Indian Premier League (IPL), which is played with eight different teams and franchises belonging to the names of eight different cities and states of India, finally welcomes the much-awaited two new teams belonging to 2 different cities of India ahead of the mega auction to be conducted for the brand-new edition of the Indian Premier League (IPL).
The new addition of the IPL in 2022 will comprise 74 league matches alternatively of 60 league games, with each team playing atleast 14 games, including seven home matches and seven away from home matches in different home grounds of the other teams.
After approximately ten years, the tournament format is anticipated to be reverted to that of the edition played in the year 2011. Back then, the ten teams were classified into two groups comprising five teams each, showcased together on one points table according to the wins and losses.
The last time more than eight teams played in an edition of IPL was in 2013. Earlier, the mega auction was conducted for the teams in 2016 when Chennai Super Kings and Rajasthan Royals were disqualified and suspended for two years from the game. Gujarat Lions and Rising Pune giants became a part of the tournament for two years as the replacement of these two teams. Like these two, many teams have been a part of IPL but could not stand long enough like the others and plead for a temporary period of 1-2 years. Some of these teams include Kochi Tuskers Kerala, Deccan Chargers, which later became Sunrisers Hyderabad, and Pune Warriors India.
The Board Of Control Of Cricket In India (BCCI) set up a bid price for the tender document for the two new IPL teams for IPL 2022 for ₹10,00,000 (₹10 Lakh) for the teams for cities Ahmedabad, Lucknow, Indore, Guwahati, Pune, Dharamshala, and Cuttack. BCCI also introduced the bid price per team to be ₹2000 crores.
A company that has operations in India be it from India or even overseas that generates high incomes to create an annual turnover of ₹3000 crores per year can purchase a team in the IPL following the rules of a minimum bid price of ₹2000 crores. Three companies can also ally and purchase a team together however the rules laid down for these companies is that all of these three companies individually shall have an annual turnover of ₹2500 crores per year. Following BCCI‘s announcements, 22 companies have picked up a bid to purchase new IPL teams.
Some of the popular companies and entities that turned out as the highest bidders were namely Adani group, Naveen Jindal, RP Sanjiv Goenka, Irelia belonging to CVS Capital, and lancer capital (popularly known for owning one of the most popular football clubs in the world Manchester United).
After several highs and dips the two new franchises that rose as champions were that of RP Sanjiv Goenka and CVC capital. The two cities that were decided as the two new IPL teams are Lucknow and Ahmedabad respectively.
By setting the bid at ₹7,090 crores, RP Sanjiv Goenka won the bid for the most expensive IPL team ever and choose the city Lucknow as their franchise city. After the bit of Pune Warriors India in 2010, this was the highest bid for a team and was greater than approximately four times set by the latter in the year 2010.
RP Sanjiv Goenka Group is a multinational conglomerate unicorn company in India with a market valuation of over $4 billion along with $6 billion assets. The company has put its hand in a variety of business sectors and has an interesting business profile with investments in manufacturing, Retail, IT-based services, entertainment, education, and many more.
The other winner of the bidding held by BCCI in Dubai for the IPL edition 2022 was Irelia (owned by CVC capital) for ₹5625 crores for the city of Ahmedabad as a franchise city. Set up by Citicorp, CVC Capital is an investment advisory firm with a market valuation of over $111 billion. Ever since the establishment the company has been involved in funding and investments in major companies and even small and mini businesses.
Even though the Indian Premier League (IPL) is one of the biggest cricket tournaments in the world it is not the first time that CVC capital is involved in investment in our sports tournaments. The company has had placed major investments in the Formula 1 car racing tournament until the year 2016 along with a small scale investment in the popular football tournament La Liga.
Both of these giants have entered the new edition of IPL and will unveil the team names and jerseys ahead of the auction for IPL 2022.
Edited by Anupama Roy
