In a big development, the RPSG group and international investment firm CVC Capital have secured the ownership rights of the two new franchises in the Indian Premier League (IPL).
A total of 10 parties threw their hats into the rings to own the two franchises on Monday (October 25) in Dubai’s Taj Hotel. The bidders also got to select from six cities – Ahmedabad, Lucknow, Cuttack, Dharamsala, Guwahati and Indore – to base their team in.
The RPSG Group have Lucknow as their home base with a winning bid of INR 7090 crores while CVC Capital picked Ahmedabad with a bid of Rs 5625 crores.
Notably, Manchester United’s owners were also present at Taj Dubai for the IPL team auction. The Adani Group had also submitted bids for the two new IPL teams.
As per reports, Rhiti Sports – promoted by MS Dhoni manager Arun Pandey – submitted a bid for Cuttack but couldn’t win.
The 2022 season of IPL will see 10 teams participating in the cash-rich tournament. Earlier, the 2010 edition of the IPL had 10 teams with Pune Warriors India and Kochi Tuskers Kerala joining the tournament before being terminated.
In 2015, the Indian board added two teams – Rising Pune Supergiants and Gujarat Lions – for a couple of seasons as replacements for the then suspended Chennai Super Kings and Rajasthan Royals franchises.