 "Team captain named, GMR sells 50% stake in Delhi Daredevils to JSW Sports")
A day after announcing its captain for the 2018 edition of the Vivo Indian Premier League, GMR Group has announced the sale of 50 per cent stake in Delhi Daredevils. The franchise, which is owned by GMR Group through GMR Sports, will now be owned equally by GMR and JSW Sports through a 50:50 partnership.
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.
“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,” said 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 Parth Jindal, director, JSW Sports.
Delhi Daredevils is one of the original franchises of the IPL, in operation since the launch of the T20 tournament in 2008. The franchise went in for a complete overhaul this year in terms of composition and coaching staff. Gautam Gambhir returned to the team after seven years and was named captain recently. The team has also roped in a new coach in the form of Ricky Ponting.
Daikin is the team sponsor while Nature Fresh and Suzuki Gixxer has come on board as principal sponsors so far.
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.
“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,” said 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 Parth Jindal, director, JSW Sports.
Delhi Daredevils is one of the original franchises of the IPL, in operation since the launch of the T20 tournament in 2008. The franchise went in for a complete overhaul this year in terms of composition and coaching staff. Gautam Gambhir returned to the team after seven years and was named captain recently. The team has also roped in a new coach in the form of Ricky Ponting.
Daikin is the team sponsor while Nature Fresh and Suzuki Gixxer has come on board as principal sponsors so far.
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