Ahmedabad IPL Team: Owner Name, Net Worth, Price, Bidding Amount and Other Details

Ahmedabad IPL Team (The Gujarat Titans): Owner Name, Net Worth, Price, Bidding Amount and Other Details

Ahmedabad IPL Team (The Gujarat Titans): Owner Name, Net Worth, Price, Bidding Amount and Other Details

Ahmedabad IPL Team (The Gujarat Titans): Owner Name, Net Worth, Price, Bidding Amount and Other Details

The Hardik Pandya-led Ahmedabad team of the Indian Premier League will be known as the Gujarat Titans, the franchise revealed on Wednesday. The franchise, which is owned by private equity firm CVC Capital, said that the name was chosen to pay tribute to the state’s rich cricketing legacy.

The Board of Control for Cricket in India (BCCI) on Monday unveiled Ahmedabad and Lucknow as the two new teams for the Indian Premier League (IPL) 2022 after CVC Capitals Partners and Sanjiv Goenka's RPSG Group successfully bid for the franchises in Dubai's Taj Hotel.

The RPSG Group picked Lucknow as their home base with a winning bid of Rs 7090 crores while CVC Capital Partners have opted for Ahmedabad with a bid of Rs 5625 crores.

The BCCI on September 21 announced that they have decided to extend the purchasing date for the Invitation to Tender (ITT) for the right to own and operate one of two proposed new IPL team documents till October 20 from the original deadline of October 5.

"The Governing Council of the IPL had issued an Invitation to Tender (“ITT”) to acquire the right to own and operate 2 (two) new franchises. Pursuant to the tender process, various interested parties submitted their bids for the new franchises. The bids were submitted by the authorised representatives of the interested parties at Dubai today.

"BCCI is pleased to announce the following successful bidders (subject to definitive documentation and other formalities being completed):

"1. RPSG Ventures Ltd. Lucknow (for INR 7090 crores)

"2. Irelia Company Pte Ltd. (CVC Capital Partners) Ahmedabad (for INR 5625 crores)

"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 Indian cricket board said in an official release.

Before 2022, the 2010 edition of the IPL also featured 10 teams, with Pune Warriors India and Kochi Tuskers Kerala joining the tournament before both franchises were terminated. The BCCI is adding two new teams after six years. In 2015, it added two teams - Rising Pune Supergiants and Gujarat Lions - for the 2016 and 2017 editions as replacements for the then suspended Chennai Super Kings and Rajasthan Royals teams.

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.

One of the major companies that lost out was Gautam Adani's Adani Group which bid around Rs 5000 crore while bids of Glazers from Manchester United and Torrent Group also fell short of the mark. It was also learned that Rhiti Sports, promoted by MS Dhoni's manager Arun Pandey, submitted a bid for Cuttack which was later rejected.

Dubai, October 25: The wait for the new Indian Premier League (IPL) franchises is finally over as the two new teams will come from the cities of Lucknow and Ahmedabad. With this auction, the BCCI is set to get richer by Rs 12690 crores after Kolkata-based business tycoon Sanjiv Goenka's RP-SG Group claimed the Lucknow franchise for a whopping Rs 7090 crore while international equity investment firm CVC Capital won the bid for Ahmedabad with a Rs 5600 crore offer.

Who are CVC Capital?

CVC Capital had recently bought a stake in La Liga, and made deals in Formula One, Moto GP, and British Rugby league as well. They now foray into cricket as well.

CVC Capital Partners is a leading British private equity firm with about US$111 billion in secured commitments since inception across European and Asian private equity, credit and growth funds. In total, the CVC Group manages US$70 billion of assets.

When was it established?

According to the company's website, CVC was established in 1981. CVC is a world leader in private equity and credit with $125 billion of assets under management, $165 billion of funds committed and a global network of 25 local offices: 16 across Europe and the Americas and nine in the Asia Pacific region. CVC is majority-owned by its employees and led by its Managing Partners.

CVC's assets and strategies?

CVC's private equity platform manages $97 billion of assets and comprises four strategies: Europe/Americas; Asia; Strategic Opportunities; and Growth Partners, each of which benefits from CVC's global platform.

What is CVC investment in La Liga?

In 2018, CVC invested in the Spanish football league LaLiga. They will be receiving 10 per cent of profits of the new company during the next 50 years. "They will recoup their investment through their percentage of LaLiga's total profits," claims a report.

"Under the terms of the deal, which has been labelled 'Boost La Liga', some 90 per cent of CVC's funding will be channelled directly to the clubs, who will be able to spend 30 per cent of their allocation on registering players and addressing financial debt," claimed another report.

CVC investment in Formula One & Moto GP:

In 1998, CVC Capital bought Moto GP brand Dorna for €71.5 million ($83 million). Eight years later they sold it in 2006 at 700 per cent profit for €525 million ($609 million).

