JSW-GMR joint venture acquires two cricket franchises for more than ₹400 Crore

9 Apr 2024 , 10:56 AM

JSW GMR Cricket, a joint venture between GMR and JSW businesses, has purchased the SA20 team Pretoria Capitals and the International League T20 (ILT20) franchise Dubai Capitals from their respective owners.

JSW GMR Cricket, which owns the Delhi franchise in the Indian Premier League (IPL) and Women’s Premier League (WPL), has agreed to purchase controlling holdings in both franchises for around ₹400 Crore, according to reports.

SA20 and ILT20 are franchise-based twenty20 competitions modelled after the IPL, founded by the South African and United Arab Emirates cricket boards, respectively.

GMR Group acquired the ILT20 Dubai franchise in February 2022, while JSW Group purchased the SA20 Pretoria squad in July 2022. The franchise rights for the Dubai Capitals and JSW Pretoria are held by GMR Singapore and JSW Sports, respectively. Both firms will transfer their franchises to JSW GMR Cricket.

The Mumbai Indians, Kolkata Knight Riders, and Chennai Super Kings have acquired franchises in overseas T20 competitions including SA20, ILT20, and Major League Cricket in the United States.

JSW GMR Cricket reported a loss of ₹58 Crore in the fiscal year ending March 2023 owing to investments in the WPL Delhi franchise, compared to a net profit of ₹11 Crore in the previous fiscal year.

The company’s operational income decreased by 2.13% to ₹367 Crore in FY23, from ₹375 Crore in FY22. Outside of the JV, JSW and GMR have made considerable investments in the sports industry.

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