RPSG, CVC Capital win the bids, Lucknow, Ahmedabad are the two New IPL teams

RPSG, CVC Capital win the bids, Lucknow, Ahmedabad are the two new IPL teams

Lucknow & Ahmedabad are the two new IPL franchises that will be owned by The RPSG Ventures group and international investment firm Irelia Company Pte Ltd. The RPSG Group has picked Lucknow as their home base with a winning bid of a whopping INR 7090 crores while CVC Capital, the former owners of Formula 1, opted for Ahmedabad with a second-highest bid of INR 5625 crores.

The base price for the two new IPL teams had been set at an INR 2000 crores & the two winners placed the bids 350 & 250% more than their reserved quotation. A lot of planning and calculation has gone into our bidding. I give credit to the personal staff for winning the bid,” Sanjiv Goenka, who previously owned the Rising Pune Supergiant told to media.

A total of nine teams have submitted their bids to own the two new franchises of the cash-rich league on October 25 at the Taj Dubai hotel. The bidders also got a chance to choose from six centers- Ahmedabad, Lucknow, Cuttack, Dharamsala, Guwahati, and Indore – to base their team in. The lowest bid received was from Manchester United’s Glazers family under the Championship Cricket LLC umbrella, about whom much has been written in recent times.

The Manchester United owners put a bid of just INR 4000 crores which was an illogical stand considering the fact that every other party has placed much higher bids. The lone bid for a city other than Ahmedabad or Lucknow also came from RPSG who bid INR 4790 Cr for Indore. Another major surprise from the IPL team auction is the failure of the Adani Group to win the ownership rights for the Ahmedabad franchise. hey went over INR 5000 crore but nowhere near the winning bids. Capri Global, All Cargo Logistics, HT Media, Kotak, and Torrent Sports Ventures were the other parties who participated in the process, which lasted for over five hours.

“The BCCI is happy to welcome two new teams from the next season of the Indian Premier League. I would like to congratulate RPSG Ventures Ltd. & CVC Capital for being successful bidders. The IPL will now go to two new cities in India viz in Lucknow and Ahmedabad. It is heartening to see the inclusion of two new teams at such a high valuation, and it reiterates the cricketing and financial strength of our cricket ecosystem,” BCCI President Sourav Ganguly said.

“True to IPL’s motto of ‘Where Talent Meets Opportunity, the inclusion of two new teams will bring more domestic cricketers from our country to the global stage. The ITT process included two interested bidders from outside of India, which strongly emphasizes the global appeal of the IPL as a sports property. The IPL is proving to be a wonderful instrument in globalizing the game of cricket. I am keenly looking forward to IPL 2022”, he added in his statement.

74 matches will be played among 10 teams in the IPL 2022

“The new franchises will participate in IPL from 2022 season onwards subject to the bidders completing the post-bid formalities as specified in the ITT document. The IPL 2022 season will comprise ten teams and will have 74 matches, wherein each team will play 7 home and 7 away matches,” the BCCI said in a statement later.

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