The Governing Council of the IPL had issue an Invitation to Tender (“ITT”) to acquire the right to own and operate 2 new franchises. Many interested parties submit their bids for the new franchises.
The bids were submit by the authorise representatives of the parties at Dubai.
Kolkata-based business tycoon Sanjiv Goenka’s RP-SG Group claim the Lucknow franchise for a Rs 7090 crore and international equity investment firm CVC Capital won the bid for Ahmedabad with a Rs 5600 crore.
- RPSG Ventures Ltd. – Lucknow (for INR 7090 crores)
- Irelia Company Pte Ltd. (CVC Capital Partners) – Ahmedabad (for INR 5625 crores)
The BCCI was expecting in the range of Rs 10,000 crore but to their surprise, earned Rs 12,690 crore from the two new teams that will take part in the 2022 IPL.
Both 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 and each team will play 7 home and 7 away matches.
There are 22 companies which have pick up tender documents worth Rs 10 lakh but with a base price for new teams at INR 2000 crore.
The BCCI is also allowing a consortium of up to three companies/individuals to bid for a franchise.
India’s richest business tycoon Gautam Adani and his Adani Group are expects to bid for the Ahmedabad franchise.
Goenka own the Pune Franchise Rising Pune Supergiants (RPS) for two years and is also the owner of ISL franchise ATK Mohun Bagan.
There has a buzz that Lancer group, which is own by Manchester United owner Avram Glazer, has also pick up the bid document.
The other notable companies which are in fray comprise Kotak group, pharmaceutical majors Aurobindo Pharma and Torrent group.
The two cities that are favourites in terms of stadium capacity are Narendra Modi Stadium in Motera with more than 100,000 capacity.
Ekana Stadium in Lucknow with 70,000 capacity.
The other cities in the hunt were Indore, Guwahati, Cuttack, Dharamsala and Pune.
BCCI President, Mr Sourav Ganguly Said :
The BCCI is happy to welcome two new teams from the next season of the Indian Premier League. I would like to congratulate RPSG Ventures Ltd. & Irelia Company Pte Ltd for being the successful bidders. The IPL will now go to two new cities in India viz in Lucknow and Ahmedabad. 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. The ITT process included two interested bidders from outside of India, which strongly emphasises the global appeal of the IPL as a sports property. The IPL is proving to be a wonderful instrument in globalising the game of cricket. I am keenly looking forward to IPL 2022.
Mr Jay Shah, Honorjary Secretary, BCCI Said :
It is a momentous day for all of us and I formally welcome RPSG Ventures Ltd. and Irelia Company Pte Ltd. into the IPL fold. We had promised that IPL will be bigger and better from the 15th season and with Lucknow and Ahmedabad, we will take the league to different parts of India. The IPL has established gold standards for leagues across the world and remains a premium event on the sporting calendar as it has grown rapidly in a short span. Despite numerous challenges posed by COVID-19, the 13th and 14th seasons were completed, and the bids prove that interested parties have faith in BCCI and its hosting capabilities. I am thrilled for the people of Uttar Pradesh and Gujarat as the long wait is over and they will now have their own IPL team. My best wishes to the two new teams.
Mr Brijesh Patel, Chairman, IPL Said :
The level of interest among the interested parties prove that IPL is among the most sought-after sporting leagues in the world. We had bids from different parts of the world and from parties with diverse portfolios wanting to make a foray into the world of sports. I extend my heartiest congratulations to RPSG Ventures Ltd. and Irelia Company Pte Ltd. for securing the rights to operate the two teams. We had a wonderful 14th season and the 2022 season will see a new beginning.
Mr Arun Singh Dhumal, Honorary Treasurer, BCCI Said :
The fact that winning bids were way above the base price set for the two new IPL franchises is a direct indication of the true value of the Indian Premier League. We received tremendous interest after the ITT was floated with many conglomerates putting their hat into the ring. I congratulate RPSG Ventures Ltd. and Irelia Company Pte Ltd. for placing the highest bids and winning the rights to own the IPL teams. I also thank all the bidders for showing faith in the BCCI and IPL. This is the start of an exciting chapter, and I can’t wait for the big auction to see how the new teams shape up.
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SOURCE : IPL
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