IPL: RPSG, CVC Capital acquire Lucknow, Ahmedabad teams
What's the story
In a major development, the RPSG group and international investment firm CVC Capital have acquired the ownership rights of the two new IPL franchises.
The RPSG Group has picked the Lucknow-based franchise with a winning bid of Rs. 7,090 crore.
Meanwhile, CVC Capital has grabbed Ahmedabad with a bid of Rs. 5,166 crore.
Here are further details.
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A look at the details
As many as 10 parties were vying to own the two franchises. Football club Manchester United and the Adani Group had also placed bids for the same. The bidders had six centers to choose from - Ahmedabad, Lucknow, Cuttack, Dharamsala, Guwahati and Indore.
RPSG
RPSG group previously owned the Rising Pune Supergiant
The Sanjiv Goenka-led RPSG group previously owned the Rising Pune Supergiant (2016 and 2017), a franchise that played two seasons.
They finished as the runners-up in 2017 after losing to Mumbai Indians.
They now have Lucknow's Bharat Ratna Shri Atal Bihari Vajpayee Stadium as their home base.
The grand venue, which was inaugurated in November 2018, can accommodate around 50,000 people.
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What about CVC Capital?
CVC Capital are international conglomerates who operate throughout Europe, Asia, and the Americas. They recently took a minority-stake in the top-flight football league of Spain, La Liga. The Narendra Modi Stadium, that can house 132,000 spectators, will be the home for the Ahmedabad-based franchise.
Franchises
The new franchises likely to be allowed 'special picks'
It is understood that the two new franchises will be allowed 'special picks'.
They will be able to pick some marquee players among those who have registered for the auction.
The fee structure will be decided by the franchise and the player mutually.
Besides, it was also reported that the existing franchises will be allowed to retain up to four players.
IPL 2022
Ten teams to feature in IPL 2022
Last year, the BCCI had hinted at expanding the cash-rich league for the 2022 season.
Now, the introduction of two new teams formally makes the IPL a 10-team affair.
This model was operational in the past when Kochi Tuskers and Pune Warriors India were introduced.
The last time when over eight franchises featured in the IPL was in 2013.
Story
Why does the story matter?
This is the first time the BCCI has conducted the bidding for new franchises since 2015.
Back then, Rising Pune Supergiant and Gujarat Lions had replaced Chennai Super Kings and Rajasthan Royals.
Both CSK and RR were handed two-year suspensions from the IPL (2016 and 2017).
Besides, Lucknow and Ahmedabad have entered the cash-rich league for the first time.