IPL Franchise Auction: Lucknow and Ahmedabad join the party

Indian Premier League
IPL

The Indian Premier League (IPL) franchise auction got underway on Monday 25 October 2021 with mega-money bids received for the two places in cricket’s richest tournament.

Over a billion US Dollars would be spent as two consortium’s secured IPL franchises to be based in Lucknow and Ahmedabad, already home to international venues of a high standard.

The Board of Control for Cricket in India (BCCI) have come through a tough few years under the pandemic but are looking forward to a bright future as they also announced the tender for media rights for the IPL in the 2023-27 cycle.

A TV rights deal is likely to prove a massive money-spinner for what is already the richest cricket union in the world by some distance.

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RP Sanjeev Goenka Group (RPSG) and CVC Capital Partners won the rights to the ninth and tenth IPL franchises.

RPSG paid INR 7000 crore (Approximately £677 million) to buy the Lucknow franchise while CVC snapped up the Ahmedabad franchise for INR 5200 crore.

“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.”

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India’s top cricket officials oversaw the process which involved extensive evaluation of bids, with tender applications expected to meet a strict standard.

It is understood that a bid from one of India’s richest people, Gautam Adani and his Adani Group for the Ahmedabad franchise failed with CVC ultimately being the preferred bidder.

There was also a bid from Manchester United principle owner Avram Glazer’s Lancer group.

Aoccording to reports 22 companies purchased the IPL Franchise tender document, but only nine actaully showed up to the walk-in bid event held in Dubai.

The BCCI are expected to announce the successful bids soon.

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