The three-member neutral committee formed by the BCCI to look into CVC Capital Partners’ alleged links with betting companies has given them the clean chit.

International investment firm Irelia Company Pte Ltd, an arm of CVC Capital Partners, successfully bid for the Ahmedabad franchise for Rs 5625 crore. The Lucknow franchise went to Sanjiv Goenka-backed RPSG Ventures Ltd for Rs 7090 crore. IPL will be a 10-team affair from next season.

At Sunday’s IPL governing council meeting, the members were informed that the letter of intent and other formalities would soon be completed with the franchise.

It will clear the path for the two new franchises to formally start negotiating with the pool of unretained players. Each team can sign up to three players but also have the option of not signing anyone and go to the auction with the entire purse of Rs 90 crore.

Sources told The Telegraph that CVC Capital Partners’ Asian arm, which made the investment, doesn’t have links with any betting companies.

“CVC has two separate funding arms for its Asian and European companies. While its European arm have links with betting companies, its Asian arm has been found to be clean in that aspect.

Betting and gambling are legal in European nations. The investment for the Ahmedabad franchise was done from its Asian arm and so the committee has given the necessary go ahead to the BCCI,” sources said.

CVC Capital Partners’ website includes Tipico, a sports betting and online gaming company, and Sisal, a betting gaming and payments, consumer/retail company. Gambling and betting are banned in India.