BCCI has announced that the two new teams joining IPL 2022 would be – Ahmedabad and Lucknow. The RPSG Group picked Lucknow by winning a bid of Rs 7,090 crore. The CVC Capital Partners picked Ahmedabad by winning a bid of Rs 5,625 crore.

"The Governing Council of the IPL had issued an Invitation to Tender ("ITT") to acquire the right to own and operate 2 (two) new franchises. Pursuant to the tender process, various interested parties submitted their bids for the new franchises. The bids were submitted by the authorised representatives of the interested parties at Dubai today," BCCI had earlier said.

After the bidding that took place at Taj Hotels, Dubai, BCCI made further announcements. "BCCI is pleased to announce the following successful bidders (subject to definitive documentation and other formalities being completed): 1. RPSG Ventures Ltd. Lucknow (for INR 7,090 crore) 2. Irelia Company Pte Ltd. (CVC Capital Partners) Ahmedabad (for INR 5,625 crore)."

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"The new franchises will participate in IPL from 2022 season onwards subject to the bidders completing the post-bid formalities as specified in the ITT document. The IPL 2022 season will comprise ten teams and will have 74 matches, wherein each team will play 7 home and 7 away matches," BCCI said in its official statement.

The BCCI is adding two new teams after six years. As per reports, while BCCI was estimating an amount of Rs 10,000 crore at the bidding, the amount blew over to Rs. 12,690 crore from the two new teams. Gautam Adani and company lost the bid at around Rs 5,000 crore.