IPL team owners eye market listing, PE fundraising
Owners of three Indian Premier League (IPL) teams have approached the Board of Control for Cricket in India (BCCI) regarding their capital raising plans, three people aware of the matter said.
While KPH Dreams Cricket Pvt. Ltd (Kings Xi Punjab) and JSW GMR Cricket Pvt. Ltd (Delhi Capitals) are weighing a public listing, Rajasthan Royals is looking to raise private equity funds, said a BCCI official, one of the three people who spoke on condition of anonymity.
JSW GMR Cricket, the holding company of the Delhi Capitals IPL team, said it is seeking clarity from BCCI on a possible listing. “We don’t have absolute clarity on whether IPL teams can go public. We are awaiting clarity from BCCI on whether franchises are allowed to access capital markets and go public. So, as of now, none of the IPL teams has done it. So, there’s a little bit of regulatory uncertainty on this front. But once we get that clearance, that it is allowed, then we will plan with my partners at GMR,” said Parth Jindal, the chairman of JSW GMR Cricket.
While IPL franchises have turned profitable since the last media rights cycle, many have now expanded into other T20 leagues in the UAE, South Africa, the Caribbean and the US Major League Cricket Championship. Some of the original IPL team owners have also bought the franchises in the Women’s Premier League.
