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Monday, February 26, 2024
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CVC, Mogul Buy New IPL Teams for Combined $1.7B

  • CVC Capital Partners and RPSG have won bids to purchase two new IPL teams.
  • The two entities paid a combined $1.7 billion.
BCCI/Design: Alex Brooks

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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