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The bidding for new IPL teams took place at the Taj Hotel in Dubai on Monday and it is the RP-Sanjiv Goenka Group (Lucknow) and Cvc Capital Partners (Ahmedabad) who will join the Indian Premier League as the new owners. The IPL's first season was played in 2008, and ever since, the league has grown in stature and it is one of the most viewed competitions in the world. Ahmedabad and Lucknow are the two new members of the Indian Premier League (IPL) family as it will now be a ten-team affair from the next season.

The bidding took place at the Taj Hotel in Dubai on Monday (October 25) and it is the RP-Sanjiv Goenka Group (RPSG) (Lucknow) and CVC Capital Partners (Ahmedabad) who will join the cash-rich league as the new owners.

IPL two new teams debuts in 2022

• Sanjiv Goenka-owned RPSG Group has picked Lucknow as their home base with a winning bid of INR 7090 crores.
• CVC Capital has opted for Ahmedabad with a bid of INR 5625 crores.

The new franchises will participate in IPL from 2022 season onwards subject to the bidders completing the post-bid formalities as specified in the ITT document. The IPL 2022 season will comprise ten teams and will have 74 matches, wherein each team will play 7 home and 7 away matches.

IPL ‘most powerful aspect’ of cricket now, says Michael Vaughan after two new teams added to league

Former England captain Michael Vaughan has called the Indian Premier League the "most powerful aspect of the game," adding that the fans will likely see more matches and longer tournaments in the league as the game progresses.

Vaughan's comment comes shortly after the IPL added two new teams -- Ahmedabad and Lucknow -- for the next edition of the tournament. The bidding for the teams took place on Monday in Dubai.

IPL two new teams debuts in 2022

"With the 2 new franchises going for huge numbers it's now very clear the IPL is the most powerful aspect of game now .. It's inevitable that we will see more games & longer tournaments. #IPL," tweeted Vaughan.

The RPSG Venture successfully bid for the Lucknow franchise in the tournament (for INR 7,090 crore) while Irelia Company Pte Ltd (CVC Capital Partners) sealed the bid for Ahmedabad (for INR 5,625 crore).

Both the franchises will be added to the 2022 edition of IPL, subject to definitive documentation and other formalities being completed.

IPL two new teams debuts in 2022

The bidding for new IPL teams took place at the Taj Hotel in Dubai on Monday and it is the RP-Sanjiv Goenka Group (Lucknow) and CVC Capital Partners (Ahmedabad) who will join the Indian Premier League as the new owners. The IPL's first season was played in 2008, and ever since, the league has grown in stature and it is one of the most viewed competitions in the world.

Ahmedabad and Lucknow are the two new members of the Indian Premier League (IPL) family as it will now be a ten-team affair from the next season.

The bidding took place at the Taj Hotel in Dubai on Monday (October 25) and it is the RP-Sanjiv Goenka Group (RPSG) (Lucknow) and CVC Capital Partners (Ahmedabad) who will join the cash-rich league as the new owners.

IPL two new teams debuts in 2022

The new franchises will participate in IPL from 2022 season onwards subject to the bidders completing the post-bid formalities as specified in the ITT document. The IPL 2022 season will comprise ten teams and will have 74 matches, wherein each team will play 7 home and 7 away matches.

Lucknow and Ahmedabad become home to the two newest IPL franchises

Both tehttps://www.suyashpachauri.com/my-personal-bloghttps://www.suyashpachauri.com/my-personal-blogams will make their IPL debuts in 2022.

While RPSG previously ran the IPL team Rising Pune Supergiant — the company had a two-year contract for 2016-17 to fill in for two suspended teams—CVC Capital owned Formula One before selling it in 2016 and has major investments in European rugby as well as Spain’s top tier football league, La Liga.

The winners were announced after a seven-hour bidding process held at a luxury hotel across the Burj Khalifa in Dubai on Monday. Twenty interested parties collected bid documents, of which nine submitted eligible bids.

The RPSG and CVC bids beat Adani Sportsline Pvt. Ltd, Amrut Lila Pvt. Ltd, Hindustan Media Ventures Ltd (a unit of HT Media Ltd, which publishes Mint and Hindustan Times), Avashya Corp. Ltd, Championship Cricket LLC, Capri Global, and Torrent Sports. All nine bidders fulfilled the eligibility criteria of having an average revenue of ₹3,000 crore and net worth over ₹2,500 crore.

