Lucknow to get an IPL team owned by RP Sanjiv Goenka Group

Lucknow: For quite sometime now the buzz was growing louder about Lucknw being in reckoning for IPL. It has finally come true. In what seems to be a watershed moment in cricket, two top business conglomerates the – RP Sanjeev Goenka Group (RPSG) and CVC – have bid big money running over a billion dollars to buy two new IPL franchises.
 RPSG paid INR 7090 crore to buy the Lucknow franchise. All this while CVC, a private equity fund, bought the Ahmedabad franchise for INR 5625 crore.  It is interesting to note that the RPSG bid happens to be 250% more than BCCI’s base price of INR 2000 crore ($270million approx). 22 companies purchased  tender document, but nine were eventually present in Dubai lasting six hours.
The bids were opened after a lengthy technical evaluation process overseen by the IPL Governing Council as well as the BCCI top brass led by board president Sourav Ganguly, secretary Jay Shah, treasurer Arun Dhumal, vice-president Rajeev Shukla and joint-secretary Jayesh George.
Both the franchises will need to pay the entire amount over a 10-year period.  This number was pegged at INR 2500 crore per year over the last three years. Both Ahmedabad and Lucknow were part of the six cities shortlisted by the IPL in the bid document along with Cuttack, Dharamsala, Guwahati and Indore.
Among the nine bidders to eventually put their hat in the ring were Lancer Capital, who own Manchester United football club; Ahmedabad-based Indian infrastructure biggie Adani Group, Aurobindo Pharma and Torrent Pharma along with the two winners.  RPSG earlier ran the Pune-based Rising Pune Supergiant in 2016 and 2017.
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