CVC Capital won the bid for Ahmedabad for Rs 5,200 crore whereas the RP-Sanjiv Goenka Group bagged the Lucknow franchise at Rs 7,000 Crore.Also Read - India’s First High-Speed Bullet Train Set to Run on Track by 2026, Railway Minister Makes Big Announcement

The IPL bidding process for new teams will begin on Monday as the Indian cricket board, BCCI is expecting new teams to go for huge sum. Also Read - IND vs SA: Blow For Team India, Ravindra Jadeja, Shubman Gill Likely to Miss South Africa Tour Due to Injury | Report

The Indian board believes the new franchises will go for at least 7000-8000 crore. 22 companies have picked up bids and cities like Ahmedabad, Lucknow, Indore, Guwahati, Pune, Dharamsala, Cuttack are in the fray. Only two franchises will make it to the 2022 season, which will add up to 10 teams. Also Read - Ahan Shetty And Girlfriend Tania Shroff Click Sexy Pictures For Internet, Cool Dad Suniel Shetty Reacts

The companies have picked up tender document worth Rs 10 lakh but with base price for new teams pegged at INR 2000 crore, there is expected to be only five to six serious bidders in fray.

The BCCI is also allowing a consortium of up to three companies/individuals to bid for a franchise.

However, in case of an individual or company, that particular entity’s annual turnover should be minimum INR 3000 crore and in case of consortium, each of the three entities should have an annual turnover of INR 2500 crore.

In this scenario, one of India’s richest business tycoon Gautam Adani and his Adani Group are expected to bid for the Ahmedabad franchise. Adani Group, if they finally put up a bid, are the favourites to own a new franchise.

Similarly, RPSG group which is headlined by billionaire Sanjiv Goenka are also considered to be serious bidders for a new franchise. Whether RPSG would have any individual or other company as a part of consortium is still not known.

There has been buzz that Lancer group, which is owned by Manchester United owner Avram Glazer, has also picked up the bid document.

Live Updates

  • 12:01 AM IST

    That’s all we have from our Live Blog ! We’ll see you next time, till then goodbye !

  • 10:06 PM IST

  • 9:28 PM IST
    Rajasthan Royals welcoming new teams !

  • 9:21 PM IST
    Parthiv Patel Reaction

  • 8:44 PM IST
    Harsha Bhogle Reaction

  • 8:09 PM IST

    LIVE IPL Team Auction Updates: OFFICIAL ! RPSG Sanjiv Goenka group takes Lucknow and CVC Capital takes Ahmedabad.

  • 7:26 PM IST

    LIVE IPL Team Auction Updates: RPSG, Goenka group who has made a group of 7000 Cr are gonna take Lucknow while CVC Capital will have Ahmedabad as new team- Sources.

  • 7:06 PM IST

    LIVE IPL Team Auction Updates: Financial bids are going to be open soon according to sources.

  • 6:51 PM IST

    LIVE IPL Team Auction Updates: According to various sources coming in, Ahmedabad and Lucknow are been confirmed as the two new IPL teams. Official announcement still pending.

  • 6:38 PM IST

    LIVE IPL Team Auction Updates: Due to the formal procedures going on, the official announcement will take about an hour or so.