IPL: Lucknow and Ahmedabad announced as two new teams with RPSG, CVC Capital Partners making winning bids

Dubai: Kolkata-based business tycoon Sanjiv Goenka’s RPSG Group claimed the Lucknow franchise for a whopping Rs 7090 crore while international equity investment firm CVC Capital won the bid for Ahmedabad with a Rs 5,600 crore offer as the eagerly-awaited two new IPL teams were unveiled in Dubai on Monday. 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. BCCI president Sourav Ganguly spoke on the development, saying it was ‘heartening’ to see the inclusion of two new teams in the IPL. “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. & Irelia Company Pte Ltd for being the 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. 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 former India skipper said in a BCCI press release. Honorary Secretary of BCCI, Jay Shah, also weighed in, saying, " It is a momentous day for all of us and I formally welcome RPSG Ventures Ltd. and Irelia Company Pte Ltd. into the IPL fold. We had promised that IPL will be bigger and better from the 15th season and with Lucknow and Ahmedabad, we will take the league to different parts of India. The IPL has established gold standards for leagues across the world and remains a premium event on the sporting calendar as it has grown rapidly in a short span." Brijesh Patel, chairman of the IPL, too congratulated the winning bidders, while noting a ’new beginning’ for the cash-rich league. “The level of interest among the interested parties prove that IPL is among the most sought-after sporting leagues in the world. We had bids from different parts of the world and from parties with diverse portfolios wanting to make a foray into the world of sports. I extend my heartiest congratulations to RPSG Ventures Ltd. and Irelia Company Pte Ltd. for securing the rights to operate the two teams. We had a wonderful 14th season and the 2022 season will see a new beginning,” Brijesh said. The last time IPL was played with 10 teams was in 2011, when Kochi Tuskers Kerala (KTK) and Pune Warriors were involved. This was the only time IPL was played with 10 teams previously, with the Kochi franchise operations later in November 2011, being terminated due to a breach of BCCI’s terms and conditions. Pune Warriors, meanwhile, withdrew from IPL 2013 over financial differences with the BCCI. With inputs from PTI