That's all from here today. Thank you for joining us and keep following SportsTiger for more such updates.
8:35 PM: Here is the official release—
1. RPSG Ventures Ltd. – Lucknow (for INR 7090 crores)
2. Irelia Company Pte Ltd. (CVC Capital Partners) – Ahmedabad (for 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.
7:56 PM: For the unversed, RPSG group was also the owner of now-defunct Rising Pune Supergiant in 2016 and 2017 edition of IPL when Chennai Super Kings and Rajasthan Royals were banned.
7: 51 PM: "A lot of planning and calculation has gone into our bidding. I give credit to personal staff for winning the bid," said Sanjiv Goenka as quoted by Cricbuzz.
7: 25 PM: The BCCI will be earning over 12,500cr from the two new IPL teams. That's massive!
Exact winning bid amounts:
RP-Sanjiv Goenka Group: 7,090 crore.
CVC Capital: Rs 5620 crore
7: 20 PM: Sanjeev Goenka-led RP Sanjeev Goenka Group become the owners of Lucknow IPL team while CVC Capital are the owners of Ahmedabad team.
7: 17 PM: Sanjeev Goenka says that it feels good to be back in IPL. This is the first step. He adds that they now need to assemble a very good team.
7: 15 PM: Private Equity player CVC Capital, which recently bought LA Liga, and owns Formula One and Rugby, has put in the 2nd highest bid of Rs.5,200 crore.
7: 10 PM: RP Sanjeev Goenka Group has made the highest winning bid of INR 7000 CR plus.
7: 00 PM: Every bidder has been asked to assemble in the room. Expect the official announcement in next 15 to 30 minutes.
6: 56 PM: It is now time for the Financial bids to be opened.
6: 45 PM: In the latest update, a private equity player has put an insanely high bid.
6: 25 PM: According to the latest reports, the cities of Ahmedabad and Lucknow have been finalized as the two new IPL teams.
6: 18 PM: UPDATE - The announcement for new IPL teams could take up to another hour due to the formalities involved.
6: 08 PM: The bid of Manchester United owners, Glazer Family’s has been technically approved. Meanwhile, the rest of the 9 bids technical evaluation is underway.
6:00 PM: According to recent reports, the race for the 3 cities as per the available information is:
- Ahmedabad Franchise – Adanis / Torrent Pharma / PE Equity Firm
- Lucknow Franchise – Manchester United owners/ RPSG Goenka / Aurobindo Pharma & Private Equity Firm
- Cuttack Franchise – Naveen Jindal / CVC
5:37 PM - The official announcement of the two new teams is expected to be out by 6 PM. Stay tuned with us till then!
5: 35 PM - The final stage of bidding is underway now!
A total of 9 bidders are currently in the financial bidding.
5:31 PM - It is being reported that the Manchester United bid has been technically approved by the officials
4: 35 PM: 9 bidders evaluated
9 bidders have been approved in technical valuation so far
1. Kotak Group
5. Adani group
7. HT media
Another company's bid has been evaluated while last one is being evaluated.
4: 20 PM: Lunch Break!
The BCCI legal team has took some time out to have lunch in Dubai. Meanwhile, the technical evaluation is still going on. Notably, Adani group, RP Sanjeev Goenka Group, Glazer family representatives, Pharma giants Torrent & Aurobindo and some global Private Equity companies are still in the room.
4: 11 PM: Kotak Group submits bid
Kotak Group, founded by Uday Kotak also submitted its bid for the new IPL team.
4:05 PM: The technical bid of Manchester United owners, the Glazer family has also been approved. In another update, it is being known that financial bids have not yet been opened. Results expected after approximately 1 hour.
3: 45 PM: According to the latest reports, the two favourites for getting the two new IPL teams are Adani for Ahmedabad and Manchester United for Lucknow. Adani Grp is the frontrunner while there's also a tough fight between Man Utd and RP Sanjeev Goenka Group.
The official announcement for the final teams is expected to come in few hours.
