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.
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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.
Click here to read our report for more details
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
“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.
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
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 5,166 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.
This just in
IPL franchise update…RP-Sanjiv Goenka Group puts bid of around 7200 croreCVC Capital has put a bid of Rs 5,200 crore.These are the winning bids…– KSR (@KShriniwasRao) October 25, 2021
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
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.
More details here