IPL Franchise Auction: Lucknow and Ahmedabad join the party
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.
RSPG and CVC win walk-in IPL bidding process
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.”
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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