Saturday, 04 December 2021

CVC Capital and RPSG Group successful bids for Ahmedabad and Lucknow IPL teams

CVC Capital and RPSG Group successful bids for Ahmedabad and Lucknow IPL teams

The Sanjiv Goenka-owned RPSG group won the Lucknow franchise by bidding for over ₹7,000 crore and private equity firm CVC Capital the second franchise at over ₹5,000 crores, the BCCI announced Monday.

BCCI held the process of identifying the two new IPL franchises in Dubai. It will add two more teams and expand the 2022 tournament to 10 teams.

"The BCCI is very happy to welcome two new team from next season of Indian Premier League. I would like to congratulate Irelia Company Pte Ltd & RPSG Ventures Ltd. for being the successful bidder. The IPL will now go for two new city in India viz in Lucknow and Ahmedabad," BCCI President Sourav Ganguly was quoted as saying in a press release.

He added.

"It is heartening to see the addition of two new teams at such a high valuation, and it restates the cricketing and financial strength of our cricket ecosystems. IPL's motto of 'Where Talent Meets Opportunity', the addition of two new teams will bring more domestic cricketer from our country to the world stage. The ITT process include two interesting bidders from outside of India, which strongly highlight the global request of the IPL as a sports properties. The IPL is proving to be a marvellous tool in globalising the game of cricket. I am keenly looking forward to IPL 2022,"

CVC Capital and RPSG Group successful bids for Ahmedabad and Lucknow IPL teams 1Twitter image : @IPL

Read More: Four retentions allowed in Ipl auction 2022 for each team

The RPSG Group picked Lucknow as their home base with a winning bid of Rs.7,090 crore, and CVC Capital opted for Ahmedabad with Rs.5,166 crore, reports said. The franchise aspirants chose to pick from six cities—Cuttack, Dharamsala, Guwahati, and Indore being the others.

The potential franchises had to submit details of their financial and personal credentials. BCCI's legal and audit officials first checked the bidders' credentials, and only then was the second envelope containing the bids opened, cricket website Cricbuzz reported.

Sunrisers Hyderabad franchise, the last team to join IPL via the tender process in 2012, had paid Rs. 850 crores. The base price for the new team this time was fixed at Rs. 2,000 crore. A total of 22 entities had bought the tender document.

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