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JSW Sports to buy 50% stake in Delhi Daredevils from GMR

Press Trust of India  |  Mumbai 

After venturing into football, and kabaddi, JSW Sports, a unit of Sajjan Jindal-owned JSW Group, today said it will acquire a 50 per cent stake in GMR Group-owned franchise Daredevils for an undisclosed sum.

The sale, according to a release, is subject to approval from BCCI and satisfaction of other customary conditions precedent.

"and JSW have entered into an agreement for a 50-50 partnership in franchise Daredevils owned by On consummation of the transaction, JSW will hold 50 per cent stake in GMR Sports," JSW said in a release.

is owned by the promoters of the

had acquired the franchise in 2008 for USD 84 million.

JSW Sports, which owns franchises in (Bengaluru FC), pro (Bengaluru Yodhas) and pro kabaddi (Steelers), had in 2015 said it was keen to acquire an team.

"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," JSW supremo said.

The company is also expected to come on board as the seventh team in League from next year.

GMR said, "After having nurtured the franchise 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.

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

First Published: Fri, March 09 2018. 19:50 IST