You don't invest hundreds of crores for passion: Sanjiv Goenka explains why he bought Lucknow franchise

Somya Kapoor

Somya Kapoor

Author| Oct 25, 4:41 PM

Photo Credits: Twitter
Photo Credits: Twitter

Sanjeev Goenka owned RPSG Group bagged the rights of Lucknow-based franchise which will be one of the two new IPL teams after making a bid of Rs 7,090 crores. The price sent ripples throughout the sporting ecosystem and fans were left staggered as to how did Sanjiv Goenka arrive at that valuation. In an interaction with India Today, the industrialist expressed his delight and said that it’s a calculated move, one that involves more maths rather than the passion for the game. 

"You invest a few crores for passion. You don't invest hundreds of crores for passion. Secondly, what I have to pay to the BCCI eventually is the difference between what I get from the BCCI by way of broadcast rights etcetera and what I have to pay to them by way of license fees,” he said.

He added that the net difference according to him would be close to half of 7000 crore, which he feels is a great deal considered over a period of 10 years.

"I am quite excited about this. UP is the biggest state of the country. The most populous state. We do believe there is a huge population in the state who is waiting to have a team. We do have operations there. We are fairly excited about it and it will be a furtherance of a business in UP which we are very keen on," Goenka added.

On the other side, CVC Capitals Partners made a bid for the Ahmedabad franchise for Rs 5,625 crores. 

The number of teams in the IPL has now risen to 10 with two new teams set to join the existing eight. BCCI will be hosting a total of 74 matches this season. Each team will play seven home and seven away matches during the tournament.  

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