Sanjiv Goenka, whose RPSG conglomerate includes power, music and plantation concerns, offered more than $1.24 billion at an auction in Dubai to set up a team in the Indian city of Lucknow, the IPL said.
The winning bids beat 20 other top Indian conglomerates and international concerns such as the Glazer family, owners of English Premier League giants Manchester United, to secure the new teams. Ex-Indian opener turned pundit Aakash Chopra said on social media “the valuation of the new teams has taken the #IPL to a whole new level” while respected Indian broadcaster Harsha Bhogle added: “I must admit I am blown away by the size of the bids. The cricket economy just gets more buoyant and I don’t see how it can stop at 74 games a year. This is a huge vote of confidence in the Indian consumer’s willingness to watch the IPL.
Sourav Ganguly, president of the Board of Control for Cricket in India, which runs the IPL, said it was “heartening” to see the teams sold for “such a high valuation”.He added the involvement of two foreign bidders, CVC and the Glazers, “strongly emphasises the global appeal of the IPL as a sports property. The IPL is proving to be a wonderful instrument in globalising the game of cricket”.
Sets a new foundation for a sport similar to cricket and ideally suited to the entitled and concentration challenged generation of of snifters we’ve become🏏
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