CVC Capital Partners and RPSG, a conglomerate owned by business mogul Sanjiv Goenka, have paid a combined $1.7 billion to win bids for two new Indian Premier League teams.
The cricket league is expanding from eight to 10 teams for the 2022 season.
- India’s Board of Control for Cricket expected a combined bid of $1.3 billion.
- CVC shelled out roughly $736 million for the Ahmedabad franchise.
- RPSG paid about $964 million for the Lucknow team.
“We had bids from different parts of the world and from parties with diverse portfolios wanting to make a foray into the world of sports,” said IPL chairman Brijesh Patel.
The bids included Manchester United and Tampa Bay Buccaneers owners Kevin and Edward Glazer, who offered less than $688 million for the Ahmedabad team.
- CVC has stakes in La Liga, United Rugby Championship, Six Nations Rugby, and the International Volleyball Federation.
- RPSG owned the IPL’s now-defunct Rising Pune Supergiant franchise from 2016-17, replacing the Chennai Super Kings and Rajasthan Royals after their respective owners received two-year bans for illegal betting.
A new combined company that comprises Sony India and Zee Entertainment is reportedly bidding for IPL media rights. Star India purchased rights for $2.6 billion in a five-year deal in 2017. The new asking price is estimated to increase by 25%.
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