Indian Premier League unveils Lucknow and Ahmedabad franchises

The Indian Premier League (IPL) on Monday unveiled two new teams for the Twenty20 competition, with the Lucknow and Ahmedabad franchises sold for a combined 127.15 billion Indian rupees ($1.7 billion).

The RP-Sanjiv Goenka Group, which owned the now-defunct Pune franchise for two IPL campaigns, bid 70.9 billion Indian rupees for the Lucknow outfit while Irelia Company Pte Ltd. (CVC Capital Partners) bid a little over 56 billion Indian rupees for the Ahmedabad side.

Both teams will compete in the competition from the 2022 edition, which will have 10 teams and 74 matches, where each side will play seven home and seven away matches.

The league had approved a proposal in December to add two franchises to the world's richest Twenty20 competition, which has an estimated brand value of $6.8 billion.