JSW Sports to buy 50% stake in Delhi Daredevils from GMR
GMR Group and JSW Sports have entered into an agreement for a 50-50 partnership in cricket franchise Delhi Daredevils owned by GMR Sports
Mumbai: After venturing into football, wrestling and kabaddi, JSW Sports, a unit of Sajjan Jindal-owned JSW Group, on Friday said it will acquire a 50% stake in GMR Group-owned Indian Premiere League (IPL) franchise Delhi Daredevils for an undisclosed sum.
The sale, according to a release, is subject to approval from the Board of Control for Cricket in India (BCCI) and satisfaction of other customary conditions precedent. “GMR Group and JSW Sports have entered into an agreement for a 50-50 partnership in cricket franchise Delhi Daredevils owned by GMR Sports. On consummation of the transaction, JSW Sports will hold 50 per cent stake in GMR Sports,” JSW said in a release.
GMR Sports is owned by the promoters of the GMR Group. GMR Group had acquired the Delhi franchise in 2008 for $84 million. JSW Sports, which owns franchises in football (Bengaluru FC), pro wrestling (Bengaluru Yodhas) and pro kabaddi (Haryana Steelers), had in 2015 said it was keen to acquire an Indian Premiere League team.
“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,” JSW supremo Parth Jindal said.
The company is also expected to come on board as the seventh team in the Hockey India League from next year. GMR corporate chairman Grandhi Kiran Kumar said, “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.”