IPL Teams: Sanjiv Goenka wins new franchise for over Rs.7000 cr for Lucknow and CVC second at Rs.5600 Cr for Ahmedabad. Gautam Adani lost the bid

IPL gravy train continues to chug along, with two new teams added for 2022

October 25, 2021

Sanjiv Goenka wins new Lucknow franchise, CVC won bid for Ahmedabad

Kolkata-based business tycoon Sanjiv Goenka‘s RP-SG Group won the Lucknow franchise for a whopping Rs.7090 crore while international equity investment firm CVC won the bid for Ahmedabad with an Rs.5600 crore offer for the two new IPL Cricket teams on Monday. Board of Cricket Control in India (BCCI) was expecting a windfall in the range of Rs.10,000 crore but to their surprise, earned Rs.12,690 crore from the two new teams that will take part in the 2022 IPL.

The news agency PTI had reported on Sunday that Goenka is 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 Rs.7090 crore while CVC had the second-highest bid at Rs.5600 crore. The BCCI stands to earn around USD 1.70 billion from the deal,” a senior BCCI official present in Dubai.

One of the major companies that lost out was Gautam Adani‘s Adani Group which bid around Rs.5000 crore while bids of Glazers from Manchester United and Torrent Group also fell short of the mark. Twenty-two companies have 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 Luxembourg-based CVC Capital (Citicorp Venture Capital ) is an offshoot of the CitiBank consortium now acting as an independent firm. Adani Group lost the Ahmedabad IPL team to multinational venture capital firm CVC. Other bidders like Torrent and Manchester United placed below Rs.5000 crore only and lost the race for Lucknow and Ahmedabad IPL teams.

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