the Cricket Control Board in India (BCCI) have the two new franchises for the Indian Premier League (IPL) after an open auction in Dubai on Monday. There were nine bidders, two of them from abroad.
While RP-Sanjiv Goenka Group Lucknow IPL team bagged for Rs 7090 crore, private equity firm CVC capital have won the bid for Ahmedabad. CVC Capital paid approximately Rs.5,600 billion for the Ahmedabad franchise.
In a statement, the Indian cricket board said: “BCCI is pleased to announce the following successful bidders (subject to final documentation and other formalities):
- RPSG Ventures Ltd. – Lucknow (for INR 7090 crores)
- Irelia Company Pte Ltd. (CVC Capital Partners) – Ahmedabad (for INR 5625 crores)
The new franchise companies will take part in the IPL from the 2022 season, provided that the bidders fulfill the formalities specified in the ITT document after the bid has been submitted. “
“The IPL 2022 season consists of ten teams and will have 74 games, with each team playing 7 home and 7 away games.” it added.
Upon completion of the tender, BCCI President Sourav Ganguly welcomed two new teams and said it will bring more players from the home circle.
“It is encouraging to see two new teams inducted to such a high rating and it confirms the cricket and financial strength of our cricket ecosystem. True to the IPL motto “Where Talent Meets Opportunity”, the addition of two new teams will bring more local cricketers from our country to the global stage. ” said Ganguly.
“The ITT process involved two interested bidders from outside India, which strongly underlines the global attractiveness of the IPL as a sports property. The IPL is proving to be a wonderful tool in the globalization of the game of cricket. I’m really looking forward to IPL 2022. “
According to media reports, with ten instead of eight teams from 2022 and an increase in the number of games from 60 to 74 every year, the interest in the broadcasting rights is huge – trust from Viacom 18, Amazon Prime, an unknown global player alongside Disney + Sony Pictures Network expected.
So now BCCI will likely replicate the model used in IPL 2011, which also featured 10 franchises and split teams into two groups. During the league phase, each team played seven home and seven away games. Each team played against the other four of their group both at home and away (eight games), four of the teams in the other group once each (four games, either at home or away), and the remaining team in the other group twice, both at home and away.