Just In: The Board of Control for Cricket in India (BCCI) and the Indian Premier League (IPL) has announced the two new franchises after going through the process of bidding and verification. The top office-bearers of the BCCI and the IPL were in Dubai to complete the selection of the two new incoming franchises from the next season of the IPL.
After hours of verification check and other processes, the BCCI confirmed the introduction of Ahmedabad and Lucknow as the two new IPL franchises.
Sanjeev Goenka-backed RPSG has successfully acquired the Lucknow based IPL franchise while CVC Capitals have won the bid for Ahmedabad. The RP – Sanjiv Goenka Group placed the highest bid of a whopping INR 7,090 Crores while CVC Capitals placed the second-highest bid of INR 5,600 Crores.
The Board of Control for Cricket in India (BCCI) will earn a handsome sum of INR 12,690 Crores (approx. 1.7 Billion dollars) with the sale of two new franchises.
Ten interested parties were present for the IPL team auction in Dubai’s Taj Hotel on Monday. Manchester United Owners were also involved in the bidding process and placed their bids to own and operate a new Indian Premier League (IPL) franchise.
The bidding was conducted to own two of the six named Indian cities which include – Ahmedabad, Lucknow, Cuttack, Dharamsala, Guwahati and Indore.
Avram Glazer, Adani Group, RPSG, Jindal Steel, Aurobindo Pharma, Rhiti Sports and Hindustan Times Media were among the interested businesses to operate an IPL team.
Apparently, the prominent Pharmaceutical company, Torrent Pharma, was not present to place their bid in Dubai for which much was talked about and written.
The reports further revealed that Rhiti Sports, the company/business promoted by MS Dhoni’s manager, submitted a bid to own an IPL franchise from Cuttack, however, the bid was later disqualified from the auction. It is further learnt that due to their late arrival at the venue, the bid was disqualified by the officials.
Each interested party submitted two envelopes to the officials, one contained the financial and personal credentials of the bidder while the other envelope contain the bid.