The Board of Control for Cricket in India on the 26th of October announced the inclusion of two new teams in the Indian Premier League. The bidding process was held in a small ceremony in Dubai. The occasion was graced by the presence of BCCI President Sourav Ganguly, BCCI Secretary Jay Shah, treasurer Arun Dhumal, and Vice President of BCCI, Rajeev Shukla. The two new teams introduced were Ahmedabad and Lucknow. And the owners of these franchises were CVC Capital Group and RP Sanjeev Goenka Group respectively. The Ahmedabad-based franchise was bought for 5625 Crore Indian Rupees and the Lucknow-based franchise was bought for 7090 Crore Indian Rupees. Here is a look at how it panned out: –
Ahmedabad Franchise bought by CVC Group for 5625 Crore: –
The Ahmedabad-based franchise has been brought by CVC Group. The firm broke the bank and bid a whopping 5625 Crore Indian Rupees for this franchise. For the Lucknow team, they had bid 5166 Crore Indian Rupees. The base price for both the teams was 2000 Crore Indian Rupees and the Ahmedabad franchise was bought for 160% higher than the base price. CVC Capital Group is a Luxembourg-based group that has invested previously in sports-based leagues. With the firm having experience in sports tournaments, they will add spice to the league.
Lucknow Franchise bought by RP Sanjeev Goenka Group for 7090 Crore: –
The Lucknow-based franchise has been bought by the RP Sanjeev Goenka Group. RPSG, as the industry is better-known, had previously invested in Rising Pune Supergiants in 2016 and 2017. The franchise spent a heart-stopping, gut-wrenching 7090 Crore Indian Rupees. This is the highest amount that has ever been bid for an IPL Franchise. The Lucknow-based franchise was initially priced at a base price of 2000 Crore Indian Rupees but the buying price was 250% more than the base price. Based in Kolkata, RPSG was founded in 2011. It has an industry in the field of Carbon Black manufacturing and IT industries as well.
New IPL Teams, Interested Buyers, and Bidding Process: –
There were several other notable entrepreneurs and firms interested in investing in the new teams for the Indian Premier League. The list includes Adani Group belonging to India’s second richest man, Gautam Adani. It also includes Lancer Capital, a firm that has also invested in the football club, Manchester United. Other interested buyers were Kotak Securities and Banking firms, Allcargo Logistics, Capri Global group, Hindustan Media Ventures, and Torrent Sports Venture. The other cities up for grabs were Cuttack, Dharamshala, Guwahati, and Indore. Based on the interest of the buyers and the amount pitched by them, Lucknow and Ahmedabad were finalized.