IPL | Lucknow and Ahmedabad franchises formally inducted; will get 10-14 days to pick players
The Hindu
The LOI got delayed after it emerged that private investment firm CVC had links with betting companies outside India
The IPL Governing Council on Tuesday decided to issue the Letter of Intent (LOI) to new IPL franchises Lucknow and Ahmedabad, formalising their entry into the world's biggest T20 league.
RPSG Group and private investment firm CVC had successfully bid for the Lucknow and Ahmedabad franchise, respectively, last October. However, the LOI got delayed after it emerged that CVC had links with betting companies outside India.
The BCCI, with the help of its legal team, took its time to probe the issue before deciding to approve the CVC bid.
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