JSW GMR Cricket, a partnership between GMR and JSW groups’ sports divisions, has purchased two cricket franchises, Pretoria Capitals and Dubai Capitals, for more than ₹400 crore, according to sources familiar with the matter.
These franchises are part of SA20 and ILT20 leagues, similar to the IPL but based in South Africa and the UAE, respectively.
The transactions involve overseas investments and may take some time to finalize.
GMR and JSW have not commented on the acquisitions, but this move will consolidate their cricket franchise operations under the joint venture.
GMR acquired the Dubai franchise in February 2022, while JSW bought the Pretoria team in July 2022. These franchises will now be transferred to JSW GMR Cricket.
Notably, other IPL teams like Mumbai Indians, Kolkata Knight Riders, and Chennai Super Kings have also invested in foreign T20 leagues.
In the fiscal year ending March 2023, JSW GMR Cricket reported a net loss of ₹58 crore, mainly due to investments in the WPL Delhi team. However, its operating income decreased slightly to ₹367 crore compared to the previous year.
Outside of this joint venture, both JSW and GMR have made significant investments in the sports industry.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
