We eventually obtained our two new franchises for the IPL after a bidding war among prominent business tycoons and leading business groupings. “Lucknow and Ahmedabad” will be the two new teams that will compete in the IPL. The bid procedure took place in Dubai on Monday, October 25th, and included heavyweights such as Adani Group, Aurobindo Pharma Ltd., orrent Pharma, Manchester United Owners, Jindal Steel, Hindustan Times Media, and others. RPSG Group and CVC Capital Partners, however, were the winners, with bids of 7090 crore and 5600 crore, respectively. According to insiders, the BCCI expected a bid range of Rs 10,000 crore for the two new franchises, but they were surprised to get a combined bid of Rs 12,715 crore from the RPSG Group and CVC Capital Partners for the two new teams.
Only 9 of the 22 companies that acquired the tender documents were present in Dubai for the walk-in bid. As from now on, we will be able to watch ten teams compete for the IPL title, which will be thrilling.
RP-Sanjiv Goenka Group
RPSG Group was the first to be named a winner, among a number of others. The RP-Sanjiv Goenka Group is one of India’s fastest-growing corporations, having a global footprint. Power and energy, carbon black production, retail, IT-enabled services, FMCG, media and entertainment, and agricultural are among the Group’s businesses. The RPSG group bid a hefty Rs 7090 crore (about USD 940 million) for the Lucknow team. The RPSG group, which was a part of the IPL for two years as the owner of the Pune Super Giants in the 2016-2017 season, will be back with the Lucknow team. “It is good be back in the IPL and I am delighted,” RPSG owner Sanjiv Goenka told ESPNcricinfo. “It is an initial step. We now have to build a good team and perform.”
The Atal Bihari Vajpayee Stadium in Lucknow is an important international cricket venue in India. Lucknow is one of India’s most important stadiums, having held multiple matches to date. The Atal Bihari Vajpayee Stadium, which has a capacity of 50,000, will be the home stadium for the Lucknow team.
CVC Capital Partners
Irelia Co. Pte: CVC Capital Partners, a Singapore private equity firm, came in second with a bid of Rs 5625 crore (USD 750 million approx). For the IPL, CVC Capital Partners will sponsor Ahmedabad’s team. CVC Capital Partners is a private equity and investment advisory firm based in Europe and Asia that has raised about US$111 billion in secured commitments across private equity, credit, and growth funds since its establishment.
The Narendra Modi Stadium, formerly known as the Motera Stadium, is a cricket stadium in Ahmedabad, Gujarat, India, located within the Sardar Vallabhbhai Patel Sports Enclave, with a capacity of over 130,000 people and is the world’s largest cricket stadium, will be the home venue for the Ahmedabad team.
Here is the list of all the Bidders for the two new teams as Harsh Goenka.
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