Rs 7,097 Cr: New Valuation Mark For An IPL Team After Aggressive Bidding By Sanjiv Goenka, CVC Capital

In less than 24 hours Indian cricket took the rough with the smooth in Dubai: the UAE emirate became the first venue in the world where the national team bit the dust in an ICC World Cup match against Pakistan, and the very next day the BCCI got two franchisees to bare their heart and soul for the popular Twenty20 tournament which goes by the acronym, IPL. While Virat Kohli’s team was battered and bruised by left-arm seamer Shaheen Afridi’s telling blows and Babar Azam and Mohammad Rizwan’s daredevil batting, the BCCI leadership under Jay Shah (son of the Union Home Minister Amit Shah) saw thin paper envelopes delivering a heavy Rs 12,715 crore from the two newly minted franchises and making it further cash-rich. Somewhere in the UK, Lalit Modi, the brains behind the IPL arithmetic, must be delighted to see a probably desperate Sanjiv Goenka of the RP-SG Group shelling out Rs 7,090 crore and choosing Lucknow, not far from PM Narendra Modi’s Lok Sabha constituency of Varanasi; and PE player CVC Capital winning Ahmedabad for Rs 5,625 crore. Now the starting valuation for any of the IPL franchises is Rs 7,090 crore, which means, any among the first franchises, can reap a windfall should they wish to place 20 plus stake for sale and wipe out the losses.