The wait is finally over as the curtain shrouding around the name of the two new IPL teams was finally lifted on Monday. According to sources of Cricbuzz, the RP-Sanjeev Goenka group who made the bid of 7090 crores for the Lucknow team and the CVC capital made a 5,600 for Ahmedabad team turned out to be the highest bidders of the lot that included the likes of Adani Group, Torrent Pharmaceuticals, Consortium representing the Premier League team Manchester United’s owners, Capri Global and one Singapore based Irelia Company Pte limited.
🚨 NEWS 🚨: BCCI announces the successful bidders for two new Indian Premier League Franchises
More Details 🔽https://t.co/FSU4LsAxzj
— BCCI (@BCCI) October 25, 2021
The bigging took place in the Taj Hotel in Dubai, where all the parties were asked to submit two envelopes for bidding One envelope contained their personal and financial credentials, the other contained their bid. It was only after their personal credentials were properly audited by the legal team of BCCI, and found to be in order, their bids were considered. BCCI’s earlier reports claimed that initially, 22 teams had picked up the tender documents, but only 10 parties placed their bids.
This won’t be the first time that IPL will feature 10 teams. It has happened once in the past. In 2010, Pune Warriors India and Kochi Tuskers Kerela joined the league. However due to the breaching of some conditions and financial reasons their contracts were terminated. BCCI is all set to give it another shot though and will be hoping to procure better results.
With 10 teams in consideration, the format of the next year’s IPL will be the same as of the 2010 edition. The 10 teams will be divided into two groups of 5 where they will play each other twice. Then in the intergroup stage, they will face 4 teams from once, but they will play twice against 1 team (which will be decided later). In this manner, the teams will complete their 14 league games. The two teams are bound to boost the viewership rate as well as the entertainment of the group stage.
✅ RPSG group has won the Lucknow bid at approx INR 7000 crore (over 932 million USD)
✅ Private equity firm CVC Capital won the Ahmedabad bid at approx INR 5200 crore (over 692 million USD)
— ESPNcricinfo (@ESPNcricinfo) October 25, 2021