IPL 2022: Lucknow and Ahmedabad are two new IPL teams
A request for expressions of interest was issued by the BCCI to obtain the right to own and run two new cricket teams in India. There are now eight IPL franchises. The new groups will begin competing in the IPL in 2022. Despite the fact that the starting price per team was set at 2,000 crore, observers predicted that offers would range between 5,000 and 7,000 crores.
Existing franchisees, on the other hand, were opposed to allowing a new club to enter because they feared losing their best players in a new auction. As one current franchisee pointed out, "it may undermine the value of a successful franchisee if some of their best players are purchased by another club during the auction."
The starting price for each team was Rs 2000 Cr (about $2 billion). This means that no one else will be willing to make a lower offer. This is the starting point for bidding. Any firm that has activities in India and is registered may bid on a team (even if it is located outside of India). However, the company must have a minimum of Rs 3000 Crore in yearly revenue.
Twenty-two businesses submitted bids on Monday, and the winning ones were selected. With the Indian Premier League (IPL) mega auction scheduled for 2022 and the addition of two additional teams to the IPL roster, the franchises are debating how many players they can keep before the sale.
The number of players that can be retained by each franchise has been discussed by the Board of Control for Cricket in India and franchise owners. Up to three Indian and two overseas players can be retained by the franchise, but the total number of retained players cannot exceed four. It's possible that the two new teams will be permitted to choose up to three players from the open market.
The auction for bidding by two teams began at 11 a.m. local time in Dubai on Monday (25.10.2021) and ended at 1 p.m. IST. The bidding process involved about ten large business owners. The 'Invitation to Tender document, which contained the bidding documents, could be purchased for Rs 10 lakh by anyone who was interested. During the IPL's unveiling of two new clubs, United's owners arrive in the United Arab Emirates (UAE).
There were two envelopes for each bidder: one for personal and financial information, the other for the actual bid. After the credentials have been checked and found to be in order by BCCI legal and audit personnel, the second envelope holding the offer will be unsealed. It's going to take a few hours to complete the procedure.
Team 1 - RP Sanjiv Goenka Group (7200 crores)
Team’s home city - Lucknow
A former president of the Confederation of Indian Industries (CII) and the All India Management Institute (AIMA), Sanjiv Goenka was also a member of the Prime Minister's Council on Commerce and Industry. The Woodlands Medical Centre Ltd, Kolkata, is now chaired by him as well.
A super auction is anticipated to take place at the conclusion of the year when the IPL 2022 will have 10 teams rather than 8.
Team 2 - CVC group (5000 crores)
Team’s home city - Ahmedabad
CVC Capital Partners is a European and Asian private equity, credit, and growth fund investment advice organisation with about US$111 billion in committed capital since inception.