Expansion of IPL Teams and Bidding Process

The Indian Premier League (IPL) expanded its roster from eight to ten teams ahead of the 2022 season, marking a significant development in the tournament’s history. The bidding process for these two new franchises occurred in October 2021, attracting considerable attention from investors worldwide. CVC, a global private equity firm, successfully acquired one of the franchises for Rs 5625 crore. Meanwhile, the RP-Sanjiv Goenka Group made headlines by purchasing the second franchise for an astounding Rs 7090 crore. This substantial investment by the RPSG Group left the cricket community in awe.

Sanjiv Goenka’s Bold Move

Sanjiv Goenka, the owner of the RPSG Group, recently shared insights into this bold financial decision. In an interview with BBC Sport, Goenka revealed that when he invested $900 million to acquire an IPL team, many considered it a reckless move. However, he emphasized that in just three and a half years, the team’s value has surged to approximately $1.5 billion. Goenka highlighted the unique nature of the IPL as a league and expressed optimism about the growth potential of The Hundred, another cricket format in which his group holds a stake.

Building Emotional Connections

Goenka stressed the importance of building emotional connections with both the sport and its fans. He noted that such connections do not form overnight, citing the IPL’s 18-year journey to its current stature. The RPSG Group’s investment strategy extends beyond financial gains; it aims to foster a deep bond between fans and their team.

Performance of Lucknow Super Giants

Following their acquisition at the IPL auction, the RPSG Group named their franchise Lucknow Super Giants (LSG). The team enjoyed a successful start, reaching the playoffs in their first two seasons. However, subsequent seasons saw a decline in performance, with LSG finishing seventh in both IPL 2024 and 2025. Their lowest point came in 2025 when they ended with just 12 points.