IPL two new teams debuts in 2022

RPSG Group and CVC Capital Partners bid a staggering sum of money - over USD 1.6 billion - to bag the two new teams

n what will be seen as a watershed moment in the business of cricket, two corporate giants - RP Sanjiv Goenka Group (RPSG) and CVC Capital Partners (Irelia Company Pte Ltd) - have bid a staggering sum of money, running over USD 1.6 billion, to buy the two new IPL franchises.

On Monday, at a walk-in bidding event in Dubai, RPSG paid INR 7090 crore (USD 940 million approx) to buy the Lucknow franchise while CVC, a private equity fund, bought the Ahmedabad franchise for INR 5625 crore (USD 750 million approx).

The RPSG bid was about 250% more than BCCI's base price of INR 2000 crore (US$270million approx). The corresponding figure for CVC was over 160%. In all, 22 companies had purchased the tender document but only nine were eventually present at the walk-in bid event held in Dubai that lasted over six hours on Monday.

The bids, enclosed in a sealed envelope, were opened after a lengthy technical evaluation process. The entire process was overseen by the IPL governing council as well as the BCCI top brass led by board president Sourav Ganguly, secretary Jay Shah, treasurer Arun Dhumal, vice-president Rajeev Shukla and joint-secretary Jayesh George.

IPL two new teams debuts in 2022

In a BCCI media release on Monday Ganguly said it was "heartening" to see two new teams being added to the IPL roster "at such a high valuation, and it reiterates the cricketing and financial strength of our cricket ecosystem". Brijesh Patel, the IPL Governing Council chairman said the IPL was "globalizing" cricket and its importance as being one of the "most sought-after" leagues in sport was established through the bids from "different parts of the world and from parties with diverse portfolios".

The new franchises will need to pay out the entire amount over a 10-year period. To ensure that the owners have a solid foundation, the BCCI had put stringent norms in the bid document. A bidder needed to have a turnover of at least INR 3000 crore per year for a minimum of the last three years. Measured in terms of net asset value (assets minus liability) this number was pegged at INR 2500 crore per year over the last three years. In the case of a consortium, the BCCI had put a cap on the number of investors totaling to not more than three.

Apart from Ahmedabad and Lucknow, the cities shortlisted by the IPL in the bid document were Cuttack, Dharamsala, Guwahati and Indore. Bidders were permitted to pick more than one city but would get the rights to own just one franchise.

Along with Lucknow, RPSG also put in bids for Ahmedabad and Indore. While it put the same price (INR 7090 crore) for Lucknow and Ahmedabad, it bid INR 4790 crore for Indore.

CVC picked Ahmedabad and Lucknow and its bid for the latter was INR 5166 crore. Significantly, the minimum bid price raised by all nine bidders was over INR 4000 crore.

It is understood that the BCCI wanted to allot the winner for each city keeping in mind the highest possible bid combination and hence RPSG got Lucknow and CVC Ahmedabad. If RPSG were allotted Ahmedabad, then the BCCI would have lost over INR 400 crore on Lucknow. In contrast, in 2008 when the IPL started, the BCCI had allowed the bidders to pick their city of choice.

The winners aside, among the bidders to eventually put their hat in the ring were Lancer Capital, who own Manchester United football club, Ahmedabad-based Indian infrastructure biggie Adani Group, Torrent Pharma, Kotak Group, All Cargo Logistics, Capri Global, and Hindustan Media Ventures Limited.

The Adani Group was the third-highest bidder among the final nine, listing the same bid price - INR 5100 crore - for both Ahmedabad and Lucknow.

Sanjiv Goenka previously owned the Pune franchise in 2016 and 2017 AFP

This is the second stint in the IPL for RPSG, who earlier ran the Pune-based Rising Pune Supergiant(s) in 2016 and 2017, when Chennai Super Kings and Rajasthan Royals served a two-year suspension in the aftermath of the 2013 IPL corruption scandal.

"It is good be back in the IPL and I am delighted," RPSG owner Sanjiv Goenka told ESPNcricinfo minutes after bagging the Lucknow franchise. "It is an initial step. We now have to build a good team and perform."

A documented sports lover, Goenka wore his emotions on the sleeve the last time around, even replacing MS Dhoni as captain ahead of the 2017 season after they had finished runners-up in 2016. RPSG, which calls itself a "diversified business conglomerate", also has wider interests in sport. They own Atletico Mohun Bagan in the Indian Super League and have owned teams in table tennis and boxing previously.