Net worth of new IPL teams' owners Sanjeev Goenka and CVC Capital Partners will leave you STUNNED, check HERE

RP-Sanjiv Goenka Group placed a bid of Rs 7,090 crores for the Lucknow team, whereas CVC bought the Ahmedabad franchise for Rs 5,625 crores. 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.

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The next edition of IPL will see two new corporates with deep pockets enter the league with new teams - Ahmedabad and Lucknow as the cash-rich league will now be a ten-team affair from the next season.

The bidding took place at the Taj Hotel in Dubai on Monday (October 25) and it is the RP-Sanjiv Goenka Group (RPSG) (Lucknow) and CVC Capital Partners (Ahmedabad) who will join the cash-rich league as the new owners, confirmed BCCI.

RPSG Group placed a bid of Rs 7,090 crores for the Lucknow team, whereas CVC bought the Ahmedabad franchise for Rs 5,625 crores.

: BCCI announces the successful bidders for two new Indian Premier League Franchises

More Details https://t.co/FSU4LsAxzj

— BCCI (@BCCI) October 25, 2021

Notably, 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.

On the other hand, private equity firm CVC was established in 1981 and has assets under management worth $125 billion (Rs 94 trillion approx).

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

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

Meanwhile, the new franchises will participate in IPL from 2022 season onwards subject to the bidders completing the post-bid formalities as specified in the ITT document. The IPL 2022 season will comprise ten teams and will have 74 matches, wherein each team will play 7 home and 7 away matches.

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