What is RPSG who bought Lucknow IPL team?

Ground Report | New Delhi: What is RPSG; The Board of Control for Cricket in India (BCCI) on Monday announced two new teams for IPL 2022. Lucknow and Ahmedabad will be the two new cities of the IPL. After a six-hour-long process in Dubai on Monday, the BCCI announced that Sanjeev Goenka's RPSG Group and private equity firm CVC Capital have been handed over the franchise ownership. RPSG Group owns the Lucknow team while CVC owns the Ahmedabad team.

What is RPSG?

RP-Sanjiv Goenka Group (RPSG) Chairman Sanjiv Goenka is upbeat about the company's growth prospects in the fast-moving consumer goods (FMCG) segment. The RPSG group will reportedly spend Rs 7090 crore to return to the IPL while the CVC owners put in a bid of Rs 5625 crore. RPSG Group will own the Lucknow franchise while Ahmedabad will be the home ground of CVC Capital.

The IPL 2022 season will return to the T20 league of the RPSG Group. The Sanjeev Goenka-led group owned the Rising Pune Supergiant franchise, which was part of IPL 2016 and 2017. MS Dhoni was one of the marquee players to play for the franchise.

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RPSG's bid was 250 percent higher than the BCCI's base price of Rs 2,000 crore (approximately $270 million). For CVC, the figure was 160%. In all, 22 companies had purchased the tender document, but only nine were present at the walk-in bid event held in Dubai, which lasted over six hours on Monday.

The bids enclosed in a sealed cover were opened after a lengthy technical evaluation process. The entire process was overseen by the IPL Governing Council as well as top BCCI officials led by Board President Sourav Ganguly, Secretary Jay Shah, Treasurer Arun Dhumal, Vice President Rajeev Shukla, and Joint Secretary Jayesh George.

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BCCI welcome two new teams

“BCCI is delighted to welcome two new teams from the next season of the Indian Premier League. I would like to congratulate RPSG Ventures Ltd and Irelia Company Pvt Ltd for being successful bidders. The IPL will now move to two new cities. India is Like Lucknow and Ahmedabad. It is a pleasure to have two new teams at such a high valuation, and it reiterates the cricketing and financial strength of our cricket ecosystem," BCCI President Sourav Ganguly said in a statement.

"In keeping with the IPL's motto 'Where Talent Meets', the induction of the two new teams will bring more domestic cricketers from our country to the global stage. Two interested bidders from outside India will be involved in the ITT process. Which emphasizes the global appeal. IPL as a sporting asset. IPL is proving to be a wonderful instrument in the globalization of the game of cricket. I am looking forward to IPL 2022."

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