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IPL 2022 Mega Auction: Lucknow, Ahmedabad are all set to Join the Grand League

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IPL 2022 Mega Auction: The Board of Cricket Control for India (BCCI) has officially announced the successful bidders for two new Indian Premier League franchises. The two successful bidders for the new franchises are:

RPSG Ventures Ltd.

  • Franchise: Lucknow
  • Bid Amount: INR 7090 Crore

Irelia Company Pte Ltd. (CVC Capital Partners)

  • Franchise: Ahmedabad
  • Bid Amount: INR 5625 Crore

The new franchises will participate in the Indian Premier League from the 2022 season and take part in the mega auction. The 2022 edition of IPL will now comprise 10 franchises. Each team will play seven home matches and seven away matches. The total number of matches from the IPL 2022 season onwards will be 74.

The Governing Council of the IPL had earlier issued an Invitation to Tender (ITT) to acquire the right to own and operate two new IPL franchises. A total of 12 bids were received by the council for three venues: Ahmedabad, Indore, and Lucknow. In a fierce contest, Ahmedabad and Lucknow emerged victorious to host the upcoming edition of IPL.

Earlier, news of Bollywood actors Ranveer Singh and Deepika Padukone’s interest in owning an IPL franchise made round the corners. However, BCCI finally rested the news by making the announcement. President Sourav Ganguly, Secretary Jay Shah, and IPL Chairman Brijesh Patel congratulated and welcomed the two new franchises.

About RPSG Group

RPSG Group
RPSG Group

The RPSG Group is an Indian conglomerate that is owned by billionaire Sanjiv Goenka. The group won the bid for the Lucknow franchise and is likely going to name the team soon. This is not the first time that the company bid at IPL. RPSG Group previously owned the Rising Pune Supergiants franchise in 2016 and 2017. RPSG Group is also a minor stakeholder of the Indian Super League (ISL) football club ATK Mohun Bagan.

About CVC Capitals Partners

CVC Capital Partners
CVC Capital Partners

The CVC Capitals Partners bid in IPL as Irelia Company Pte. The Citicorp Venture Capital (CVC) is one of the most active private equity firms in sports. CVC recently picked up a 10% stake in the Spanish La Liga league for $3.2 Billion. It used to also own a 66% stake in Formula One and has recently invested in rugby and volleyball. With an entry into the IPL, CVC Capital Partners are likely to expand their investment after winning the Ahmedabad franchise.

IPL 2022 Mega Auction

IPL 2022 mega auction
IPL 2022 mega auction

The mega IPL auction 2022 will be the most anticipated talk of the town. Each franchise that is currently a part of IPL will only be able to retain three players from the current squad. This will result in a highly competitive and expensive auction as franchises will look to revise the strength of their team. With two new debutants making entry, Lucknow and Ahmedabad will have to form a team from scratch and it will be interesting to see which players they pick up at the Auctions.

Also Read: 5 Reasons Why India Lost the Match against Pakistan in T20 World Cup

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