Two new IPL teams for the Indian Premier League have been unveiled by the Board of Control for Cricket in India (BCCI) on Monday as CVC Capitals Partners and Sanjiv Goenka's RPSG Group successfully bid for the franchises in Dubai's Taj Hotel.

BCCI announced the following successful bidders: RPSG Ventures Ltd. bids Lucknow teams for INR 7090 crores and Irelia Company Pte Ltd. CVC Capital Partners bids for Ahmedabad team for INR 5625 crores.

"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," the Indian cricket board said in an official release.

Before 2022, the 2010 edition of the IPL also featured 10 teams, with Pune Warriors India and Kochi Tuskers Kerala joining the tournament before both franchises were terminated.

The BCCI is adding two new teams after six years. In 2015, it added two teams - Rising Pune Super Giants and Gujarat Lions - for the 2016 and 2017 editions as replacements for the then suspended Chennai Super Kings and Rajasthan Royals teams.

One of the major companies that lost out was Gautam Adani's Adani Group which bid around Rs 5000 crore while bids of Glazers from Manchester United and Torrent Group also fell short of the mark. It was also learned that Rhiti Sports, promoted by MS Dhoni's manager Arun Pandey, submitted a bid for Cuttack which was later rejected.

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