NS RP-Sanjeev Goenka Group Returned to Indian Premier League (IPL) admission after four years. Recently, there was widespread speculation about who would win the bids to own the two new IPL teams coming from the 2022 Games. That speculation was put to rest on the evening of 26 October when the BCCI announced the names of the top two bidders, with the RPSG group making it to the list.
The Sanjeev Goenka-owned conglomerate acquired the Lucknow franchise of IPL for Rs 7,090 crore, setting a record in the process. The second team, which will be based in Ahmedabad, was acquired by Irelia Company Pvt Ltd. CVC Capital Partners. The group put in an amount of Rs 5,625 crore to win the bid to buy this upcoming team.
The auction of the 15th edition of the Indian Premier League to be held next year will be held in December.
RP- Sanjeev Goenka Group is not new to India’s most famous cricket league, IPL. In 2015, when Chennai Super Kings and Rajasthan Royals were serving two-year suspensions from the league following their alleged involvement in the match-fixing scandal, the group formed a separate team – Rising Pune Supergiant. However, it was a brief stint in the IPL for the company as the team played for only two seasons.
Who is RP- Sanjeev Goenka Group?
RP- Sanjeev Goenka Group is a Kolkata based multi-millionaire business conglomerate. Founded on 13 July 2011 by Sanjeev Goenka, younger son of Rama Prasad Goenka, the group operates in various fields. This includes power and energy, carbon black manufacturing, retail, IT-enabled services, FMCG and infrastructure. Some of the popular brands in the franchise include power major CESC Ltd., music label Saregama India Ltd. and multi-format retailer company Spencer’s Retail.
RP- Sanjeev Goenka Group in Sports
The owner of RPSG, Sanjeev Goenka, is known for his passion for the game. The group is one of the owners of ATK-Mohun Bagan, formerly known as ATK-Kolkata. This football team is one of the top tier groups of the Indian Super League. The group had previously ventured into other sports including table tennis. However, after a successful and brief stint in the Indian Premier League, Goenka had expressed his interest to return to cricket.
Why RP- Sanjeev Goenka Group’s return to IPL is important
As already mentioned, the group had already formed an IPL team four years ago, but that didn’t last long. According to media reports, disbanding Rising Pune Supergiant, the Kolkata-based business tycoon had revealed that he will form a team again, “whenever there is a chance”, on Monday, soon after the announcement was made by the Board of Control for Cricket in India. In (BCCI) reveal the winners, Goenka expressed his happiness in interviews given to some news organizations. “It is a preliminary step and now, we need to build a good team and perform,” he told The Hindu Sportstar that day. In another interview, he revealed that the group preferred Lucknow over other teams.
Hence, with this move, the RPSG franchise will finally enter its second innings in the Indian Premier League, after a heart-wrenching defeat to Mumbai Indians in the final games of 2017.
On future plans and return offers
On future plans, Goenka told Moneycontrol, “An enterprise value of Rs 7,000 crore is to be paid in 10 years, the first year payment is Rs 700 crore. In the same period, I expect to get more than Rs 3,500 crore from the cricket board.”
Talking about the proposals for return from investment, Goenka further said, “In five years I expect it to be Rs 10,000 crore. The valuation of Rs 7,000 crore is to go up to Rs 10,000 crore. So, if I am investing Rs 2,500 crore and in five years it becomes Rs 10,000 crore, it is a very good investment.”
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