" in place, but the formal deal will only be signed once a lock-in period ends.

Torrent is expected to take the majority stake in the team, while CVC will hold on to a minority stake. Gujarat Titans is valued at over $1 billion.

The Adani Group reportedly stepped back from the deal to focus on its main businesses, such as power and ports. Both Adani and Torrent had previously placed bids to acquire the Ahmedabad IPL franchise in 2021, but neither succeeded.

CVC Capital Partners, which purchased Gujarat Titans for Rs 5,625 crore in 2021, has a strong presence in the sports world with investments in LaLiga, Premiership Rugby, and Volleyball World.