The Delhi Daredevils have today (Friday) become the first of the original Indian Premier League (IPL) franchises to undergo a major change in ownership with the sports division of Indian conglomerate JSW Group agreeing a deal for a 50 per cent stake in the Twenty20 cricket team.
JSW Sports acquired its stake from current Daredevils owner, infrastructure company GMR Group. The two parties will now enter into a 50-50 relationship for the franchise with the deal subject to approval from the Board of Control for Cricket in India (BCCI).
Financial terms of the deal were not disclosed, but the ESPNcricinfo website said JSW Sports has paid close to the amount that the franchise drew when it was first auctioned off in 2008. At the time, GMR paid $84m (€68.1m) to acquire the Daredevils.
Commenting on the deal, GMR corporate chairman Grandhi Kiran Kumar said: “This relationship between GMR and JSW opens up powerful synergy going forward for both the groups. It is symbolic of immense potential for sports and cricket in particular in the region.
“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.”
Parth Jindal, director of JSW Sports, added: “This is something that we as a group are excited about and 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.”