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The league approved a proposal in December last year to add two franchises to the richest 2020 competition in the world
Officials said a US capital venture fund and an Indian tycoon bid more than $1.6 billion on Monday to establish two new teams in the Indian Premier League, the richest cricket tournament in the world.
IPL said that Sanjiv Goenka bid more than US$930 million at an auction in Dubai to set up a team in the Indian city of Lucknow. Its RPSG group includes electricity, music and plantations.
CVC Capital partners pledged to provide more than US$690 million to build a team in the world’s largest cricket stadium in Ahmedabad.
PTI reported on Sunday that Goenka was one of the favorites to win a team. He worked at IPL for two years when he owned Rising Pune Supergiants in 2016 and 2017.
One of the major losers was Gautam Adani’s Adani Group, and Glazers from Manchester United and Torrent Group also failed to meet their bids.
Although 22 companies have obtained tender documents for the new team, only 5 to 6 serious bidders are in competition.
“The new franchise will start participating in the IPL from the 2022 season, provided that bidders complete the post-bid procedures specified in the ITT document. The IPL 2022 season will include 10 teams and there will be 74 games, each of which will Played 7 home games and 7 away games,” the Indian Cricket Committee said in a statement.
Sourav Ganguly, President of BCCI congratulates the winning bidder.
“BCCI is very pleased to welcome two new teams in the Indian Premier League next season. I would like to congratulate RPSG Ventures Ltd. and Irelia Company Pte Ltd on being the winning bidders. IPL will now head to Lucknow and Ahmedabad, India. Two new cities,” Ganguly said.
“It’s exciting to see two new teams joining at such a high valuation. It reaffirms the cricket and financial strength of our cricket ecosystem. True to IPL’s motto “The meeting of talent and opportunity”, two new balls The addition of the team will bring more domestic cricket players from our country to the global stage.”
The former Indian captain also said that he is very happy to see IPL attract global investors.
“The ITT process includes two interested bidders from outside India, which strongly emphasizes the global appeal of IPL as a sports industry,” he said.
“It turns out that IPL is a great tool for global cricket matches. I look forward to IPL 2022 very much.”
At the same time, BCCI Secretary Jay Shah promised to bring IPL to different parts of India starting next year.
“This is an important day for all of us. I officially welcome RPSG Ventures Ltd. and Irelia Company Pte Ltd. to join IPL. We promised that starting from the 15th season, IPL will become bigger and better. With Lucknow and Ahmedabad, we will bring the alliance to different parts of India,” Shah said.
“IPL has established the gold standard for leagues around the world, and because it has developed rapidly in a short period of time, it is still a high-quality event on the sports calendar. Despite the many challenges posed by Covid-19, the 13th and No. Season 14 has been completed and the bidding proved that interested parties have full confidence in BCCI and its hosting capabilities. I am excited for the people of Uttar Pradesh and Gujarat, because the long wait is over and they will now have their own IPL team. Best wishes for the new team.”
With the addition of two new teams, former Indian opening batsman Akash Chopra hopes that BCCI can add a position to overseas players in XI.
“So, it’s Ahmedabad and Lucknow. The valuation of the new team has raised #IPL to a whole new level. Now, waiting to learn about the retention rules. I hope to allow 5 overseas players to enter at least for the first 3 years XI is seen as an option,” Chopra wrote on Twitter.
The league approved a proposal in December last year to add two franchises to the world’s richest 2020 event, which has an estimated brand value of US$6.8 billion.
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