The RPSG group: Irelia Company Pte Ltd (CVC Capital Partners) bid Rs 5,625 crore for a team located in Ahmedabad, while RPSG Ventures made the highest bid of Rs 7,090 crore for Lucknow.
The two new Indian Premier League (IPL) franchises have been awarded to the RP-Sanjiv Goenka Group and equity investment firm CVC Capital Partners.
The RPSG group: The IPL’s Governing Council had issued an Invitation to Tender (ITT) for the acquisition of two more franchises.
The Board of Control for Cricket in India (BCCI) said in a statement that while Sanjiv Goenka‘s RPSG Ventures submitted the highest bid of Rs 7,090 crore for Lucknow, Irelia Company Pte Ltd (CVC Capital Partners) bid Rs 5,625 crore for a franchise located in Ahmedabad.
Goenka previously controlled the Rising Pune Supergiants (RPS) of Pune for two years and also owns the ISL franchise. ATK Mohun Bagan.
The BCCI had anticipated a windfall of around Rs 10,000 crore, but instead received. Rs 12,715 crore from the two new teams.
Adani Group, which offered roughly. Rs 5,000 crore, was one of the large corporates that missed out, while Glazers from. Manchester United and Torrent Group also came up short.
Only five to six real bids were in the running after 22 businesses picked up the tender document worth. Rs 10 lakh. The base price for new teams was set at Rs 2,000 crore, so only five to six serious bidders were in the running.
“The new teams will compete in the IPL starting in the. 2022 season, assuming the bidders complete the post-bid processes outlined in the. ITT document. The IPL 2022 season would include ten teams and. 74 matches, with each team playing seven home matches and seven away matches “According to the BCCI’s press release.
“It’s encouraging to see two new teams included at such a high valuation. As it demonstrates our cricket ecosystem’s cricketing and financial prowess. The addition of two additional clubs will bring more domestic. Cricketers from our country to the world stage, in keeping with the. IPL’s tagline of ‘Where Talent Meets Opportunity.’ “Sourav Ganguly, president of the BCCI, stated.
Two prospective bidders from outside India participated in the. ITT process, demonstrating the. IPL’s worldwide appeal as a sporting franchise, according to the former Indian captain.
Click here: Sanjiv Goenka: Team’s valuation would be a multiple of a few times over 10 years
Read more about: Aakash Chopra says “We don’t know if West Indies have actually come for the T20 World Cup or on a tourist visa” in T20 World Cup 2021
Visit also: Gujarati Culture and Cuisine