New Ipl Teams 2022: In the Indian Premier League 2022, 10 teams will enter the field, bidding for two new teams was done on Monday earlier this month, Saudi Arabia’s Public Investment Fund (PIF) bought English Premier League club Newcastle United for USD 380 million (Rs 3,100 crore), making it the most expensive acquisition ever. For a club that was founded in the 19th century, and part of a brand that is famous around the world, it was worth their money.
On Monday, as soon as the Board of Control for Cricket in India (BCCI) opened the bids to welcome two new teams to the Indian Premier League (IPL), all eyes were on them. And at the end of a long day, the 14-year-old league now has two teams from Lucknow and Ahmedabad, costing Rs 7,090 crore and Rs 5,625 crore which is costlier than some of the premier clubs in the Premier League.
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Not only the winning bids, but the fierce competition from the bidders in itself also showed the growth of the league. Despite controversies that it is gone and sponsors have midway through deals for various reasons, it has rightly shown that it is here to stay. And the trust in the brand IPL was evident from the time many teams across the world showed interest in buying one of the two teams. From the owners of Manchester United, the Glazers to India’s Adanis, the demand to be part of the league was huge.
Hence, it ensured that the price was always skyrocketing. In the end, Sanjeev Goenka-owned RPSG Ventures Ltd made a bid of Rs 7090 crore to own Ahmedabad and Lucknow alone. The next highest bidder was Irelia Company Pte Ltd.CVC Capital Partners, a private equity firm headquartered in Luxembourg, for Rs 5,625 crore. With RPSG opting to choose Lucknow as their home, CVC ended up with Ahmedabad and both teams would field from the 2022 season.
This will see each team play seven matches at home and as many outsides. According to industry sources, the numbers may not be a reflection of the current market price, but it is expected to rise in the coming years. However, the fact that interested parties were willing to spend more than the BCCI expected even told a story or two. Among the nine parties whose bids were opened after the technical evaluation process, Lancer Capital (Rs 4,128 crore) held the lowest table.
