The IPL
bidding process for two new teams Ahmedabad and Lucknow ended on Monday,
October 25. International equity investment firm CVC Capital won the bid for
Ahmedabad for Rs 5,625 crore and Sanjiv Goenka’s RP-SG Group won the Lucknow
franchise for Rs 7,090 crore.

RP-SG Group previously owned Rising Pune Supergiant which
competed in 2016 and 2017, when the Chennai Super Kings and Rajasthan Royals
franchises were banned.

The winners beat Manchester United’s owners, Lancer
Capital, Adani Group, Hyderabad-based Aurobindo Pharma, and Kotak Group to
secure the new teams.

Also Read | Indian Premier League gets Ahmedabad, Lucknow as two new teams

The new franchises will participate in the tournament
from the 2022 season. 

Former skipper and now BCCI president Sourav Ganguly
welcomed the new teams and gave his warm regards to the bidders who have won.

He said It is heartening to see the inclusion of two new
teams at such a high valuation, and it reiterates the cricketing and financial
strength of our cricket ecosystem. True to IPL’s motto of ‘Where Talent Meets
Opportunity, the inclusion of two new teams will bring more domestic cricketers
from our country to the global stage.

Also Read | Explained: Two new IPL teams and their impact on the tournament

Ganguly further added that IPL is proving to be a
wonderful instrument in globalizing the game of cricket,

The BCCI earned Rs 12,690 crore from the two new teams that
will take part in the 2022 IPL

Since the announcement of the winners last evening,
netizens are sharing their thoughts and welcomed the new teams. Here is how our
former cricketers welcome the new teams:

Former cricketer Suresh Raina said that it’s a proud moment for Uttar Pradesh (UP) to have its own IPL team.

Commentator Akash Chopra wrote,”

So, Ahmedabad and Lucknow it is. The valuation of the new teams has taken the IPL to a whole new level. Now, the wait to understand the retention rules. I hope that allowing 5 overseas players in the XI is considered as an option for the first 3 years at least.”

The IPL will have 10 teams from 2022 season and with its growing international popularity it seeks to capitalise it by increasing fees for its television and other rights. It attracts huge TV audiences across globe.

According to Duff and Phelps financial consultancy, IPL’s brand value was estimated at $6.7 billion in 2019.