October 26, 2021
1 min read

Extravagant IPL gets 2 new ‘expensive’ franchises

Reports claim that RPSG Group placed a bid of over Rs 7,000 crore for the Lucknow team, whereas CVC bought the Ahmedabad franchise for more than Rs 5,000 crore….reports Asian Lite News

The next edition of IPL will see two new corporates with deep pockets enter the league WITH new teams.

According to reports, the Sanjiv Goneka-led RPSG Group has won the bid for the Lucknow franchise, while private equity firm CVC Capital Partners has got its hands on the Ahmedabad franchise.

Reports claim that RPSG Group placed a bid of over Rs 7,000 crore for the Lucknow team, whereas CVC bought the Ahmedabad franchise for more than Rs 5,000 crore.

Since the beginning, IPL teams have been owned by conglomerates of India Inc, AND this tradition is maintained as both corporates are known to have deep pockets.

The new owner of the Lucknow team is RPSG Group which was established in its current form in 2011. The group has interests in power, carbon black, ITES, consumer retail, media and entertainment, sports, education, infrastructure, and plantations.

It had a revenue of Rs 26,634 crore as on March 31, 2021 and gross assets worth Rs 47,400 crore.

private equity firm CVC was established in 1981 and has assets under management worth $125 billion.

The CVC’s private equity platform manages $97 billion of assets. The credit platform of the firm manages $29 billion of AUM.

It is majority owned by employees and led by Managing Partners.

The mega auction for the 15th edition of the Indian Premier League, IPL 2022, will be held later this year in December.

ALSO READ: Abu Dhabi to host FIFA Club World Cup next year

Previous Story

China’s phone shipments reach 249 mn units

Next Story

COP26: Will World Leaders Workout a Roadmap?

Latest from -Top News

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with

India-EU Trade Deal Breakthrough Soon?

Negotiators report increased momentum in discussions, which have been given a boost from US President Donald Trump’s tariff offensive…reports Asian Lite News India and the European Union aim to finalise a trade

Europe Seeks Peace in Gaza

European countries condemn Israeli interception of Gaza-bound flotilla, demand safety of citizens…reports Asian Lite News Israel’s interception of an international flotilla carrying humanitarian aid to Gaza has sparked condemnation across Europe, with

GAZA: Egypt to Host Peace Talks

Egypt hopes the discussions will help “end the war and the suffering of the brotherly Palestinian people, which has continued for two consecutive years…reports Asian Lite News Egypt will host Israeli and

‘My Injuries Made Me’

During his four-year battle with injury, the incumbent fast bowling spearhead made occasional appearances but couldn’t bear the workload and demands of red-ball cricket….reports Asian Lite News England tearaway Jofra Archer believes
Go toTop

Don't Miss

Buttler Century Secures Nail-biting Victory for RR

RR topped the table with this win, having won six,

‘I am not Bumrah’s replacement’

Madhwal picked a sensational five-wicket haul (5-5) and helped Mumbai