BCCI set to issue Letter of Intent to IPL's Lucknow, Ahmedabad franchise owners
The issuance of LOI had got delayed as the BCCI was probing CVC's possible links with betting companies outside India
The Board of Control for Cricket in India (BCCI) has given a green signal to RP Sanjeev Goenka Group and CVC Capital's acquisition of the Lucknow and Ahmedabad franchises of the Indian Premier League (IPL). The IPL Governing Council Tuesday decided to issue the Letter of Intent (LOI) to the new IPL franchises.
In October 2021, the BCCI had awarded the Lucknow and Ahmedabad franchises to RPSG Ventures and Irelia Company Pte Ltd. (CVC Capital Partners). Sanjiv Goenka-promoted RPSG Ventures had bagged the Lucknow franchise for Rs 7090 crore, while Irelia Company had won the Ahmedabad franchise for Rs 5625 crore. The two franchises will pay Rs 709 crore and Rs 562.5 crore per year for the next 10 years.
The issuance of LOI had got delayed as the BCCI was probing CVC's possible links with betting companies outside India. The BCCI's legal team gave a clean chit to CVC after it emerged that its Asian fund doesn't have any betting links.
"The bids were approved by the GC today, LOI will be issued soon," IPL chairman Brijesh Patel told PTI after the meeting.
With the two teams joining the IPL formally, they can now pick players ahead of the auction on February 12 and 13 in Bengaluru. The two teams can sign three players each from the draft pick ahead of the mega auction. KL Rahul and Hardik Pandya are expected to lead Lucknow and Ahmedabad respectively.
The IPL chief said the GC plans to give them 10-14 days to pick the players before the auction. "We have been talking to the new teams, we are planning to give them 10 days to two weeks," said Patel. He added that there is no change in the date and place of the auction.
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Boldfit has announced its partnership with Mumbai Indians.
The IPL is not only a platform for showcasing exceptional cricket talent but also an avenue for promoting a healthy and active lifestyle. With Boldfit's comprehensive range of products tailored to enhance performance and support fitness goals, Mumbai Indians players and fans alike can expect nothing short of excellence both on and off the field.
"We are thrilled to join forces with Mumbai Indians, one of the most prestigious franchises in the IPL," said Pallav Bihani, CEO of Boldfit. "This collaboration aligns perfectly with our mission to inspire and empower individuals to lead healthier and more active lifestyles. Together with Mumbai Indians, we aim to redefine the standards of performance and fitness within the realm of cricket."
Through this partnership, Boldfit will offer an exclusive line of Mumbai Indians-branded merchandise, including cutting-edge fitness tools. Fans will have access to a range of products designed to optimize their training regimes and support their favourite team throughout the IPL season.