WPL 2023: New team owner Adani loses Rs 4.17 lakh Cr in market cap after Hindenburg report, BCCI says 'Not Concerned', Follow LIVE

WPL 2023: Adani vs Hindenburg Research – Indian Cricket’s new entrant Gautam Adani is in crisis. Following an explosive report by Hindenburg Research, once the world’s 2nd richest man, Adani group has now lost over Rs 4.17 lakh market cap in just 2 days. While it has already impacted India’s share market, it brings one pertinent question, will it affect Adani Sportsline’s sports interests? Adani Group owns Gujarat Giants (WPL), Gujarat Giants (Pro Kabaddi) and Gulf Giants in ILT20. Adani Sportsline purchased Women Premier League Ahmedabad franchise for a record Rs 1,289 Cr last week. Follow Women’s Premier League Live Updates on InsideSport.IN.

Adani Group in Sports:

ILT20: Gulf Giants
WPL: Gujarat Giants
PKL: Gujarat Giants
Ultimate Kho Kho: Gujarat Giants
Legends Cricket League: Gujarat Giants

WPL 2023: Women Premier League’s new team owner Adani loses Rs 4.17 lakh Cr in market cap after Hindenburg report, will it impact sports investment? Follow LIVE Updates

WPL 2023 Player Auction: Inaugural Women’s Premier League Player Auction set to be held in New Delhi during 2nd week of February, Details here, Follow WPL Auction LIVE

However, as things stand, Adani Sportsline-owned Gujarat Giants WPL team is safe. BCCI is not concerned with the reports and the parent company’s sudden downfall.

“It’s not a concern at all. Adani Sportsline is a sports arm of Adani Group and it has nothing to do with whatever has come out. Auctions were done in a transparent manner. Adani Sportsline won it fair and square. We have not had any indication to believe the entity will not carry out its duty as a WPL franchise,” a senior BCCI official told InsideSport.

However, if things could change in future if the Government of India or SEBI launches further investigation or finds the owner of group of companies liable. Currently, the franchise is safe and is ready to take part in WPL 2023.

“The report is done by a third-party entity. If our govt or govt committees find any irregularities or any alleged fraud that they are talking about, we will discuss the matter then. For now, it is not even a topic to have concerns for,” the BCCI official further said.

Adani vs Hindenburg Research – US-based Hindenburg Research has accused Adani Group of brazen corporate fraud. It has alleged that Adani Group has manipulated stocks and committed financial fraud. As a result, the companies have seen a freefall in stock market.

Adani family members allegedly cooperated to create offshore shell entities in tax-haven jurisdictions generating forged import/export documentation.
The companies allegedly showcased fake or illegitimate turnover to siphon money from the listed companies.
Vinod Adani (Gautam Adani’s elder brother) opened a chain of shell companies to serve stock parking/ stock manipulation.
The shell companies allegedly laundered money through Adani’s private companies.

WPL 2023: Women Premier League’s new team owner Adani loses Rs 4.17 lakh Cr in market cap after Hindenburg report, will it impact sports investment? Follow LIVE Updates

Meanwhile, BCCI is preparing for the inaugural Women Premier League Auction. The board has received an overwhelming response from players and other cricket boards. The auction is expected in 2nd week of February in New Delhi or Bengaluru. BCCI will announce the venue and final date this week.

Women’s IPL Teams Auction –

Ahmedabad – Adani (Rs 1289 Cr)
Mumbai – Reliance (MI) – Rs 912 Cr
Bangalore – Diageo (RCB) – 901 Cr
Lucknow – Capri Global – 757 Cr
Delhi – DC franchise – 810 Cr

Base Price and Auction Rules for the WPL Auction

Capped players will have three pricing categories (INR 50 lakh, INR 40 lakh, and INR 30 lakh).
The player’s agreed-upon rate for the competition will be shown in the hammer price at the end of the bidding procedure.
The base cost for uncapped players is available in two sizes: INR 20 lakh and INR 10 lakh.
Five yet-to-be-named franchises will then update the “Auction Register” in accordance with the IPL’s current protocol to create an “Auction List,” which will then be put up for bids.
Those who are in the “Registered Available Player Pool” but are not selected at the auction will have another chance to be selected as replacement players (s).

WPL 2023: Women Premier League’s new team owner Adani loses Rs 4.17 lakh Cr in market cap after Hindenburg report, will it impact sports investment? Follow LIVE Updates

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