Mumbai: The Indian Premier League (IPL) added a new chapter to its history when it included two new teams, which will make the cash-rich T20 league a 10-team affair from the 2022 season.
The two fresh IPL franchises will be based out of Ahmedabad and Lucknow, the Board of Control for Cricket in India (BCCI) declared on Monday.
Private equity and investment advisory firm, CVC Captial Partners won the bid for the Ahmedabad franchisee, while Indian conglomerate, the RPSG Group, won the bid for the Lucknow team.
The winning bid for RPSG Group was of Rs 7090 crore while that of CVC Capital was Rs 5625 crore, the BCCI said via a press release.
“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 press release stated.
Board president Sourav Ganguly and secretary Jay Shah welcomed the two new teams to the IPL.
“The BCCI is happy to welcome two new teams from the next season of the Indian Premier League. I would like to congratulate RPSG Ventures Ltd. & Irelia Company Pte Ltd for being the successful bidders. The IPL will now go to two new cities in India viz in Lucknow and Ahmedabad,” Ganguly was quoted as saying in the release.