The bidding process for the new IPL Teams that started on Monday noon finally concluded in the evening, with RP-Sanjiv Goenka (RPSG) Group and CVC Capital emerging as the new owners.
While RPSG claimed the ownership of the Lucknow-based franchise for a mind-boggling bid of INR 7090 crores, CVC Capital bought the Ahmedabad franchise for INR 5600 Crores.
IPL franchise update:
Both RP-Sanjiv Goenka Group & CVC Capital put Ahmedabad & Lucknow as their priorities.
Now they get to choose. Naturally highest bidder gets first choice.
But I’m told RP-SG taking Lucknow and CVC will take Ahmedabad.
Will post a confirmation soon. : )
— KSR (@KShriniwasRao) October 25, 2021
The bidding for the franchises was quite intense, with many big players in the race. Adani Group was in the race for a long time and even though they came up with a bid of around INR 5000 crore, RPSG and CVC Capital finally outbid them by quite a big margin. Avram Glazer, the major stakeholder in English Premier League club Manchester United, was also one of the bidders in the process. But it has been learnt that his bid along with that of Torrent and Aurobindo Pharma didn’t even come close to INR 5000 crores.
The owners of the new IPL teams — RPSG Group and CVC Capital Partners — have now shelled out a total of INR 12690 crores on the new teams. That’s a mind-blowing sum of money but the Indian Premier League is only expected to grow further in the future and hence, the decision of these two companies to go all out for the IPL teams is quite understandable.
New IPL Teams’ Owners – RPSG owned the Rising Pune Supergiants previously; CVC Capital Partners already a big player in the business of Sports
RPSG previously owned the Rising Pune Supergiants, which played in the 2016 and 2017 editions of the IPL. The team, along with Gujarat Lions, was dissolved after Chennai Super Kings and Rajasthan Royals rejoined the league following the end of their ban.
CVC Capital Partners, on the other hand, have made quite a name for themselves in the business of sports already. They own Formula One and Rugby, and recently they bought LA Liga as well.
More to Follow……