BCCI announced Ahmedabad and Lucknow as the two new teams for the Indian Premier League (IPL) 2022 on Monday. CVC Capital Partners and Sanjiv Goenka’s RPSG Group successfully bid for the franchises in Dubai’s Taj Hotel,.
With a winning bid of Rs 7090 crores, the RPSG Group chose Lucknow as their home base, while CVC Capital Partners chose Ahmedabad with a bid of Rs 5625 crores.
Invitation to Tender
The BCCI announced on September 21 that the purchase deadline for the Invitation to Tender (ITT) for the right to own and run one of two proposed new IPL team documents has been extended from October 5 to October 20.
“The Governing Council of the IPL had issued an Invitation to Tender (“ITT”) to acquire the right to own and operate 2 (two) new franchises. Under the tender process, various interested parties submitted their bids for the new franchises. The bids were submitted by the authorized representatives of the interested parties in Dubai today.
BCCI is pleased to announce the following successful bidders (subject to definitive documentation and other formalities being completed):
1. RPSG Ventures Ltd. Lucknow (for INR 7090 crores)
2. Irelia Company Pte Ltd. (CVC Capital Partners) Ahmedabad (for INR 5625 crores)
The new franchises will participate in IPL from the 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 Indian cricket board said in an official release.
Adding new teams after 6 years
Before 2022, the IPL included ten teams in 2010, with the addition of the Pune Warriors India and Kochi Tuskers Kerala before both franchises were canceled. After six years, the BCCI is introducing two new teams. In 2015, it added two teams – Rising Pune Supergiants and Gujarat Lions – as replacements for the then-suspended Chennai Super Kings and Rajasthan Royals franchises for the 2016 and 2017 seasons.
The BCCI had expected a profit of around Rs 10,000 crore, but instead received Rs 12,690 crore from the two new clubs that will compete in the IPL in 2022.
Gautam Adani’s Adani Group, which spent roughly Rs 5000 crore, was one of the major losers, while Glazers from Manchester United and Torrent Group’s bids also fell short. Rhiti Sports, backed by MS Dhoni’s manager Arun Pandey, also submitted a bid for Cuttack, which was later rejected.