They also invested in Formula 1, selling their stake to Liberty Media in 2017.

CVC investment in Rugby:

In 2020, the British equity firm acquired a 27 per cent holding in Premiership Rugby, the first division of English clubs. Later in 2021, the company added 14 per cent of the rights for the Six Nations and 28 per cent of the Pro14 tournament, taking their investment total in the sport to around €800 million ($928 million).

By 2030, CVC “might look for an exit” from the IPL, sports lawyer Nandan Kamath added, unlike the owner of the new Lucknow franchise RPSG, who he added appear to be in for a long term. This implies high growth from the sale of IPL’s media rights and sponsorship in the coming cycles, a portion of which is shared with the franchises. It is speculated that IPL’s media rights auction for the next five-year cycle, from 2023 to 2027, could fetch the cricket board up to $5 billion.

“With the US sports market being mature, private equity portfolios are diversifying to sports with different audiences such as rugby and cricket,” Kamath said. “These are perhaps seen as having higher growth potential in 7-10-year periods when CVC might look for an exit.”

he 10-year cycle is also in sync with other CVC sporting ventures, most famously Formula One. CVC owned F1 between 2006 and 2017, paying roughly £1.4 billion for a majority stake. According to The Guardian, they made up to £3.5 billion in 10 years.

8:35 PM: Here is the official release—

1. RPSG Ventures Ltd. – Lucknow (for INR 7090 crores)

2. Irelia Company Pte Ltd. (CVC Capital Partners) – Ahmedabad (for INR 5625 crores)

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.

7:56 PM: For the unversed, RPSG group was also the owner of now-defunct Rising Pune Supergiant in 2016 and 2017 edition of IPL when Chennai Super Kings and Rajasthan Royals were banned.

7: 51 PM: "A lot of planning and calculation has gone into our bidding. I give credit to personal staff for winning the bid," said Sanjiv Goenka as quoted by Cricbuzz.

7: 25 PM: The BCCI will be earning over 12,500cr from the two new IPL teams. That's massive!

Exact winning bid amounts:

RP-Sanjiv Goenka Group: 7,090 crore.

CVC Capital: Rs 5620 crore

7: 20 PM: Sanjeev Goenka-led RP Sanjeev Goenka Group become the owners of Lucknow IPL team while CVC Capital are the owners of Ahmedabad team.

7: 17 PM: Sanjeev Goenka says that it feels good to be back in IPL. This is the first step. He adds that they now need to assemble a very good team.

7: 15 PM: Private Equity player CVC Capital, which recently bought LA Liga, and owns Formula One and Rugby, has put in the 2nd highest bid of Rs.5,200 crore.

7: 10 PM: RP Sanjeev Goenka Group has made the highest winning bid of INR 7000 CR plus.

7: 00 PM: Every bidder has been asked to assemble in the room. Expect the official announcement in next 15 to 30 minutes.

6: 56 PM: It is now time for the Financial bids to be opened.

6: 45 PM: In the latest update, a private equity player has put an insanely high bid. 

6: 25 PM: According to the latest reports, the cities of Ahmedabad and Lucknow have been finalized as the two new IPL teams.

6: 18 PM: UPDATE - The announcement for new IPL teams could take up to another hour due to the formalities involved.

6: 08 PM: The bid of Manchester United owners, Glazer Family’s has been technically approved. Meanwhile, the rest of the 9 bids technical evaluation is underway.

6:00 PM: According to recent reports, the race for the 3 cities as per the available information is:

  • Ahmedabad Franchise – Adanis / Torrent Pharma / PE Equity Firm

  • Lucknow Franchise – Manchester United owners/ RPSG Goenka / Aurobindo Pharma & Private Equity Firm

  • Cuttack Franchise – Naveen Jindal / CVC

5:37 PM - The official announcement of the two new teams is expected to be out by 6 PM. Stay tuned with us till then!

5: 35 PM - The final stage of bidding is underway now!

A total of 9 bidders are currently in the financial bidding.

5:31 PM - It is being reported that the Manchester United bid has been technically approved by the officials

4: 35 PM: 9 bidders evaluated

9 bidders have been approved in technical valuation so far

1. Kotak Group

2. AirCargo 

3. Glazers

4. Goenka

5. Adani group

6. Torrent

7. HT media

8. Aurobindo

Another company's bid has been evaluated while last one is being evaluated.

4: 20 PM: Lunch Break!

The BCCI legal team has took some time out to have lunch in Dubai. Meanwhile, the technical evaluation is still going on. Notably, Adani group, RP Sanjeev Goenka Group, Glazer family representatives, Pharma giants Torrent & Aurobindo and some global Private Equity companies are still in the room.

