There was a huge stir in the cricket world on Monday as people wanted to know who would win the race to own two new Indian Premier League teams.IPL) Final bids were submitted by representatives of interested parties and later in the evening two names emerged which were finalised.
Sanjeev Goenka’s RPSG Ventures Ltd won the bid of Rs 7090 crore for the Lucknow franchise. Another team was Ahmedabad and its bidders were Irelia Company Pte Ltd – CVC Capital Partners, who paid an amount of Rs 5625 crore.
RPSG is not new to the Indian sports fraternity as they own the franchise Pune Supergiants which participated in IPL 2016 and IPL 2017. Hence, it would be safe to say that they are making a comeback in the most lucrative T20 league in the world. a new banner.
But what about CVC Capital Partners? After all, what is the ruckus?
A private equity firm, CVC Capital Partners is a major player in the international game. He has a presence in Formula 1, Rugby, Football and now, has made his way into the gentlemen’s game. CVC Capitals is known to have endless profits over other sports ventures.
Read also | ‘Not surprised by the bid numbers, very happy that Indian cricket is growing’: Ganguly
CVC’s participation in the IPL has started making noise in the European sports industry as well. According to a report in the Indian Express, Simon Chadwick, director of the Center for the Eurasian Sport Industry at the Emlion Business School in Lyon, believes that CVC’s agenda to invest in Indian cricket is to strengthen its hold in American cricket.
History of CVC Capitals
The firm was established in 1981, headquartered in Luxembourg and head office in London. It has assets of USD 125 billion (about Rs 94 trillion) under management. It manages approximately USD 97 billion in assets and USD 29 billion AUM. CVC Capitals has invested in 73 companies worldwide.
He owned F1 between 2006 and 2017, paying around £1.4bn for a majority stake. Several foreign media reports claim that he made a profit of up to £3.5 billion in a decade.
In February last year, CVC Capital Partners Fund VII to launch Volleyball World with a view to tap business activities around the sport affiliated with the International Volleyball Federation (FIVB).
In August this year, they agreed to pay around $3.2 billion to acquire a minority stake in Spanish football team La Liga. He also has a big stake in many rugby tournaments.
As far as their presence in India is concerned, they hold majority stake in Healthcare Global Enterprises Limited & Technology and UnitedLex Corporation.
Equation after adding Ahmedabad and Lucknow
The new franchises will participate in the IPL from the 2022 season, provided the bidders fulfill the post-bid formalities specified in the ITT document. The IPL 2022 season will consist of ten teams and will consist of 74 matches, with each team playing 7 home and 7 away matches.
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