IPL 2024: Delhi Capitals Likely To Borrow $100 Million, Says Report

IPL 2024: Ahead of the start of India's cash-rich league, Indian Premier League (IPL 2024), it looks like the franchise owners are putting everything at stake to make the league grand. According to a report published in Bloomberg, the Delhi Capitals is seeking a gobsmacking $90 million and $100 million credit from a private firm.

The Delhi Capitals is one of the prominent teams in IPL with a massive fan following across the nation.

According to the report, the JSW GMR Cricket Pvt. Ltd., the entity owning the Delhi franchise, intends to utilize the funds for general corporate purposes. The reports added that Delhi Capitals is expected to collateralize the team's assets including broadcasting and sponsorships rights for the hefty $100 million loan.

However, the JSW Group officials have not released any statement about the latest development.

If the loan amount is being sanctioned, this move would position JSW GMR as the latest entrant in the sports industry to opt for private credit as a means of financial backing.

Taking loans from private players is a very common trend in football. Earlier Chelsea FC secured £500 million from Ares Management Corp.

The Delhi franchise was previously known as the Delhi Daredevils but underwent a name change to Delhi Capitals before the 2019 season.

During the recently concluded IPL mini-auction for the upcoming edition of the Indian Premier League 2024, the Delhi Capitals bought many key players namely Harry Brook (Rs. 4 crore), Tristan Stubbs (Rs. 50 lakh), Ricky Bhui (Rs. 20 lakh), Kumar Kushagra (Rs. 7.20 crore), Rasikh Dar (Rs. 20 lakh), Jhye Richardson (Rs. 5 crore), Sumit Kumar (Rs. 1 crore), Shai Hope (Rs. 75 lakh), and Swastik Chhikara (Rs. 20 lakh).

The team has 28.29 crores left in the purse now.

Delhi Capitals Squad:

Rishabh Pant, Pravin Dubey, David Warner, Vicky Ostwal, Prithvi Shaw, Anrich Nortje, Abishek Porel, Kuldeep Yadav, Axar Patel, Lungi Ngidi, Lalit Yadav, Khaleel Ahmed, Mitchell Marsh, Ishant Sharma, Yash Dhull, Mukesh Kumar.