RPSG, CVC Capital grabs the ownership of two new Lucknow, Ahmedabad franchises in IPL

The auction of the new teams for the next edition of the IPL has been held in Dubai. It has been confirmed at the end of the auction that two new teams are going to be added to the IPL next season. The two teams have been sold for 12,715 crore Indian rupees (approx 1.6 billion USD).

India’s corporate giants RP Sanjiv Goenka Group (RPSG) has bought the Lucknow franchise for Rs 7,090 crore (approx 940 million USD). The Atal Bihari Vajpayee Ekana Cricket Stadium, which was built in 2018, is going to be the home ground of the team. The capacity of this field is about 50 thousand.

The Ahmedabad franchise has been bought by another corporate giant CVC Capital Partners for Rs 5,625 crore (approx 750 million USD). Earlier, the company owned Formula One (F1). They recently bought a minority stake in the Spanish league La Liga. Their home ground will be the Narendra Modi Stadium situated in Ahmedabad with a capacity of about 132,000 spectators.

RPSG owner Sanjiv Goenka said that he was very happy to be back in the IPL. Buying the team was their initial step. Now their goal is to form a strong team so that the franchise can make a significant performance in the tournament. Earlier, Sanjiv Goenka was the owner of the Pune franchise in 2016 and 2017.

This time the base price of BCCI for each team is Rs 2,000 crore. As a result, the Lucknow team was bought by RPSG at about 250% more, while CVC spent about 160% more than the base price.

The BCCI will get 10 years to repay the entire amount with which the teams were bought. The BCCI had given a condition in the auction to get the money regularly. The annual revenue of any person or organization participating in the auction should be at least Rs 3,000 crore for three years.

The auction offered teams from six cities (Lucknow, Ahmedabad, Dharamsala, Cuttack, Indore, and Guwahati). The contestants were from 10 organizations, including Glazers Group, the owner of Manchester United Club. In the end, the Glazers Group couldn’t buy any team.

The IPL is going to be more excited as the number of teams are increasing. For more updates on it, stay with Baji!