The American investment company, with over 120 billion turnover, is believed to have also signed the franchise agreement

Even as speculation continues to mount over the credentials of CVC Capital, casting doubts over its successful bid for the Ahmedabad franchise in the Indian Premier League (IPL), information has emerged that the global Private Equity firm has already fulfilled its first financial commitment.

It has made a payment of INR 75 crore to the Board of Control for Cricket in India (BCCI), as required by a franchise after its winning bid, and the American investment company, with over 120 billion turnover, is believed to have also signed the franchise agreement. All that it requires now is the counter signature from the BCCI authorities.

CVC is now awaiting the signed papers from the BCCI, something even the Lucknow franchise owners, Sanjiv Gaoenka’s RPSG Group, is looking for. As per the agreement, the two new franchises have to pay 30 per cent of their bid amount in the first week of January. CVC won the Ahmedabad franchise for Rs 5625 crore.

Doubts have been cast over CVC Capitals’ bid because of its investment in a British betting company and the information has led to speculation that the BCCI will be reviewing the whole deal as links with betting firms is illegal in India. The counter-argument to the contention has been that CVC investment in Sky Betting in UK is not illegal as per the British laws.

Top BCCI officials have been tight-lipped over the matter, while sources close to the investment firm say they are confident that it is a done deal.

Indian team calls of practice

Meanwhile, in an entirely different development, the Indian team called off its scheduled practice session on Friday. Cricbuzz has learnt that the players were to have a net session in Abu Dhabi and the team management felt that the players would be better off without the three-hour travel – to and from the ground – required for the purpose. The team stays in Th8 Palm in Dubai.

Since assembling in Dubai earlier this month, the team was always provided practice ground in Dubai itself, mostly at the ICC Academy Ground – but on Friday the ground allotted was in Abu Dhabi, a 90 minute drive from Dubai.

Team sources have told this website that they will have a full-fledged session on Saturday, the eve of their second league match, against New Zealand. “The players have been on the road for almost six months and it was felt that they can do well without the travel to Abu Dhabi,” a team source said. The players, instead, spent the evening on the beach close to the hotel playing volleyball, the images of which the BCCI posted on its official social media handle.

Asked why the practice arrangement for the Indian team was in Abu Dhabi, the International Cricket Council (ICC) officials said the operational issues were being handled by the BCCI and Emirates Cricket Board (ECB), the hosts both.

India, having lost to Pakistan in the opener, take on the Kiwis in a crucial game on Sunday.