RPSG Group, an Indian conglomerate, wins bid for Lucknow franchise Indian Premier League (IPL) on Monday. The winning bid was worth Rs 7,090 crore, the BCCI revealed in a press release. This is not the first time that the RPSG Group has forayed into sports. The group previously owned IPL franchise Rising Pune Supergiant (2016–17 season), and is currently the majority owner of Indian Super League (ISL) club ATK Mohun Bagan.
In an exclusive interview to NDTV, RPSG Group Chairman Sanjeev Goenka talks about the reason behind buying the IPL team.
Goenka said, “Earlier bidding was a hobby but now it is a business. I expect the value of the franchise to be Rs 10,000 crore in 3 to 4 years.”
After paying such a huge amount to own the team, Goenka went on to explain the rationale for paying over Rs 7,000 crore for the Lucknow franchise.
“I don’t think it’s a high price. It’s a fair price. One is bound to suffer an operating loss, but one doesn’t bid these numbers out of passion. Behind bidding these high numbers It is an economic and scientific decision,” Goenka said.
Goenka further talked about his business interests in Uttar Pradesh, which he cited as the reason for bidding for the Lucknow franchise.
“Hopefully this decision will help me connect with the consumers. We chose the Lucknow franchise because of our business interests in Uttar Pradesh. It is an important base for my business.
“It’s not just for the 2022 season but the franchise forever,” Goenka insisted.
With the big player auction to be held before IPL 2022, the Lucknow team will get a chance to build a strong team.
Goenka, who has had seasoned players like MS Dhoni and Steve Smith in the Rising Pune Supergiant franchise, which has had two seasons, said that he will try to build a team around young players this time around.
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“A young and determined team can still do well. We will build a team around young players. I think young cricketers are equally capable,” Goenka said.
The other franchise, based out of Ahmedabad, was bought by CVC Capital Partners, a private equity and investment advisory firm, for Rs 5,625 crore.
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