US fund and Indian tycoon bid more than $1.6 billion for new IPL teams

 DUBAI - A US-owned capital venture fund and an Indian tycoon on Monday bid more than $1.6 billion dollars between them to set up two new teams in the Indian Premier League, the world's richest cricket tournament, officials said.

   Sanjiv Goenka, whose RPSG conglomerate includes power, music and plantation concerns, bid more than $930 million at an auction in Dubai to set up a team in the Indian city of Lucknow, the IPL said.

   CVC Capital partners promised more than $690 million to set up a team in Ahmedabad at the world's biggest cricket stadium.BSS/AFP