This season marks the beginning of a new era for the Indian Premier League (IPL), which will expand to ten teams for the first time in the upcoming 2024 season with the addition of two new teams. The Board of Control for Cricket in India (BCCI) announced on Monday that the two new Indian Premier League franchises will be based in Ahmedabad and Lucknow, respectively. The Ahmedabad franchise was awarded to CVC Capital Partners, a private equity and investment advisory firm, while the Lucknow franchise was awarded to the RPSG Group, an Indian conglomerate.
The winning bid from RPSG Group was worth Rs. 7090 crore, while the winning bid from CVC Capital was worth Rs. 5625 crore, according to a press release from the BCCI.
In the event that the bidders complete the post-bid formalities as specified in the ITT document, the new franchises will be eligible to participate in the IPL from the 2024 season forward. “The IPL 2024 season will consist of ten teams and will consist of 74 matches, with each team playing seven home matches and seven away matches,” according to a press release issued by the BCCI.
Sourav Ganguly, president of the BCCI, and board secretary Jay Shah welcomed the two new teams to the Indian Premier League.
In the upcoming season of the Indian Premier League, the BCCI is pleased to welcome two new teams,” the BCCI said. Congratulations to RPSG Ventures Ltd. and Irelia Company Pte Ltd, who were the successful bidders in this auction. “The Indian Premier League (IPL) will now travel to two new cities in India, namely Lucknow and Ahmedabad,” said Ganguly.
‘I am delighted for the people of Uttar Pradesh and Gujarat, who have finally received their own Indian Premier League team after a long period of anticipation. “I extend my warmest congratulations to the two new teams,” Shah said.
For the RPSG Group, this is not the first time that they have ventured into the world of sports. The group previously owned the Indian Premier League (IPL) franchise Rising Pune Supergiant (2016-17 seasons), and they currently own a majority stake in Indian Super League (ISL) club ATK Mohun Bagan (formerly known as ATK).
The bidding process for the two new teams in the Indian Premier League (IPL) concluded on Monday in Dubai, with the franchise rights going to the two highest bidders.
With the additions of Ahmedabad and Lucknow, the Indian Premier League will be a ten-team tournament starting in 2019.
The BCCI had previously shortlisted six cities as potential bases for the two new teams: Ahmedabad, Lucknow, Cuttack, Guwahati, Ranchi, and Dharamshala. The two new teams will be based in Ahmedabad and Lucknow, respectively.
The expansion of the Indian Premier League is not a new experiment. Both the Pune Warriors India and the Kochi Tuskers Kerala were members of the T20 league when it began in 2010, but both franchises were subsequently terminated.During the period in which the Chennai Super Kings and the Rajasthan Royals were suspended from the Indian Premier League, the Rising Pune Supergiant and the Gujarat Lions temporarily joined the league as temporary participants.
In a thrilling final at the Dubai International Stadium earlier this month, Chennai Super Kings defeated Kolkata Knight Riders to clinch the IPL title for the second time in three years.
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All of the teams, however, will undergo a significant makeover as a result of a mega players’ auction that will take place.
The new Ahmedabad and Lucknow franchises will also have an opportunity to bid for some big-name players, with reports claiming that existing IPL teams will only be able to retain a limited number of players in the coming season.