3: 10 PM: The 4 companies whose bids have been approved after technical evaluation are All Cargo Logistics, Adani Group, RP Sanjiv Goenka, Uday Kotak. There are also couple companies more who have got technical approval.
3: 02 PM: Sanjeev Goenka (RP Sanjeev Goenka Group),who is one of the owners of ISL side ATK-Mohun Bagan, is in the room currently.
2: 40 PM: The Unacademy representatives, who were seen sitting with Adani representatives in the bid room, have now left the room to avoid conflict.
2: 34 PM: BIG ANNOUNCEMENT SOON
2: 30 PM: According to latest reports, Ahmedabad - Adani and Lucknow/Indore - Glazers (Manchester United) are now the front-runners in the race.
2: 13 PM: Rhiti Sports disqualified
Rhiti Sports, who also submitted a bid for IPL franchise, has been disqualified in a case of Conflict of Interest as the company used to manage MS Dhoni.
2: 1o PM: According to reports, Adani Group has turned up at the bidding table with an outside agency & one of IPL's own official partners, Unacademy as Unacademy representatives were seen sitting with Adani representatives in the bid room. This could be a conflict.
1: 55 PM: It is worth noting that the new IPL teams are not going to be awarded through an auction process. All the bidders have to submit closed-bids and the highest two bidders will be awarded the franchises, subject to BCCI approvals.
1: 35 PM: Overall total 22 Tenders were picked
- Sanjeev Goenka – Promoters of RPSG
- Glazer Family – Manchester United Owners
- Adani Group promoters
- Naveen Jindal – Jindal Power & Steel
- Torrent Pharma
- Ronnie Screwvala
- Aurobindo Pharma
- Kotak Group
- CVC Partners
- Singapore Based PE Firm
- Hindustan Times Media
- Broadcast & sports consulting agencies ITW,
- Group M
- Capri Global
- Deepika-Ranveer backed by a leading corporate
- Rajesh & Ajay Gupta – South African Business Tycoon
1: 15 PM: Bids submitted, BCCI to begin evaluation soon
Bids have been submitted. BCCI will begin evaluation soon. Technical evaluation first to check if all eligibility criteria have been met. Financial bids will be opened after that. The result for the winning bid is expected between 2.30 pm and 3 pm IST.
1: 10 PM: It has been learnt that Rhiti Sports, the company that used to manage MS Dhoni -- has also submitted a bid for IPL franchise. Also, another company- Amrit Leela Enterprises has also submitted a bit.
1: 05 PM: According to reports, the two cities are more or less set to be Ahmedabad and Lucknow.
1:00 PM: Adani Group, RP-Sanjiv Goenka Group, Hindustan Times Media, Manchester United and Aurobindo have submitted the highest bids.
12:45 PM: Adani & Goenka frontrunners for new IPL teams
According to reports, the frontrunners to buy the new IPL teams are RP-Sanjeev Goenka, Adani – Torrent Pharma’s combined bid & CVC Ventures backed bid.
The latest update is that Adani Group, RP-Sanjiv Goenka, CVC Capital, Manchester United owners, Capri Global + CALS, Kotak, Aurobindo Pharma + 1 company have entered the bidding room in Dubai. Bids will be submitted in 10 minutes from now.
11: 00 AM: Manchester United Owners arrive in Dubai
The Glazer family, which owns English Premier League giants Manchester United football team, is the UAE for the bidding. The Manchester United owners have shown a keen interest to be a part of the Indian Premier League (IPL) in IPL 2022.
Hello and Welcome everybody to SportsTiger's LIVE coverage of the IPL 2022 New Teams Announcement Live Blog. Next year's IPL will be a ten team affair with two new teams in the mix. The bidding process started at 11 AM in Dubai today. More than 20 interested parties have picked the tender & 5-6 can bid for the new teams.
The formal announcement regarding the bids is expected to be made on October 26th. Notably, the bids will be submitted in the UAE, where the T20 World Cup 2021 is currently going on.