In the recent IPL 2022 team bid, Ahmedabad and Lucknow teams were clinched by RPSG group and CVC Capital. After Ahmedabad and Lucknow’s inclusion, the Indian Premier League will be featuring 10 teams, instead of 8 teams, that will lock horns to get hands on the coveted IPL trophy.
On October 24, the day when Indian team was decimated by Pakistani counterpart, the BCCI was busy holding the team auction at the UAE.
Several business behemoths took part in the bid, including Adani Group, Hindustan Times, Glazers, etc. However, it was Sanjiv Goenka-led RPSG Group and CVC Capital that shelled out the most money. While RPSG raised a bid of a whopping Rs. 7,090 crores for Lucknow team, CVC Capital shelled out Rs. 5,625 for Ahmedabad team.
Background
Behind all the glitz and glamour, the Indian Premiere League is also a fascinating study into sports economy. In a country where cricket is considered a religion, and cricketers in the past have been lauded as Gods, it’s no wonder that the IPL has emerged as a high-value sporting league.
The once-in-a-year league sees domestic Indian players and international cricketing talents play under one team. The team is given the name of a city, to garner more fervor and eyeballs. Although it still has some catching up to do when compared to leagues such as La Liga or EPL, it is on the right trajectory, having an all-time high brand value of $5.7 billion as of 2020.
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The Facts of the Matter
After a lot of speculations and rumours, the BCCI finally announced the two new teams of the upcoming season of IPL yesterday, October 25. After Chennai, Kolkata, Mumbai, and other major cities, two new cities will be added in the roster – Ahmedabad and Lucknow. Residents of these cities will now have a chance to back and cheer for their own team.
RPSG Group Clinches Lucknow Team
RPSG Group or RP-Sanjiv Goenka Group clinched the Lucknow team. Sanjiv Goenka put a whopping bid of Rs. 7,090 ($932 million) for the Lucknow team which was not outmatched by any other bidder.
Fans of IPL will remember RPSG owning a franchise named Rising Pune Supergiant back in 2016 and 2017 when both Chennai Super Kings and Rajasthan Royals were banned after spot fixing scandal.
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RPSG Groups’ Home Ground and Previous Sport Ventures
The RPSG’s Lucknow team will have its home ground at Shri Atal Bihari Vajpayee Stadium. The stadium promises to house as many as 50,000 people cheering for their respective teams. It’s also the fifth largest cricket stadium in India.
Interestingly enough, cricket is not the only sporting venture that RPSG has forayed in. Back in 2020, RPSG Group acquired a majority stake into the Mohun Bagan Football Club, the oldest and most popular football club in India.
“It feels good to be back in the IPL. But this is just a start. We have to now get down to building a good team, a team that can perform well on the ground,” Mr. Goenka was quoted in reports saying.
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CVC Capital Bids for Ahmedabad Team
Meanwhile, private equity firm CVC Capital shelled out Rs. 5,625 crores to guard the western frontier of India. The Ahmedabad team will have its home ground at Motera’s shiny Narendra Modi Stadium. With a seating capacity of 1,32,000 viewers, it’s currently the world’s largest cricket stadium.
CVC Capital is known for foraying into high-capital yielding sport ventures. The international conglomerate previously had stakes in Formula 1 racing. Moreover, the CVC Capital has shelled out capital to have a minority-stake in La-Liga, the biggest football league in Spain.
