IPL 2022: You invest a few crores for passion – Sanjiv Goenka after RPSG Group gets Lucknow franchise

RPSG Group owner Sanjiv Goenka said a lot of planning and calculations were done before he decided to bid for the Lucknow franchise during the Board of Control for Cricket in India’s bidding process for two new Indian Premier League teams on Monday.

RPSG Group made the winning bid for the Lucknow IPL franchise and bagged the rights for the new team for a whopping Rs 7,090 crores. CVC Capitals Partners opted for the Ahmedabad franchise with a bid of Rs 5,625 crores.

Sanjiv Goenka had also owned the Rising Pune Supergiant franchise which participated in IPL 2016 and 2017 along with Gujarat Lions for a couple of seasons when Chennai Super Kings and Rajasthan Royals were serving out their two-year suspensions from the league.

“You invest a few crores for passion. Secondly, what I have to pay to the BCCI evetnaully is the difference beweeen what I get from the BCCI by way of broadcast rights etcetra and what I have to pay to them by way of lisence fees.

“The next difference, based on our calculations, is close to half of Rs 7,000 crore over the period of 10 years. I mean outgo in terms of equity to the new venture will be half of this amount. And at that level, over 10 years, it’s a very good buy.

“I have a very similiar formula. Whatever Mukesh and Nita do, they do it in style and value appreciates. They know how to spot an investment well, manage weath and create wealth,” Sanjiv Goenka told India Today

The BCCI was expecting a windfall in the range of Rs 10,000 crore but to their surprise, earned Rs 12,690 crore from the two new teams that will take part in the 2022 IPL.

Significance of Lucknow

“I am quite excited about this. UP is the biggest state of the country. The most populous state. We do believe there is a huge population in the state who is waiting to have a team. We do have operations there. We are fairly excited about it and it will be a furtherance of a business in UP which we are very keen on,” Goenka added.

22 companies had picked up tender documents worth Rs 10 lakh each but with base price for new teams pegged at Rs 2000 crore, only five to six serious bidders were in fray.

“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 BCCI confirmed in a statement.

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