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JSW now has 50 percent stakes in Delhi Daredevils

Press Trust of India  |  New Delhi 

The -- owners of today inked a packed with JSW for equal partnership in their franchise, subject to approval from the Indian board.

owns top apart from supporting elite Olympic sportspersons.

The matter will be placed before the Governing Council on March 16 but it seems a done deal as BCCI mandarins are already in the loop. It will be a mere formality.

It will be interesting to see whether there is a change in management structure of the Daredevils. It is expected that the current set-up will remain intact for this year's as the tournament is set to start in less than a month's time.

However both parties remained tightlipped about the valuation of the 50 percent stake.

"today announced that it has entered into an agreement with JSW for a 50:50 partnership in GMR Group's franchisee DD owned by Private Limited (GSPL). GSPL is owned by the Promoters of the GMR Group," Daredevils issued a press release.

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 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.

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 supremo Parth Jindal.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 09 2018. 18:25 IST