NEW DELHI: In what is the first significant stake sale by an Indian Premier League franchise, GMR Group and JSW Sports have entered into an agreement for a 50-50 partnership in GMR Group’s cricket franchisee Delhi Daredevils (DD), owned by GMR Sports Private Limited (GSPL).
GMR Sports Private Limited (GSPL) is owned by the promoters of the GMR Group. On consummation of the transaction, JSW Sports Private Limited will hold 50 per cent stake in GSPL. The sale is subject to approval from BCCI and satisfaction of other customary conditions precedent.
The financial terms of the stake sale were not disclosed.
“This relationship between GMR and JSW opens up powerful synergy going forward for both the groups. It is symbolic of immense potential for sports and cricket in particular in the region. After having nurtured the Franchisee 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,” GMR Corporate chairman Grandhi Kiran Kumar said.
“We are very happy to announce this new partnership with GMR. This is something that we as a group are excited about and 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,” said JSW Sports CEO Parth Jindal.