The deal will be Capri’s first ever historic foray into cricket by acquiring a league franchise….reports Asian Lite News
India’s Capri Global have acquired a cricket franchise in the UAE’s T20 league on Wednesday.
The deal will be Capri’s first ever historic foray into cricket by acquiring a league franchise.
The six-team league in UAE that will be played in 2022 has been sanctioned by the Emirates Cricket Board and will be held annually.
Rajesh Sharma, Managing Director of Capri Global Capital Limited in a statement said: “We are delighted to acquire a franchise in UAE’s T20 league. Our foray into sports franchising allows Capri Global to leverage the passion that the Indian audience has for cricket. We see great synergy coming through this alliance, including a host of exciting moments that are set to elevate the cricketing experience for our Indian audience at the global platform.” “We believe that the land of opportunity through its sports IP has created an image that accurately depicts what represents the UAE. We wish UAE’s T20 League a very successful season and hope to see them hosting many more in the years to come,” he added.
UAE’s T20 League is a professional franchise-based T20 format cricket tournament with 6 franchise teams competing in a 34-match event. It combines two of the most compelling aspects of global sport – world class infrastructure coupled with the most favorable time zone catering to cricket fans around the world. Reliance Industries Limited, Lancer Capital, the GMR Group and Capri Global have acquired a team each in UAE’s T20 League
Khalid Al Zarooni, UAE’s T20 League Chairman and Vice-Chairman Emirates Cricket Board said: “I am very excited to welcome Mr Sharma to UAE’s T20 Family! To have a partner who is acknowledged as one of India’s leading investment bankers, buying into the UAE’s T20 vision and investing into sports properties with a long term investment perspective is a testament to the strength of UAE’s T20 League’s Business Model and its value proposition to its stakeholders and an ode to the UAE as the destination of choice for global sports events.”
Capri Global Group’s interest varies across sectors through its subsidiaries and networth of the Group is in excess of Rs. 3,800 Cr. Key ventures of the Group are Non-Banking Financial Company (NBFC), Stressed Assets Fund (SAF) and Sports Venture (Owner of Sharjah Franchise a part of UAE T20 League). The Group Company, Capri Global Capital Limited (CGCL) is a Non-Banking Financial Company (NBFC) listed on the BSE and NSE and is part of the NIFTY Smallcap 250 Index. The primary focus of CGCL lies in serving the underserved segments of Micro-Small and Medium Enterprises (MSME) through secured lending.
Mubashshir Usmani, General Secretary of Emirates Cricket Board said; “We are extremely pleased that a legendary investment professional like Rajesh Sharma has chosen to partner with the UAE’s T20 League. This is a resounding thumbs up to the unique opportunity that UAE’s T20 league offers.