The 2022 edition of the Indian Premier League will officially have ten franchises in total. The two new teams that will be part of the league will be based in Lucknow and Ahmedabad. Before October concluded two companies were able to successfully bid for the teams up for grabs and it is the RPSG Group Ltd. And the CVC.

Both companies bid a total of over 1.2 billion USD to get the new teams. To many, it wasn’t a surprise that companies like them were willing to bid that much. After all, cricket is the second-most popular sport worldwide and the IPL is one of the biggest cricket events out there. Millions of fans would tune it to this event and place their bets on the best IPL betting sites It’s simply an investment that is hard to resist.

About the Recent Bidding 

In total, 22 companies purchased the tender document for bidders but only nine of them were present at the walk-in bid that was held in Dubai. The bid lasted over six hours and here is the rundown of the bids that the companies placed for the two new teams.

It is noticeable how RPSG’s bid was 250 percent more than the base price that the Board of Control for Cricket in India (BCCI) has set for each team. Meanwhile, CVC’s bid was over 160 percent. BCCI president Sourav Ganguly, later on, released a statement about the bid and said how it was heartening to see how the two new teams added to the IPL roster are valued so highly. According to him, this just shows the cricketing and financial strength of their cricket ecosystem.

The IPL Governing chairman, Brijesh Patel, also spoke about the importance of the bids. Patel said that the IPL was globalizing cricket and its importance as being one of the “most sought-after” leagues in sport was established through the bids from different parts of the world and parties too with diverse portfolios.

The new owners of the franchises will be given a 10-year period to pay the entire amount that they bid. This is why the BCCI made sure that the companies allowed to bid have a solid foundation. The bidders were required to have a turnover of at least INR 3000 crore per year in the last three years. This is measured with the group’s net asset and when it comes to a consortium, only up to three groups of investors were allowed.

RSPG’s owner, Sanjiv Goenka, spoke to ESPNcricinfo about the bid success and said, “It’s good to be back in the IPL and I am delighted. It is an initial step [winning the bid]. We now have to build a good team and perform.”

Meanwhile, this will be the first time that CVC will be involved in the IPL. According to reports, CVC has tried to run a team in the IPL in the bast but failed to acquire a stake in the Delhi franchise as it went to Jindal South West. CVC is a known international conglomerate that is known to invest heavily in sport.

2022 IPL Auction Updates

No official date has been released just yet concerning the 2022 IPL Auction. However, what’s known at the moment is that the eight existing teams pre 2022 season will be allowed to retain a maximum of four players. The two new teams will then be allowed to get three players from the rest of the player pool before the 2022 auction. Aside from this, there are reports that the purse will like to be Rs 90 crore or approximately 12 million USD which is Rs 5 crore higher from the auction of the previous season.

When it comes to player combinations, the franchises can either have three Indian players and one overseas or two Indians and two overseas players. The three Indian players retained by a franchise can all be capped, uncapped, or a mix of both. Another difference that this year’s auction will have is that there will be no usage of the right-to-match (RTM) cards.

The two new teams will also have to follow a specified player combination: two Indians and one overseas player. However, it’s still unclear whether these players will have to be picked from the group of players not retained by the other franchises.

There are talks that the deadline for retaining players is likely to be by the end of this month but there is also no official announcement about this yet.