IPL: Goenka Buys Lucknow Franchise For Rs 7,090 crore

DUBAI: Kolkata-based billionaire Sanjiv Goenka, 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 Rs 5600 offer.

“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.”