IPL 2022 | RPSG bags Lucknow franchise for record bid, CVC acquires Ahmedabad team

10/25/2021

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RPSG and CVC Capital have won the ownership rights for Lucknow and Ahmedabad Indian Premier League (IPL ) teams respectively. The Sanjiv Goenka group bagged the Lucknow-based franchise for a record INR 7090 crores, whereas the CVC group secured the Ahmedabad-based franchise for INR 5625 crores.

The RPSG, who owned the Rising Pune Supergiants in 2016 and 2017, have won the bid for the Lucknow-based franchise for INR 7090 crores, whereas the Private Equity group CVC Capital opted for the Ahmedabad team and won the bid for INR 5625 crores.

A total of 10 parties participated in the bidding on Monday, October 25, at the Taj Dubai. The bidders were allowed to choose from Ahmedabad, Lucknow, Cuttack, Dharamsala, Guwahati, and Indore, to base their team in.

The Lucknow and Ahemadabad-based franchises will join Chennai Super Kings, Mumbai Indians, Royal Challengers Bangalore, Kolkata Knight Riders, Delhi Capitals, Sunrisers Hyderabad, Punjab Kings, and Rajasthan Royals, from the upcoming edition of the IPL. Both the new teams will need to pay the entire amount over a 10-year period to ensure the solid foundation of the franchise owners.

"It is good be back in the IPL and I am delighted. It is an initial step. We now have to build a good team and perform," RPSG owner Sanjiv Goenka told ESPNcricinfo.

The Glazers, who own the Manchester United football club, Adani Group, Aurobindo Pharma, and Torrent Pharma were the other prominent parties who participated in the walk-in bidding event.

A mega auction for players will be conducted in 2022 ahead of the 15th edition of IPL.