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

e4m by exchange4media Staff
Updated: Jan 12, 2022 8:59 AM  | 2 min read
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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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