CVC Capital Partners is exploring the sale of its controlling stake in the Indian Premier League (IPL) team Gujarat Titans, with potential deals valued between $1 billion and $1.5 billion. Business giants Adani Group and Torrent Group are both vying for the franchise, which was acquired by CVC for ₹5,625 crore ($745 million) in 2021.

CVC is open to relinquishing control but may remain a minority shareholder. However, any transaction would have to wait until 2025, when the Board of Control for Cricket in India (BCCI) lifts its current lock-in period on new team sales.

The Gujarat Titans, established in 2021, have seen their value rise significantly. CVC’s decision comes as part of a broader trend of rising valuations within the IPL, which now has an estimated business value of $16.4 billion.

Adani and Torrent, who previously bid for the team in 2021, are back in the running. Adani has expanded its cricket investments with the Gulf Giants and a Women’s Premier League franchise. Torrent, meanwhile, continues to explore opportunities within the sport.

The sale would mark a major return for CVC, which has an extensive global sports investment portfolio, including LaLiga, Ligue 1, and the Six Nations rugby tournament.