GMR Sports Private Limited, the franchisees owners of the Indian Premier League team Delhi Daredevils, has been valued at ₹ 1,100 crores for stake transfer to the JSW Group.
JSW Group has become a co-owner in the Delhi Daredevils, having acquired 50% stake in the IPL team.
GMR on Friday had announced the partnership agreement with the JSW Group for a 50:50 partnership in the Delhi Daredevils. The deal needs a customary nod from the IPL Governing Council. The meeting is scheduled for March 16, Friday.
The JSW Group, reportedly, will play ₹ 550 crores to the GMR Group in lieu of the 50% stake of the Delhi Daredevils.
The JSW will pay Rs 550 crore for the partnership and the deal will be sealed once it gets an approval from the BCCI and satisfaction of other conditions.
Kiran Kumar Granthi, it is reported will continue as the chairman of the franchise. Sangeeta Jindal for JSW group will take over as the Chairman in 2019 for two years and then will vacate the position for Granthi in 2021.
The ₹ 1,100 crore evaluation is a 100% for Delhi Daredevils over the franchisee acquisition price in 2008.
The DD co-owners will for now be waiting for the IPL governing council on Friday to get the customary approval for their partnership.