Sanjiv Goenka Who Bought Lucknow Franchise For INR 7090 Crores Said Team's Valuation Will Go Up In Future

Sanjiv Goenka Who Bought Lucknow Franchise For INR 7090 Crores Said Team’s Valuation Will Go Up In Future

IPL Trophy
IPL Trophy, Image Credits: Twitter

Sanjiv Goenka, Kolkata city-based billionaire who bought the Lucknow franchise for a whopping Rs 7,090 crore during the IPL bidding in Dubai on Monday, said the team’s valuation “would be a multiple of a few times” over the next 10 years.

The BCCI had a windfall of close to USD 2 billion, with Kolkata-based RPSG Group and international equity investment firm CVC Capital winning the bid for Lucknow and Ahmedabad franchises respectively. The Goenka-owned RPSG Group became the highest bidder, while CVC Capital pipped Adani Group to win the bid for Ahmedabad with a Rs 5600 offer.

Sanjiv Goenka (File photo| AFP)
Sanjiv Goenka (File photo| AFP)

Sanjiv Goenka: Valuations Of Lucknow Franchise Will Go Up In The Future

RPSG Group owner Sanjiv Goenka said he is delighted to have a new IPL team in Lucknow, saying the state of Uttar Pradesh had been waiting to have an IPL team of its own for quite some time.

“We do believe that the valuations of this will go up in the future. And from what we invest, to what it could be over a period of 10 years would be a multiple of a few times,” chairman of RPSG Group Goenka, who is also the principal owner of ATK Mohun Bagan in ISL, said here.

“Frankly it’s something that I’ve been keen on for a while. When the opportunity presented itself we took it. IPL has created some of the biggest brands. Look at Mumbai Indians, Delhi Capitals, Chennai Super Kings and look at some of the others, they are really household names, some of the biggest brands the country has,” Goenka added.

The Atal Bihari Vajpayee Ekana Stadium in Lucknow will host IPL matches. (FILE PHOTO)
The Atal Bihari Vajpayee Ekana Stadium in Lucknow will host IPL matches. (FILE PHOTO)

On claiming the Lucknow franchise, he said: “For us, Uttar Pradesh has been an important state. We distribute power in Greater Noida. We have a number of Spencer stores in the state. So we do believe that will help us to connect with the state, and we look forward to this.”

On Monday, the Board of Control for Cricket in India (BCCI) announced successful bidders for two new franchises of IPL. As a result, the next season will be a 10-team affair with 74 matches as two new teams based out of Lucknow and Ahmedabad were announced.

Sanjiv Goenka Feels Good To Be Back In The IPL After Owing Rising Pune Supergiant(s) For 2 Years- 2016 And 2017

Sanjiv Goenka, who owned Rising Pune Supergiants for a period of two years- 2016 to 2017, when Chennai Super Kings and Rajasthan Royals were suspended owing to spot-fixing charges, was elated to be back in the IPL. However, rising Pune Supergiants lost the 2017 IPL Final to Mumbai Indians by 1 run, which was the team’s last game in the IPL.

“Firstly, it feels good to be back in the IPL. But this is just the first step. Now, it’s really for us to build a good team, and try to put up a good performance. So the work really begins now in terms of actually getting the coach, putting together a team, and getting a sense of discipline and performance into play,” he said.

Rising Pune Supergiants
Rising Pune Supergiants dream gets crushed by one run in IPL 2017- Twitter

Sanjiv Goenka said they’re yet to decide on the side’s name, while the team combination and marquee players would depend on the availability.

“If wishes are horses…We don’t know yet. It would depend on retention policy and who are the available players, then only we can decide on our key players,” he signed off.

This is the first time the BCCI is adding two new franchises to the 8 team IPL event since Rising Pune Supergiant/s and Gujarat Lions took part in the IPL for two years – 2016 and 2017 – when Chennai Super Kings and Rajasthan Royals were suspended due to alledged match-fixing offences.

Expansion of the IPL is not a new experiment. Pune Warriors India and Kochi Tuskers Kerala had joined the league in 2010 before both franchises were terminated. In 2011, there were 10 teams divided into 2 groups, with Pune Warriors India and Kochi Tuskers Kerala, and after the latter’s withdrawal, 9 teams played the IPL in 2012 and 2013.

Sanjiv Goenka will wait for more clarifications from the BCCI when it comes to auction and retention regulations before zeroing in on the plan to buy players for the Lucknow-based franchise. Notably, IPL 2022 will be preceded by a mega auction, and the BCCI is yet to announce the retention rules officially.

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