JSW keen on acquiring full ownership of Delhi Capitals: Report

Delhi Capitals,Indian Premier League,IPL 2019,Delhi Daredevils,JSW Sports
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JSW Sports, the co-owner of Delhi Capitals, is keen on acquiring the full ownership of the Indian Premier League franchisee. It is just looking for a right deal with Delhi Capitals 50:50 partners GMR Group.

Precisely a year after having acquired half the stake in the team, then Delhi Daredevils, the JSW Sports management has openly expressed their interest in acquiring the reaming GMR stake in the team. The piece of information comes straight from the horse’s mouth.

The JSW Sports director Parth Jindal has told business daily Economic Times about the company’s interest in the Delhi Capitals’ absolute ownership. JSW Sports had acquired the 50% Delhi Daredevils stake at ₹550 crore. It is now willing to buy the remaining 50% at a “right price”, ET has quoted Jindal a saying.

“As per our agreement, if GMR decides to sell, we have the first right,” said Jindal who is also the chairman of Delhi Capitals, formerly Delhi Daredevils. “We are willing to buy full, but price has to be right,” Jindal has said.

“Also, till the company is owned 50:50, every two years chairman will change,” he said. “I have presented my roadmap to the board and if I achieve the targets, I may be allowed to continue.”

Since taking over, Jindal has brought in multiple changes, including a complete brand refresh and new support staff on board, including CEO.

GMR had run the entire Delhi Daredevils show during the IPL Season 11 last year. As per the agreement, JSW Sports are in the driver’s seat to run the Delhi Capitals for the next two years with their control over the chairman’s office.

The Delhi Capitals had last month formally named Dhiraj Malhotra as the new CEO.

In December last year, the Capital-based IPL franchisee had adopted a new identity – changing its name from Delhi Daredevils to Delhi Capitals.

The team, hunting their maiden IPL title, has failed even to reach the finals in the 11 seasons of the league.

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