Jindal Group shows interest in owning IPL franchise

The India-based Jindal Group has confirmed that it is in the market for an IPL team, but stopped short of naming the franchise on their radar. This would put the spotlight on Royal Challengers Bangalore, which has been on the market for a while.

"Cricket is the number one sport in our country, so there is an idea to acquire an IPL team," Sajjan Jindal, chairman of the JSW group, told PTI. "But I cannot comment on which team it would be. I don't think (money) is the issue; the idea is that we want to take some credible team so that we can promote sports."

Asked if the team he wishes to buy is Royal Challengers, Jindal replied, "That depends on them (RCB)."

A report in the Economic Times on Wednesday claimed negotiations between the group and Royal Challengers' owners, the Diageo group, were at an "advanced" stage to acquire the franchise for about $100 million (Rs 634 crore). ESPNcricinfo understands that the figure on the table from the Jindal group is "significantly lower", though no one from the company was available for an official comment.

The franchise was bought in 2008 by Indian businessman Vijay Mallya's UB group for $111.6 million, making it the most expensive in the league after Mumbai Indians. The UB group, and with it the franchise, was subsequently bought over by global liquor giants Diageo. The Economic Times report quotes an anonymous source as saying that "due diligence work" has been going on for a long time and that the Jindal group had only been waiting for the 2015 season to get over.

In case the transaction goes through, it would be the second change of ownership of an IPL team in the league's eight-season history. Sunrisers Hyderabad replaced the 2009 champions Deccan Chargers three seasons ago after the team was put on the block by the BCCI. The Sun TV group bought the franchise after the previous owner, Deccan Chronicle Holdings, failed to meet a deadline to raise a bank guarantee.

Jindal Steel's attraction to Royal Challengers would be logical: it already owns Bengaluru FC, the city's football club that won the I-League, the national football competition, in its debut season in 2014 and finished runners up this season to Mohun Bagan - a team ironically owned by Diageo. In continuing its connect with sport in Karnataka, Jindal also said his group was building a village for sports in the state and would also focus on other sports like kabaddi and hockey.

Royal Challengers are one of the more high-profile teams in the IPL, though they have never won the IPL title. Twice finalists, the franchise has made it a point to include the flamboyant players of the day and currently has three of the biggest names in Twenty20 - Virat Kohli, AB de Villiers and Chris Gayle - on its roster. They finished third this season.