₹12,690 cr! Goenka Group, CVC win bids for Lucknow, Ahmedabad IPL teams

Kolkata-based business tycoon Sanjiv Goenkas RP-SG Group claimed the Lucknow franchise for a whopping ₹ 7,090 crore while international equity investment firm CVC Capital won the bid for Ahmedabad with a ₹ 5,600 crore offer as the eagerly-awaited two new IPL teams were unveiled in Dubai on Monday (October 25).

The BCCI was expecting a windfall in the range of ₹10,000 crore but to their surprise, the earning went up to ₹12,690 crore from the two new teams that will take part in the 2022 IPL.

News agency PTI had reported on Sunday that Goenka was one of the favourites to win a team after having been in the IPL for two years in 2016 and 2017 when he owned the Rising Pune Supergiants. “Yes, RPSG had the highest bid of ₹ 7090 crore while CVC had the second highest bid at ₹ 5600 crore. The BCCI stand to earn around USD 1.70 billion from the deal,” a senior BCCI source present in Dubai told PTI on conditions of anonymity.

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One of the major companies that lost out was Gautam Adani’s Adani Group which bid around ₹5000 crore while bids of Glazers from Manchester United and Torrent Group also fell short of the mark.

Twenty-two companies had picked up tender documents worth Rs 10 lakh but with the base price for new teams pegged at Rs 2000 crore, only five to six serious bidders were in the fray.

The BCCI is yet to make an official announcement though. The country’s top cricketing body had shortlisted six cities — Ahmedabad, Lucknow, Cuttack, Guwahati, Ranchi and Dharamshala — as bases for the two new teams.

Earlier, all bidders were asked to submit two envelopes – one for personal and financial credentials and the second for the bid.

Meanwhile, Rhiti Sports, a sports marketing company that represented former India captain MS Dhoni, too bid on Monday. Cricbuzz reported that Rhiti made a late bid for a big company, believed to be owned by local businessman Anand Podar. However, their representative arrived a little late at the venue and his bid was eventually not accepted for late submission.

Several top business groups had put their hats in the ring, eager to buy an IPL team, directly or through consortiums. Among the most prominent bidders were English club Manchester United, the Adani Group, Torrent, Hindustan Media Ventures Pvt Ltd, RP-SanjIv Goenka Group, Capri Global and one Singapore based Irelia Company Pte Limited. Starting 2022, the money-spinning IPL event will have 10 teams instead of 8. The mega auction will give the original 8 franchises the choice to retain some players, while the rest will be available for auction.

(With inputs from agencies)