Sanjiv Goenka: The BCCI had a nearly $ 2 billion windfall, with the Calcutta-based RPSG Group. And international investment company CVC Capital won the tender for the Lucknow and Ahmedabad franchised companies respectively.
Calcutta billionaire Sanjiv Goenka, who bought the Lucknow franchise for a whopping 7,090 rupees.
BCCI had a profit of nearly $ 2 billion, with Calcutta-based RPSG Group and international private equity firm CVC Capital bidding for the Companies Lucknow and Ahmedabad franchises, respectively. Goenka-owned RPSG group became the highest bidder, while CVC Capital beat Adani group to win Ahmedabad’s bid for Rs 5,600.
Chairman of RPSG Group Goenka, who is also the principal owner of ATK Mohun Bagan in ISL, said here:
“We do believe that the valuations of this will go up in the future. And from what we invest, to what it could be over a period of 10 years would be a multiple of a few times,”
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“Frankly it’s something that I’ve been keen on for a while. When the opportunity presented itself we took it. IPL has created some of the biggest brands. Look at Mumbai Indians, Delhi Capitals, Chennai Super Kings, and look at some of the others, they are really household names, some of the biggest brands the country has.”
On claiming the Lucknow franchise, he said: “For us, Uttar Pradesh has been an important state. We distribute power in Greater Noida. We have a number of Spencer stores in the state. So we do believe that will help us to connect with the state, and we look forward to this.”
The Financial Times reported that there was a similar caution recently in Germany and Italy after major soccer leagues in both countries rejected a CVC investment.
“Firstly, it feels good to be back in the IPL. But this is just the first step. Now, it’s really for us to build a good team, and try to put up a good performance.”
“So the work really begins now in terms of actually getting the coach. Putting together a team, and getting a sense of discipline and performance into play.”
In August, sports investors bought a 10 percent stake in the Spanish league for just under $ 3 billion. The move has been rejected by four clubs. Including Real Madrid and Barcelona, who have decided not to do so, according to The New York Times. CVC has also invested a total of approximately $ 800 million in professional rugby.
“If wishes are horses. We don’t know yet. It would depend on the retention policy and who are the available players. Then only we can decide on our key players,” he signed off.
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