RCB Players with IPL Trophy (Source: AFP Photos)
The Board of Control for Cricket in India (BCCI) is in search of adding two new teams for the Indian Premier League (IPL) from 2028 onwards. Pune and Vadodara are the most likely cities which will have the teams if the talks progress, as a report in Mint suggested.
The new teams, if the reports turn out to be true, could join from IPL 2028, keeping in mind that the next cycle’s media rights will begin from there and will have till 2032.
New IPL Teams To Be Valued Over $1 billion Each
A source close to Mint said that the BCCI is still in the early stage regarding this subject and having primary discussions with many private equity firms. Each IPL team is expected to be valued at over $1 billion.
However, Vadodara and Pune are the frontrunners to have their new IPL teams, meaning IPL could turn into a 12-team competition from 2028 onwards.
"The Board of Control for Cricket in India (BCCI), which runs the league, has begun preliminary talks with private equity teams from the 2028 media rights cycle, with Vadodara and Pune among the cities in the fray, according to two people familiar with the plans, who asked not to be identified as the discussions are private," the Mint report read.
"Private equity firms Permira, a European buyout fund; sovereign wealth funds from West Asia, major family-owned Indian conglomerates, US-based family offices, and ultra high net worth individuals in India are said to be evaluating potential investments in the two teams, said the second person cited above," the Mint report added.
Vadodara is only 110 KM away from Ahmedabad, the city of which around Gujarat Titans has been established. Pune, on the other hand, have had two IPL teams in the past in different editions: Rising Pune Supergiant and Pune Warriors India.
What Two New Teams Could Mean For IPL?
Last year, Lakshmi N Mittal and his son Aditya Mittal, along with Adar Poonawalla bought a majority stake in inaugural IPL champions Rajasthan Royals with a bid of $1.65 billion, which is approximately INR 15,600 crore.
On the other hand, a consortium comprising Aditya Birla Group, American sports investor David Blitzer's Bolt Ventures, US private equity firm Blackstone, and Times of India acquired IPL champions Royal Challengers Bengaluru (RCB) for $ 1.78 billion, which is approximately INR 16,660 crore.
So, it is obvious that IPL media rights will be in demand with time.
