RPSG Group acquires Lucknow with an offer of 7000 crore, CVC Capital Bags Ahmedabad

RPSG Group acquires Lucknow with an offer of 7000 crore, CVC Capital Bags Ahmedabad

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IPL TEAM AUCTION HIGHLIGHTS

CVC Capital won the bid for Ahmedabad for Rs 5,200 crore, while RP-Sanjiv Goenka Group pocketed the Lucknow franchise at Rs 7,000 crore.Also Read – New IPL Equipment Auction: Twitterverse Reacts to Inclusion of Ahmedabad and Lucknow in the League of the Cash Rich

The IPL bidding process for new teams will start on Monday as India’s cricket board BCCI expects new teams to fetch a large sum. Also Read: Hardik Pandya Injury Update – Scan Done; India All Rounder Fit, available to play XI vs New Zealand

The Indian board believes that the new franchises will cost at least 7000-8000 crore. 22 companies have picked up bids and cities like Ahmedabad, Lucknow, Indore, Guwahati, Pune, Dharamsala, Cuttack are in the fray. Only two franchises will make it to the 2022 season, which will add up to 10 teams. Also read: IPL is proving to be a wonderful instrument in the globalization of cricket, Sourav Ganguly reacts when BCCI announces Ahmedabad and Lucknow as two new teams

The companies have collected a bidding document worth Rs 10 lakh, but with the base price for the new equipment set at INR 2000 crore, only five to six serious bidders are expected to be in the fray.

The BCCI is also allowing a consortium of up to three companies / individuals to bid on a franchise.

However, in the case of an individual or company, the annual turnover of that particular entity must be a minimum of INR 3 billion rupees and in the case of a consortium, each of the three entities must have an annual turnover of INR 2500 crore.

In this scenario, one of India’s wealthiest business moguls, Gautam Adani, and his Adani Group are expected to bid for the Ahmedabad franchise. Adani Group, if they finally make an offer, they are the favorites to own a new franchise.

Similarly, the RPSG group, headed by billionaire Sanjiv Goenka, is also considered serious bidders for a new franchise. It is not yet known whether RPSG would have an individual or another company as part of the consortium.

There have been rumors that the Lancer group, which is owned by Manchester United owner Avram Glazer, has also picked up the tender document.

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