The auction of two new IPL teams brought in a record of Rs 12,715 crore for India's cash-rich Board of Control for Cricket in India (BCCI) on Monday.
Sanjiv Goenka's RPSG Ventures Limited got the Lucknow franchise for Rs 7,090 crore, while foreign equity company Irelia Company Pte Ltd. (CVC Capital Partners) paid Rs 5,625 crore for the Ahmedabad team, edging out the pre-bidding favourite Adani Group, headed by tycoon Gautam Adani.
Another prominent name that came up short was the Glazer family, who owns the world-famous football team Manchester United. They made their proposal through their private equity business, the Lancer Group.
Another was the former Indian captain, Mahendra Singh Dhoni. His management business, Rhiti Sports, submitted the bid, which was rejected at the technical stage, for acting as a front for an industrialist whose relatives already own an IPL franchise.
Torrent Pharma, Aurobindo Pharma, All Cargo, and Kotak Group were in the race to bid for a franchise in Ahmedabad, Lucknow, Indore, Guwahati, Cuttack, Dharamsala, or Pune with a base price of Rs. 2,000 crore.
Goenka is not new to the IPL, having previously owned the Rising Pune Supergiants in 2016 and 2017.
The IPL 2022 season will expand to ten teams next year with the addition of Lucknow and Ahmedabad.