Lucknow, Ahmedabad New IPL Cities as RPSG Group and CVC Capital Spend Over USD 1.6 Billion

Latest news: The RPSG Group led by Sanjiv Goenka won the tender for Lucknow at around INR 7000 crore (over 932 million USD) while the private equity firm CVC capital (also called Irelia) wins Ahmedabad at around INR 5,200 crore (over $ 692 million).

The RPSG group previously owned the Rising Pune Supergiant team (2016 and 2017) which played two seasons when CSK and Rajasthan Royals were banned. They will now move to Bharat Ratna Shri Atal Bihari Vajpayee Stadium in Lucknow – a brand new stadium that was only opened to the public in November 2018 and can accommodate around 50,000 people.

CVC capital are an international conglomerate with offices throughout Europe, Asia and the Americas. They were previously players in Formula 1 and recently took a minority stake in La Liga, Spain’s top football league. Their home will be the world’s largest cricket stadium, the Narendra Modi Stadium, which has a reported capacity of 132,000 people.

“It’s good to be back at IPL and I’m delighted. It is a first step. Now you have to build a good team and perform. Sanjiv Goenka, the owner of RPSG told ESPNcricinfo.

These two groups beat the other seven bidders, including leaders Adani Group and Lancer Capital, chief of which is Avram Glazer, a member of the Glazer family who own Manchester United. In total, over US $ 1.5 billion was spent tonight in Dubai.

What does the addition of two new franchises mean for the tournament format? This, and other questions answered here in our explanation.
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