The Board of Control for Cricket in India (BCCI) on Monday finalised the two new Indian Premier League (IPL) franchises, to be included in the competition from next season onwards. While RP-Sanjiv Goenka Group bagged Lucknow IPL team for Rs 7090 crore, Private Equity firm CVC have won the bid for Ahmedabad. CVC Capital paid around Rs 5600 crore for the Ahmedabad franchise.
In a statement, the Indian cricket board said, “BCCI is pleased to announce the following successful bidders (subject to definitive documentation and other formalities being completed):
- RPSG Ventures Ltd. – Lucknow (for INR 7090 crores)
- Irelia Company Pte Ltd. (CVC Capital Partners) – Ahmedabad (for INR 5625 crores)
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,” it added.
After completion of bidding, BCCI president Sourav Ganguly welcomed two new teams and said it will bring more domestic cricketers.
“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. 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 BCCI was expecting a windfall in the range of Rs 10,000 crore but to their surprise, earned Rs 12,690 crore from the two new teams that will take part in the 2022 IPL.
Earlier, RP-Sanjiv Goenka Group owned the Pune Franchise, Rising Pune Supergiants (RPS) which was part of the IPL for two years when Chennai Super Kings and Rajasthan Royals were banned. The RP-Sanjiv Goenka Group is also the owner of ISL franchise ATK Mohun Bagan.
Meanwhile, CVC capital are an international conglomerate who were previous stakeholders in Formula 1 and recently took a minority-stake in La Liga, Spain’s top-flight football league.
The mega auction for the 15th edition of the Indian Premier League, IPL 2022, will be held later this year in December.
Initially, closed bids were submitted in front of the board’s office-bearers in Dubai. It was learned that Adani Group, RP-Sanjiv Goenka Group, Hindustan Times Media, Glazer Family and Aurobindo had submitted the highest bids for the new franchises. The other notable companies which were in the fray comprise Kotak group, pharmaceutical majors Aurobindo Pharma and Torrent group.
The two cities that were considered favourites in terms of stadium capacity were Ahmedabad and Lucknow. While Ahmedabad boasted the Narendra Modi Stadium with more than 100,000 capacity, Lucknow has Bharat Ratna Shri Atal Bihari Vajpayee Stadium which can accommodate around 50,000 people. The other cities in the hunt were Indore, Guwahati, Cuttack, Dharamsala and Pune.
Source: News 18