RP-Sanjiv Goenka Group, Irelia win bid for two new IPL T20 teams

A key reason for the IPL teams to be an attractive business proposition has been the huge increase in central revenues

In a closely watched contest for two new IPL T-20 teams, RP-Sanjiv Goenka group and private equity player Irelia (part of CVC Capital Partners) have emerged winners. The Board of Control for Cricket in India (BCCI) announced the new franchises on Monday evening following an open auction in Dubai. There were nine bidders including two from overseas.    

At Rs 7,090 crore, RPSG’s winning bid for Lucknow made it the most expensive team in the IPL tournament. Irelia Company Pte Ltd got the second franchise for Ahmedabad at Rs 5,625 crore. The new teams are for the tournament to be played