IPL New Teams: RPSG, CVC make winning bids for Lucknow and Ahmedabad

RP Sanjeev Goenka Group (RPSG) made the highest bid of ₹7,090 cr and chose Lucknow to be their home base. Singapore private equity firm Irelia Co. Pte was the other successful bidder, with a bid of ₹5,625 cr for Ahmedabad

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.

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”.

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