Mega bucks net berths

A US capital venture fund and an Indian tycoon on Monday bid more than $1.6bn between them to set up two new teams in the Indian Premier League.

Sanjiv Goenka offered more than $930m at an auction in Dubai to set up a team in the city of Lucknow, the IPL said, while CVC Capital partners promised more than $690m to set up a team in Ahmedabad.

The IPL will increase from eight to 10 teams from 2022 as it seeks to capitalise on its growing international popularity with increased fees for its television and other rights.

The winning bids for the new teams defeated 20 other top Indian conglomerates and international concerns.