| A thought for today: |
Suitors queue up for ICL stake on 22 August 2008
Leading corporates and private equity funds such as Vedanta Resources, ICICI Ventures, DLF and Future Group are in talks with Indian Cricket League (ICL) for an equity alliance, reports The Economic Times.
ICL is in the process of converting its eight teams into eight different companies. Leading corporates and private equity funds such as Vedanta Resources, ICICI Ventures, DLF and Future Group are eyeing minority equity in these teams. Some deals are likely to be concluded before the third season of the ICL in October, The Economic Times has reported.
“Currently, ICL is a subsidiary of Essel Sports. We are in the process of converting the eight teams of ICL into eight different companies to bring in a more corporatised structure to ICL. We also plan to dilute equity in these companies. Many corporate houses, PE funds and high net worth investors have shown interest in acquiring a stake in them,” ICL Head Himanshu Mody said. However, he was reluctant to divulge the identity of interested parties.
ICL is the private cricket league that runs parallel to the Board of Control for Cricket in India’s Indian Premier League (IPL) and is not recognised by the International Cricket Council. It was formed in 2007. Since then, cricket boards of India, Pakistan and South Africa have warned their players against participating in the ICL, violating which they face a ban from the respective national teams.
ICL chairman Kapil Dev is looking to add international franchisees to its ranks, especially from England, South Africa, West Indies and Australia. It has a franchisee in the form of Lahore Badshahs. ICL will also sign a Rs 10-crore deal next month with the Ahmedabad Municipal Corporation to use the Sardar Patel stadium for 10 years.
