IPL New Teams Auction Highlights: RPSG Group gets Lucknow for Rs 7,090 crore; Ahmedabad goes to CVC Capital
IPL New Teams Auction Highlights: RPSG Group gets Lucknow for Rs 7,090 crore; Ahmedabad goes to CVC Capital
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20:22 (IST)
That brings us to the end of our coverage of the bidding process for the two new IPL franchises. BCCI sure did make the world wait for the announcement. The process after all had begun at noon Indian time when the bidders had arrived at the venue in Dubai, and it wasn't until seven hours later when Lucknow and Ahmedabad were announced as the new teams with RPSG Group and CVC Capital Partners as their new owners, getting BCCI a windfall of more than Rs 12.000 crore — it had initially expected between Rs 7 to 10 crore for the two bids.
Hope you enjoyed our coverage. As for the ongoing T20 World Cup, Afghanistan are playing their first game of the tournament against Scotland. Follow live action by clicking here
20:11 (IST)
IPL set to become a 10-team affair again
The IPL is set to become a 10-team affair again for the first time in a decade with the addition of the Lucknow and Ahmedabad franchises — now owned by the RP Sanjiv Goenka Group and CVC Capital Partners respectively after their winning bids today.
19:59 (IST)
Lucknow is now the most valuable franchise in the IPL right now!
Cost of IPL teams (in million USD)
— Deepu Narayanan (@deeputalks) October 25, 2021
Lucknow 950
Ahmedabad 710
PWI 370
KTK 333
MI 111.9
RCB 111.6
Deccan 107
CSK 91
DC 84
SRH 79.5 (five year deal)
PBKS 76
KKR 75.1
RR 67#IPLNewTeam #Ahmedabad #Lucknow
19:58 (IST)
Scaling new financial heights
I remember the shock at the first IPL team prices when they were announced in 2008. And the shock over how much Sony paid for the World Cup in 2003 and then the IPL in 2008. These bids for the new teams make sense if your horizon is 20 years.
— Joy Bhattacharjya (@joybhattacharj) October 25, 2021
19:55 (IST)
"It is good be back in the IPL and I am delighted. It is an initial step. We now have to build a good team and perform," RPSG's Sanjiv Goenka was quoted as saying according to ESPNCricinfo
Goenka was earlier the owner of the Rising Pune Supergiant franchise, which was part of the IPL in 2016 and 2017 along with Gujarat Lions as the replacement franchises for the suspended Chennai Super Kings and Rajasthan Royals. After a poor run in 2016, RPSG managed to reach the final in 2017, where they lost to Mumbai Indians by a solitary run in Hyderabad.
19:44 (IST)
Cricket economy certainly is booming at the moment
I must admit I am blown away by the size of the bids. The cricket economy just gets more buoyant and I don't see how it can stop at 74 games a year. This is a huge vote of confidence in the Indian consumer's willingness to watch the #IPL.
— Harsha Bhogle (@bhogleharsha) October 25, 2021
19:37 (IST)
Ladies and gentlemen, we have the new owners of the two franchises!
RP Sanjiv Goenka Group, which had previously owned the Rising Pune Supergiants team, have placed the highest bid of Rs 7,090 crore, with CVC Capital placing the next highest bid with Rs 5,625 crore.
According to Cricbuzz, RPSG have been awarded the Lucknow franchise while CVC Capital get Ahmedabad.
Adani Group and the Glazer Family, who were counted among the frontrunners, ultimately fail to match their bids.
19:27 (IST)
This just in
IPL franchise update...
— KSR (@KShriniwasRao) October 25, 2021
RP-Sanjiv Goenka Group puts bid of around 7200 crore
CVC Capital has put a bid of Rs 5,200 crore.
These are the winning bids...
19:24 (IST)
Looks like Gujarat will make a comeback to the IPL afterall!
Ahmedabad and Lucknow—the two new IPL teams??
— Aakash Chopra (@cricketaakash) October 25, 2021
19:23 (IST)
Looks like the BCCI is set to get richer by Rs 7,000-10,000 crore after the auction of the two new Indian Premier League franchises today.
As for the new franchise owners, it looks like a tough battle among the 10 bidders with Adani Group, RPSG Group and the Manchester United-owning Glazer family among the front-runners.
19:16 (IST)
Earlier today. Official announcement should come in shortly
Bid submissions done ✅
— IndianPremierLeague (@IPL) October 25, 2021
Verification process underway here in Dubai ????
The Big Announcement soon ???? pic.twitter.com/LbXGwxnrYR
19:06 (IST)
Hello and welcome to our live coverage of the unveiling of the two new franchises in the Indian Premier League (IPL). The lucrative T20 tournament organised by the Board of Control for Cricket in India (BCCI) is set to expand to 10 teams next year, which will also lead to the number of matches getting increased to 74 from the current total of 60.
Kolkata-based business tycoon Sanjiv Goenka's RP-SG 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 5600 crore offer as the eagerly-awaited two new IPL teams were unveiled here 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.
The addition of two new teams also expands the IPL next year in terms of number of matches. As many as 74 games will be held next year, a sizeable increase from the 60 matches (56 league and four playoff matches) that were held this year.
As many as 10 parties, including the Glazer family that owns Premier League giants Manchester United and NFL's Tampa Bay Buccaneers, had arrived for the bidding process in Dubai for the two new teams. The Adani Group and the Sanjiv Goenka-owned RPSG Group were also present at the auction.
Ahmedabad, Lucknow, Guwahati, Cuttack, Dharamsala and Indore were the six cities that were presented as options for the two new franchises.
"The stage is set! Bidding for the 2 new IPL teams to commence shortly!" the BCCI had earlier tweeted.
Earlier in the day, the owners of Manchester United — the Glazer family also reached UAE to try and ensure they get to own one team in the cash-rich league.
Speaking to ANI, sources in the know of developments confirmed the presence of the Manchester United owners in the UAE for the big day.
"Yes, they are here. We will know by afternoon on which two cities have teams and who are the owners," said the source.
Manchester United owners showing interest to be a part of the IPL might be one of the reasons why the BCCI on 21 September informed they have decided to extend the date for purchasing the Invitation to Tender (ITT) for the right to own and operate one of two proposed new IPL teams document till 10 October from the initial deadline of 5 October.
Earlier, speaking to ANI, sources in the know confirmed the interest shown by Manchester United owners."Well yes, it is true that they have shown interest and that may be one of the reasons why the dateline was extended by the BCCI. IPL is not just restricted to India, it is a global entity now," the source said.
The Governing Council of the IPL had issued the 'Invitation to Tender' ("ITT") document available on payment of the non-refundable tender fees on 31 August.
With inputs from agencies
