Sanjiv Goenka Bids Rs 7,090 Crores to Bagh Lucknow IPL Franchise, Ahmedabad Goes to CVC Capital


While the Indian team was struggling with the aftermath of their defeat against Pakistan, BBCI’s flagship tournament Indian Premier League (IPL) created new history on Monday. At the auction in Dubai, BCCI announced that Lucknow and Ahmedabad will be joining the IPL 2022 as new members.

Lucknow emerged as the most-valued team ever as RPSG Group led by Sanjiv Goenka won the bid for the franchise in exchange for Rs 7,090 crore. On the other hand, Irelia Company Pte. Ltd. (CVC Capital Partners), one of the world’s leading sports investors, shelled out Rs 5,625 crore to bag the Ahmedabad franchise.

In 2011, IPL featured 10 teams with Pune Warriors India and Kochi Tuskers Kerala in the tournament. However, both of them got terminated later. In 2015, two new teams – Rising Pune Super Giants and Gujrat Lions – were introduced for the new two editions as a replacement for suspended Chennai Super Kings and Rajasthan Royals.

As a matter of fact, this is not Goenka’s first time in the IPL as he owned the Pune franchise in 2016 and 2017. Talking about his second innings in the T20 tournament, Goenka said, “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.”

“As far as wanting players, everyone wants the best of the best, that’s not going to be possible because the existing franchises will have the rights to retain some of the players. We have to make do with what we have,” he added.

After adding two new cities to the roster, BCCI also made it clear that the 2022 edition of the IPL will comprise of total 74 matches while each team will play 7 home matches and 7 matches away from home.     

Notably, the other bidders in the auction were the Adani Group, Capri Global, Hindustan Times, All Cargo, Kotak and Torrent. Rhiti Sports Management was disqualified from the bidding process on technical grounds. The auction marked an impressive rise in the valuation of the tournament. Earlier Mumbai Indians was the highest-paid franchise after Mukesh Ambani bid $111.9 million for its rights.         

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