Kolkata based RP Sanjiv Goenka Group snags Lucknow franchise for Rs 7,000 crore (USD 932 mn) and private equity firm CVC Capital wins Ahmedabad franchise with a bid of Rs 5,200 crore (USD 692 mn) as IPL expands to 10 teams
Sanjiv Goenka
Just 24 hours ago, social media was mourning India’s crushing loss to Pakistan in the T20 World Cup at Dubai on Sunday. But come Monday evening, the netizens seemed to have quickly moved on as all talk only centered around the two new teams that will enter the Indian Premier League (IPL) next year. Despite ample controversies and COVID-forced disruptions, the cash-rich T20 league remains the top cricketing league that just gets bigger and bigger.
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In one single day, the BCCI coffers got richer by a mind-boggling Rs 12, 715crore with Sanjiv Goenka-headed RPSG Ventures Ltd bidding Rs 7,090cr for the Lucknow franchisee and Irelia Company Pte Ltd. (CVC Capital Partners), who bid Rs 5,625cr to get their hands on the Ahmedabad franchisee.
“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 10 teams and will have 74 matches, wherein each team will play seven home and seven away matches,” the BCCI said in a statement.
Nine bidders
A total of nine bidders participated. More than the money that the two new IPL teams owners have pumped in, for the BCCI it is the interest their T20 league generates which is heartening.
Arun Dhumal
“It is not only about the value that we have got, but the kind of people who are wanting to associate with the IPL. Be it Manchester United, CVC Capital or the New York Yankees [through a different entity].
“It speaks volumes of the strength of Indian cricket, and what we have done over the years. All the contribution of our predecessors has gone into this game.
“It’s a perfect reflection of how IPL has grown over the years and how it has become a global brand now,” BCCI treasurer Arun Dhumal told mid-day from Dubai after a hectic six-hour, fierce bidding process on Monday.
The BCCI had placed a minimum of Rs 2,000crore as base price for the two new teams. But what they got in return was a staggering 250 per cent more from RPSG Ventures. Goenka, who was earlier associated with the Pune Supergiant for two years when Chennai Super Kings and Rajasthan Royals were banned by the Supreme Court, was thrilled to be back in the IPL.
Goenka thrilled
“It feels good to be back in the IPL...now for building a good team,” Goenka said in a text message.
Adani Sportsline, who bid Rs 5,100 crore, were favourites for the Ahmedabad franchisee, but Irelia Company pipped them by Rs 525 crore.
Adani pipped
The BCCI treasurer didn’t dwell much into the outcome, though. “Why should we go into the figures? They [Adani Group] bid but were unsuccessful because their bid was lower,” Dhumal said.
Irelia Company recently picked a minority stake in La Liga. They also had stakes in Formula One.
Dhumal was not at all surprised with the IPL’s rich valuation during the COVID-19 pandemic.
“It is up to the market to evaluate. We work hard and give it to investors and partners to evaluate.
“So, this is a value ascertained by them. We don’t waste our time in valuing the property that we have created. It is up to the buyer or the stakeholders who are partnering with the BCCI,” he said.
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