Ahmedabad-based Torrent Group is reportedly in the final stages of buying a stake in Indian Premier League (IPL) franchise Gujarat Titans, expected to be at around Rs 7,500 crore ($856 million). Both the parties have reportedly reached out to the Board of Control for Cricket in India (BCCI) for its approval for the deal.

According to a report in The Economic Times, Torrent Group is in talks to pick two-thirds of Gujarat Titans, and it would be the first majority stake sale by an IPL owner since 2008, when the cricket tournament began.

As per the report that quoted sources, CVC – the first PE firm to own a cricket league team – has also signed a put option for the remaining one-third stake. As per the original terms, the cricket board would be paid around 5 per cent of the deal amount.  

CVC and Torrent Group are expected to sign the final deal later this week, as the lock-in period that prevented the firm from selling its stake in the team ended on February 10. 

The parties want the deal to be signed before the start of the next IPL season, scheduled to begin in March. 

In 2021, Torrent Investments had established Torrent Sports Ventures to diversify into sports with investments in LaLiga, Premiership Rugby and Volleyball World. It had pipped Adani Group and Torrent Group in 2021 to acquire Gujarat Titans for Rs 5,625 crore. It had invested Rs 1,800 crore into the franchise till now.