The Indian Premier League, the biggest and richest cricket league in the world, increased its value as two new teams were added to IPL 2022. The total worth of the bids made to create these two teams was as high as a staggering 1.6 Billion US dollars. Let us go over the details regarding the bid.
Indian Premier League 2022
During their 89th AGM, the BCCI had declared that IPL 2022 will be an expanded version of the league. They had announced that two new teams will be added to the league along with a mega auction which will be held this year. BCCI also confirmed that every previous team will only be allowed to retain 4 players this year.
The Two New Teams
Business Tycoon Sanjiv Goenka’s RSPG group has brought an IPL team for Lucknow with a whopping bid of 7090 crores whereas CVC Capital, an International Equity Firm has brought an IPL team to represent Ahmedabad. CVC won the team with a successful bid of 5600 crores.
The Story of The Auction
Among the bidders who participated in the auction were Lancer Capital (the group which owns Manchester United), the infrastructure giant Adani Group, Torrent pharma, and others.
The RSPG group had the highest bid against both Ahmedabad and Lucknow with 7090 crores but eventually chose Lucknow. The second highest bidders were CVC who took Ahmedabad for 5600 crores. The third group which came close was the Adani Group with a 5100 crores bid against both the cities.
This is not the first time RSPG owns an IPL team. Goenka’s RSPG had previously owned Rising Pune Supergiant during 2016 and 2017 when two regular teams, Chennai Super Kings and Rajasthan Royals had been banned for two years.
Other cities other than Lucknow and Ahmedabad which were shortlisted for the Auction were Indore, Cuttack, Guwahati, and Dharamshala.
Reactions to the Bid
The famous Cricket expert, Harsha Bhogle too tweeted that this is a sign of the increasing strength of Cricket Worldwide.
I must admit I am blown away by the size of the bids. The cricket economy just gets more buoyant and I don't see how it can stop at 74 games a year. This is a huge vote of confidence in the Indian consumer's willingness to watch the #IPL.
— Harsha Bhogle (@bhogleharsha) October 25, 2021
Various fans of the IPL started tweeting about the two new teams. Some even suggested various names for the new teams.
With two new teams in the 2022 IPL, the competition is only going to get tougher. Fans will be waiting to hear more about these two teams. And must be excited about the Indian Premier League getting bigger and better.