The Indian Premier League is steadily growing in stature as one of the world's biggest sporting tournaments. While it has already become the cricket's most lucrative cricket league, it was almost inevitable that we would witness more matches in the tournament with more teams joining and with two investors set to invest a cumulative amount of over INR 12000 crores, even the slightest of doubt in the minds of anyone in the world would now have been cleared.
The stage is set for two new teams in the competition and they will be based at Ahmedabad and Lucknow. The tournament will be a ten-team affair from its 2022 season. However, a question may arise as to who are the owners of these new teams in the tournament.
Who owns the Ahmedabad and Lucknow franchises?
The team bidding process took place in Dubai on Monday and the two corporate giants which made the highest bids were the RP-Sanjiv Goenka Group (RPSG) and CVC Capital Partners. Notably, RPSG will own the Lucknow franchise while CVC Capital Partners, a private equity fund, will own the Ahmedabad team.
The RPSG Group owned by Sanjiv Goenka made a winning bid of a whopping figure of INR 7090 crores. They then picked Lucknow as their base, no one else came close to this figure. RPSG Enterprises is a Kolkata-based company which has also been involved with IPL in the past. The company owned IPL franchise Rising Pune Supergiant for two years (2016 and 2017). RPSG Group has interests in power, carbon black, ITES, consumer retail, media and entertainment, sports, education, infrastructure, and plantations.
The CVC Capital, meanwhile, won Ahmedabad with a bid of INR 5625 crores. Established in 1981, the company is a private equity and investment advisory firm that is based in Luxembourg. They have also invested in other sports across the world, including the Spanish La Liga, Formula One, Premiership Rugby, Six Nations Rugby, etc.
Now with the formal inclusion of the team in the tournament, the franchises will be able to participate in the competition from next year when the competition aims to return to India. The 2022 season will not only have 10 teams but will see 74 matches being played, each team playing 7 home and 7 away matches.
Two new teams will bring more domestic cricketers to global stage: Ganguly
"It is heartening to see the inclusion of two new teams at such a high valuation. It reiterates the cricketing and financial strength of our cricket ecosystem. True to IPL’s motto of ‘Where Talent Meets Opportunity’, the inclusion of two new teams will bring more domestic cricketers from our country to the global stage," BCCI President Sourav Ganguly was quoted as saying in an official release.
The Indian Premier League began in 2008 and revolutionalised T20 cricket around the world. The league has attracted record viewership and is looking to break its own record next season. Ahead of IPL 2022, there will be mega auction for the teams to get a pool of players for themselves.