Know about two new IPL franchises – RPSG Group and CV Capitals
RPSG gave the highest bid for Lucknow, which was INR 7090 crores.
Updated - Oct 25, 2021 10:46 pm
The wait is finally over as the two new Indian Premier League (IPL) franchises are finally out. RP Sanjeev Goenka Group (RPSG) and CVC Capital Partners are the owners of the new teams which are based in Lucknow and Ahmedabad respectively. While the official names of the new sides aren’t known yet, the new members of the IPL family would be determined to shine in the 2022 event.
For the unversed, IPL is set to expand next season with the new inclusions. This will make the competition a 10-team event. However, this won’t be the first time when more than eight teams would be participating in IPL. While 10 teams featured in the 2011 edition, the next two seasons saw nine teams battling it out. However, IPL has been an eight-team tournament since 2014.
RP Sanjeev Goenka Group – Ahmedabad Franchise
Speaking of the new franchises, the RPSG group, which is a Kolkata-based multinational conglomerate company, claimed the Lucknow team after spending a whopping INR 7090 crore at a walk-in bidding event in Dubai. If one may recall, this is the same company that owned the now-defunct Rising Pune Supergiant. The side featured in the 2016 and 2017 seasons and managed to make a mark. While it couldn’t do much in their first season, they advanced to the final in the following year’s tournament.
Notably, Sanjeev Goenka, owner of the franchise, removed MS Dhoni as captain after the 2016 edition and handed over the reins to Steve Smith. Considering what Dhoni has done in IPL and international cricket, it was indeed a brave call. As Goenka is back now, it would be interesting to see how many out-of-the-box decision he takes.
“It is good be back in the IPL and I am delighted. It is an initial step. We now have to build a good team and perform,” RPSG owner Sanjiv Goenka told ESPNcricinfo minutes after bagging the Lucknow franchise. Another notable fact is that RPSG bid was about 250% more than BCCI’s base price of INR 2000 crore (US$270million approx).
CVC Capitals – Lucknow Franchise
As far as the other franchise is concerned, CVC Capitals ticked Ahmedabad and Lucknow and its bid for the latter was INR 5166 crore. With prominent names like Manchester United and the Adani Group in the race, the Capitals were dark horses to become the new owners. However, they stunned one and all and got their hands on the Lucknow franchise.
For the unversed, CVC Capital Partners is a private equity and investment advisory firm with approximately US$111 billion in secured commitments since inception across European and Asian private equity. This group indeed came with a full-proof plan in the auction and would like to pick up a formidable side.
Meanwhile, a mega auction is set to take place ahead of the 2021 competition. Hence, all teams are set to go under a revamp. It would be interesting to see how the bidding note gets unfolds.