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Sanjiv Goenka-owned RPSG group, CVC Capital Partners bag two new IPL franchises

Sanjiv Goenka-owned RPSG group, CVC Capital Partners bag two new IPL franchises

While RPSG Ventures made the highest bid of Rs 7,090 crore for Lucknow, Irelia Company Pte Ltd (CVC Capital Partners) bid Rs 5,625 crore for a team which will be based out of Ahmedabad.

RP-Sanjiv Goenka Group and CVC Capital bagged the two new IPL teams. RP-Sanjiv Goenka Group and CVC Capital bagged the two new IPL teams.

The RP-Sanjiv Goenka Group and equity investment firm CVC Capital Partners have bagged the two new Indian Premier League (IPL) franchises.
 
The Governing Council of IPL had issued an Invitation to Tender (ITT) to acquire the right to own and operate two new franchises.
 
While Sanjiv Goenka-owned RPSG Ventures made the highest bid of Rs 7,090 crore for Lucknow, Irelia Company Pte Ltd (CVC Capital Partners) bid Rs 5,625 crore for a team which will be based out of Ahmedabad, the Board of Control for Cricket in India (BCCI) said in a release.
 
Goenka earlier owned the Pune franchise Rising Pune Supergiants (RPS) for two years and is also the owner of ISL franchise ATK Mohun Bagan.
 
The BCCI was expecting a windfall in the range of Rs 10,000 crore but to its surprise, earned Rs 12,715 crore from the two new teams.

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Among the major corporates which missed out was Adani Group, which bid around Rs 5,000 crore, while bids of Glazers from Manchester United and Torrent Group also fell short of the mark.
 
22 companies had picked up the tender document worth Rs 10 lakh, but with base price for new teams pegged at Rs 2,000 crore, only five to six serious bidders were in fray.
 
"The new franchises will participate in IPL from 2022 season onwards subject to the bidders completing the post-bid formalities as specified in the ITT document. The IPL 2022 season will comprise ten teams and will have 74 matches, wherein each team will play 7 home and 7 away matches," the release from the BCCI said.
 
"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," BCCI President Sourav Ganguly said.
 
The ITT process also had two interested bidders from outside India, which strongly emphasises the global appeal of the IPL as a sports property, the former Indian captain added.

(With PTI inputs)

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