The Board of Control for Cricket in India (BCCI) has received and adopted a report from Justice KS Radhakrishnan, a retired Supreme Court judge who led a three-member independent external panel, on the dispute surrounding CVC Capital’s acquisition of the Ahmedabad franchise of the Indian Premier League (IPL). The Radhakrishnan panel has authorised the American company’s involvement in the league, according to Cricbuzz.
The panel’s recommendation was considered at an IPL Governing Council meeting on Sunday (December 26). The BCCI office-bearers and IPL GC members have remained reticent about the GC decision, however, sources within the IPL and BCCI have stated that the American Private Equity firm’s admissibility has been confirmed. Soon, there will be an announcement.
“An opinion on CVC was sought by the BCCI. The panel has given its opinion. The committee’s involvement ended once the opinion was given. Now it is up to the BCCI to accept or reject it,” sources privy to the development said.
The BCCI has been stretched for time in relation to two IPL deadlines, one of which has already passed. It had given new teams until December 25 to submit a list of players signed outside of the auction. Now that the deadline has passed, a new schedule for this problem will have to be established. The second, and more important, the point is that the BCCI had until December 31 to perform the second due diligence procedure on the new firms, if necessary, as advised by board officials on October 25, when the two new clubs were sold.
The CVC problem continued as concerns were made about the company’s suspected interest in betting firms outside of India. Meanwhile, the GC has formally determined that the blockbuster IPL auction would be conducted in Bangalore on February 12 and 13. There was also talk of employing KPMG to advise the board on whether to go with closed bidding or an e-auction for the media rights agreement, which will begin with the 2023 edition.
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