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IPL: RPSG Group Wins Lucknow, CVC Capital Gets Ahmedabad; BCCI Cracks A Jackpot

RP Sanjiv Goenka Group and CVC Capital paid Rs 7090 crores and Rs 5625 crores respectively to own the IPL teams for a 10-year period.

IPL: RPSG Group Wins Lucknow, CVC Capital Gets Ahmedabad; BCCI Cracks A Jackpot
A file picture of Sanjiv Goenka when he owned the IPL franchise Rising Pune Supergiant during 2016 and 2017 editions of the tournament. | BCCI
IPL: RPSG Group Wins Lucknow, CVC Capital Gets Ahmedabad; BCCI Cracks A Jackpot
outlookindia.com
2021-10-26T09:35:16+05:30

The RP Sanjiv Goenka Group and CVC Capital won the race to own new teams in the Indian Premier League. In Dubai on Monday. The Board of Control for Cricket In India weighed at least 20 offers before deciding on RPSG Group and CVC Capital as the new owners. (More Cricket News)

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According to a BCCI release, RPSG Group (backed by Sanjeev Goenka, who co-owned Rising Pune Supergiant for two seasons) and venture capitalists CVC Capital, paid Rs 7090 crores and Rs 5625 crores, respectively, as license fees to own the teams for a 10-year period. The Adani Group's bid was Rs 5100 crores.

RP Sanjiv Goenka Group will be based in Lucknow while CVC Capital will be based in Ahmedabad.

From 2022, IPL will have 10 teams. This is not the first time, IPL has been played among 10 teams. The 2011 model will be followed from next season and that will mean an extra 14 matches from the current number of 60.

Nine teams featured in the 2013 edition of the IPL and a total of 76 matches were played. The additional teams and matches also mean a financial bonanza for the BCCI through additional money from broadcasting rights, estimated to touch 5 billion USD for the next five-year cycle starting 2023.

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BCCI president Sourav Ganguly, who was present when the new teams were announced,  said he is looking forward to IPL 2022.

"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," Ganguly said. 

"The ITT process included two interested bidders from outside of India, which strongly emphasises the global appeal of the IPL as a sports property. The IPL is proving to be a wonderful instrument in globalising the game of cricket. I am keenly looking forward to IPL 2022," added the former India captain.  

Meanwhile, BCCI secretary Jay Shah, who hails from Gujarat, is thrilled to finally see an IPL team from his state.  "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.

"Despite numerous challenges posed by COVID-19, the 13th and 14th seasons were completed, and the bids prove that interested parties have faith in BCCI and its hosting capabilities. I am thrilled for the people of Uttar Pradesh and Gujarat as the long wait is over and they will now have their own IPL team," he said 

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