LSG owner credits Jay Shah for RR and RCB's blockbuster sales, IPL's success story: 'That value was built by...'

Lucknow Super Giants owner Sanjiv Goenka credited ICC chairman and former BCCI secretary Jay Shah for the Indian Premier League's growth after two franchises were sold for more than a billion dollars earlier this week. Rajasthan Royals had made history on Tuesday after becoming the first IPL franchise to be sold for more than a billion dollars, with a consortium led by US-based businessman Kal Somani acquiring 100 per cent control for USD 1.63 billion (INR 15,286 crore)

RR's record, however, would be broken later on the same day by the Royal Challengers Bengaluru, the current champions after winning their maiden title last year. A consortium comprising the Aditya Birla Group, The Times of India Group, Bolt Ventures and Blackstone acquiring the franchise for nearly 2 billion dollars – USD 1.78 billion (INR 16,706 crore) to be exact.

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In a post on X on Wednesday, Goenka compared RR's Tuesday sale with the amount that the Manoj Badale-led Emerging Media Ventures had paid in 2007 – USD 67 billion – and credited Shah for the league's massive growth in its 18 years of existence.

"@rajasthanroyals, acquired for roughly ₹270 crore in 2008, have just been sold for over ₹15,000 crore. @RCBTweets, acquired for roughly ₹485 crore, sold for over ₹16,600 crore. Two franchises, same week, each over ₹15,000 crore," Goenka wrote on the microblogging platform.

"That value was built by the architecture of the IPL. The way broadcast and digital rights were structured. The governance that gave brands confidence to invest at premium levels. Much of this traces back to the vision of @JayShah," he added.

'IPL genuinely comparable to best sporting leagues anywhere in the world'

Goenka, who had previously owned the Rising Pune Supergiant franchise in the IPL and also owns Mohun Bagan Super Giant, also reflected on the Indian sports economy crossing the USD 2 billion mark as well as the growth of women's cricket in India – which received a massive boost in the form of the ODI World Cup triumph on home soil.

"India's sports economy has crossed $2 billion. What this number represents is a structural repricing of sport in India. A shift that was first visible in America, then in Europe, is now happening in Asia. India is at the centre of it. Sport here was once seen as a passion. Today it is being valued the way the best sporting properties in the world are valued," Goenka continued in the thread.

"Cricket accounts for 89% of India's sports economy. Media spends are now over half the total. Sponsorships have moved from logo placement to deep, strategic partnerships. Athletes are building equity stakes, not just lending their names. The @IPL today is genuinely comparable to the best sporting leagues anywhere in the world, and with each broadcast cycle, the economics only compound further.

"What excites me most is the trajectory of the women's game. India's maiden Women's ODI World Cup victory on home soil was a commercial turning point. The @wplt20

is building real momentum. Across our own franchises, we have signed world-class women athletes, and I can see the fan engagement and brand interest growing season by season. To my mind, the commercial potential of women's cricket is still largely ahead of us. This could well be the most exciting growth chapter in Indian sport," Goenka concluded.