4: 11 PM: Kotak Group submits bid

Kotak Group, founded by Uday Kotak also submitted its bid for the new IPL team.

4:05 PM: The technical bid of Manchester United owners, the Glazer family has also been approved. In another update, it is being known that financial bids have not yet been opened. Results expected after approximately 1 hour.

3: 45 PM: According to the latest reports, the two favourites for getting the two new IPL teams are Adani for Ahmedabad and Manchester United for Lucknow. Adani Grp is the frontrunner while there's also a tough fight between Man Utd and RP Sanjeev Goenka Group.

The official announcement for the final teams is expected to come in few hours.

3: 10 PM: The 4 companies whose bids have been approved after technical evaluation are All Cargo Logistics, Adani Group, RP Sanjiv Goenka, Uday Kotak. There are also couple companies more who have got technical approval.

3: 02 PM: Sanjeev Goenka (RP Sanjeev Goenka Group),who is one of the owners of ISL side ATK-Mohun Bagan, is in the room currently.

2: 40 PM: The Unacademy representatives, who were seen sitting with Adani representatives in the bid room, have now left the room to avoid conflict.

Sanjiv Goenka's RPSG Group gets Lucknow franchise, CVC Capital gets Ahmedabad franchise

2: 30 PM: According to latest reports, Ahmedabad - Adani and Lucknow/Indore - Glazers (Manchester United) are now the front-runners in the race.

2: 13 PM: Rhiti Sports disqualified

Rhiti Sports, who also submitted a bid for IPL franchise, has been disqualified in a case of Conflict of Interest as the company used to manage MS Dhoni.

2: 1o PM: According to reports, Adani Group has turned up at the bidding table with an outside agency & one of IPL's own official partners, Unacademy as Unacademy representatives were seen sitting with Adani representatives in the bid room. This could be a conflict.

1: 55 PM: It is worth noting that the new IPL teams are not going to be awarded through an auction process. All the bidders have to submit closed-bids and the highest two bidders will be awarded the franchises, subject to BCCI approvals.

1: 35 PM: Overall total 22 Tenders were picked

  • Sanjeev Goenka – Promoters of RPSG

  • Glazer Family – Manchester United Owners

  • Adani Group promoters

  • Naveen Jindal – Jindal Power & Steel

  • Torrent Pharma

  • Ronnie Screwvala

  • Aurobindo Pharma

  • Kotak Group

  • CVC Partners

  • Singapore Based PE Firm

  • Hindustan Times Media

  • Broadcast & sports consulting agencies ITW,

  • Group M

  • Capri Global

  • Deepika-Ranveer backed by a leading corporate

  • Rajesh & Ajay Gupta – South African Business Tycoon

1: 15 PM: Bids submitted, BCCI to begin evaluation soon

Bids have been submitted. BCCI will begin evaluation soon. Technical evaluation first to check if all eligibility criteria have been met. Financial bids will be opened after that. The result for the winning bid is expected between 2.30 pm and 3 pm IST.

1: 10 PM: It has been learnt that Rhiti Sports, the company that used to manage MS Dhoni -- has also submitted a bid for IPL franchise. Also, another company- Amrit Leela Enterprises has also submitted a bit.

1: 05 PM: According to reports, the two cities are more or less set to be Ahmedabad and Lucknow.

1:00 PM: Adani Group, RP-Sanjiv Goenka Group, Hindustan Times Media, Manchester United and Aurobindo have submitted the highest bids.

12:45 PM: Adani & Goenka frontrunners for new IPL teams

According to reports, the frontrunners to buy the new IPL teams are RP-Sanjeev Goenka, Adani – Torrent Pharma’s combined bid & CVC Ventures backed bid.

The latest update is that Adani Group, RP-Sanjiv Goenka, CVC Capital, Manchester United owners, Capri Global + CALS, Kotak, Aurobindo Pharma + 1 company have entered the bidding room in Dubai. Bids will be submitted in 10 minutes from now.

11: 00 AM: Manchester United Owners arrive in Dubai

The Glazer family, which owns English Premier League giants Manchester United football team, is the UAE for the bidding. The Manchester United owners have shown a keen interest to be a part of the Indian Premier League (IPL) in IPL 2022.

Hello and Welcome everybody to SportsTiger's LIVE coverage of the IPL 2022 New Teams Announcement Live Blog. Next year's IPL will be a ten team affair with two new teams in the mix. The bidding process started at 11 AM in Dubai today. More than 20 interested parties have picked the tender & 5-6 can bid for the new teams.

The formal announcement regarding the bids is expected to be made on October 26th. Notably, the bids will be submitted in the UAE, where the T20 World Cup 2021 is currently going on.


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