BCCI Announces Winners for Two New Indian Premier League Franchises
IPL’s Governing Board has issued an invitation to bid (“ITT”) to acquire the right to own and operate two new franchises. Following the bidding process, various stakeholders submitted bids for the new franchise. The bid was submitted today by an authorized representative of the stakeholder in Dubai.
BCCI is pleased to announce the following successful bidders (final documents and other procedures to be completed):
1. RPSG Ventures Ltd. – Lucknow (INR 7090 crores)
2. Irelia Company Pte Ltd. (CVC Capital Partners) – Ahmedabad (INR 5625 crores)
The new franchise will participate in the IPL from the 2022 season on condition that bidders complete the post-bid process as specified in the ITT documentation. The IPL 2022 season consists of 10 teams and has 74 matches, with each team playing 7 home matches and 7 away matches.
BCCI President Mr Sourav Ganguly said: BCCI is excited to welcome two new teams to the next season of the Indian Premier League. RPSG Ventures Ltd. & Irelia Company Pte Ltd congratulations on winning the bid. IPL is now moving to two new cities in India: Lucknow and Ahmedabad. It is encouraging to see the inclusion of two new teams with such high ratings, which repeats the cricket game and financial strength of the cricket ecosystem. In keeping with the IPL’s motto ‘Where Talent Meets Opportunity’, the inclusion of two new teams will bring more domestic cricketers from our country to the world stage. The ITT process involved two interested bidders from outside India, who strongly emphasize the global appeal of the IPL as a sports asset. IPL is proving to be a great tool for globalizing the game of cricket. IPL 2022 is highly anticipated.
Mr Jay Shah, BCCI Honorary Secretary: Today is an important day for all of us and we are officially welcoming RPSG Ventures Ltd. and Irelia Company Pte Ltd. to the IPL. We have promised the IPL will get bigger and better from season 15 and we will take the league to other parts of India with Lucknow and Ahmedabad. The IPL remains a premium event on the sports calendar because it has set the standard for leagues around the world and has grown rapidly in a short period of time. Despite numerous challenges due to COVID-19, seasons 13 and 14 have been completed and the bid proves that stakeholders have faith in BCCI and its hosting capabilities. I’m excited for the people of Uttar Pradesh and Gujarat who will now have their own IPL team after the long wait. Best of luck to both new teams.
IPL President Mr Brijesh Patel said: The level of stakeholder interest proves that the IPL is one of the most popular sports leagues in the world. We have received bids from parties with diverse portfolios looking to enter the sports world and from different regions of the world. Congratulations to RPSG Ventures Ltd. and Irelia Company Pte Ltd. for gaining the rights to run both teams. We’ve had a great 14 seasons and the 2022 season will see a fresh start.
Arun Singh Dhumal, BCCI Honorary Treasurer, said: The fact that the winning bid is well above the base price set for the two new IPL franchises is a direct indication of the true value of the Indian Premier League. After the rise of ITT, we got a lot of attention after a lot of big companies put their hats on the ring. Congratulations to RPSG Ventures Ltd. and Irelia Company Pte Ltd. for placing the highest bid and winning the right to own the IPL team. We would also like to thank all bidders who have shown their faith in BCCI and IPL. This is the start of an exciting chapter, and we’re looking forward to a massive auction to see how the new team will be built.