RPSG, CVC Capital win bids for Lucknow, Ahmedabad IPL franchises

The RPSG group and international investment firm CVC Capital are the owners of the two new IPL franchises. The RPSG Group have bought Lucknow based franchise with a winning bid of INR 7090 crores while CVC Capital have picked Ahmedabad as their home with a bid of INR 5166 crores.

Around 10 parties wanted to buy the teams and the bidders had to choose from Ahmedabad, Lucknow, Cuttack, Dharamsala, Guwahati and Indore.

All the participating companies were asked to submit two envelopes – one for personal and financial credentials and the second for the bid.

The Board of Control for Cricket in India (BCCI) asked its legal and financial department to check the credentials of the bidders and after getting a green signal from them, the envelopes containing the bidding amount was opened.