The RPSG group and international investment firm CVC Capital have won the ownership rights of the two new franchises in the IPL. The RPSG Group have picked Lucknow as their home base with a winning bid of a whopping INR 7090 crores while CVC Capital opted for Ahmedabad with a second-highest bid in excess of INR 5000 crores.

“A lot of planning and calculation has gone into our bidding. I give credit to personal staff for winning the bid,” Sanjiv Goenka, who previously owned the Rising Pune Supergiant told Cricbuzz.

A total of 10 parties entered the fray with bids to own the two franchises on Monday (October 25) at the Taj Dubai. Football club Manchester United and the Adani Group were among others to have placed bids to purchase a team. The bidders also got to choose from from six centres – Ahmedabad, Lucknow, Cuttack, Dharamsala, Guwahati and Indore – to base their team in.

All parties were asked to submit two envelopes – one for personal and financial credentials and the second for the bid. The Board of Control for Cricket in India (BCCI) had its legal and audit officials first check the credentials of the bidders and only after they were deemed to be in order, were the second envelopes, containing the bids, were opened.

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