REVEALED: Net worth of new IPL teams' owners RPSG Group and CVC Capital Partners

Indian Premier League (IPL) 2022 will see two new super-rich corporates enter the cash-rich league with new teams - Ahmedabad and Lucknow. The addition of two new teams means that the IPL 2022 will have 10 teams.

The bidding for ttwo new teams took place on Monday (October 25) at the Taj Hotel in Dubai and RP-Sanjiv Goenka Group (RPSG) and CVC Capital Partners (Ahmedabad) emerged as the winners after the bidding. RPSG will own the Lucknow team while CVC Capital Partners got Ahmedabad.

RPSG Group placed a bid of Rs 7,090 crores for the Lucknow team, whereas CVC splurged Rs 5,625 crores to buy the Ahmedabad franchise.

RPSG Group was established in its current form in 2011. The group has interests in power, carbon black, ITES, consumer retail, media and entertainment, sports, education, infrastructure, and plantations.

RPSG Group had a revenue of Rs 26,634 crore as on March 31, 2021 and gross assets worth Rs 47,400 crore.

Private equity firm CVC was established in 1981 and has assets under management worth USD 125 billion (Rs 94 trillion approx).

The CVC's private equity platform manages USD 97 billion of assets. The credit platform of the firm manages USD 29 billion of AUM. CVC is majorly owned by employees and led by Managing Partners.

The new franchises will participate in IPL from 2022 season onwards subject to the bidders completing the post-bid formalities.

The mega auction for IPL 2022 will be held later this year in December.