IPL owners successfully buy all six South Africa T20 franchises

Backers of Mumbai Indias, Lucknow Super Giants, Sunrisers Hyderabad, Chennai Super Kings, Rajasthan Royals and Delhi Capitals win the race for the new sides

All six teams in South Africa's new T20 league will all be backed by familiar names in the form of owners from the Indian Premier League.

Sides from 10 different venues attracted interest from over 29 entities from across the world, during a bidding process managed by Deloitte Corporate Finance.

Mumbai Indians owners Reliance Industries Limited have purchased the Newlands-based Cape Town franchise, while RP Sanjeev Goenka group of Lucknow Super Giants-fame have acquired the side from Durban homed at Kingsmead.

Elsewhere, Sunrisers Hyderabad owners Sun TV Network Limited will take charge of the St George's Park team and Chennai Super Kings Cricket Limited have bought the Wanderers franchise in Johannesburg.

The Paarl franchise at Boland Park will be led by Royals Sports Group (Rajasthan Royals) and JSW Sports, who oversee Delhi Capitals, are bound for SuperSport Park in Pretoria.

"We are thrilled to welcome our new franchise owners to the South African League taking place in January and February 2023," said tournament chief Graeme Smith.

"This is truly an exciting time for South African cricket; the overwhelming interest shows that the country remains valued in the global cricketing eco-system.

^{Supersport Park (Centurion) - a venue for one of the six new franchises (PHILL MAGAKOE/Getty Images)}

"A robust bidding process was followed to select the final six owners, the decision was informed by a scorecard based on various criteria to ensure the utmost professionalism, independence, and objectivity to the process. 

"The strong sports background of the respective owners and the global brands they manage ensures that South African cricket and the broader industry will benefit from their expertise and resources, as they bring stability and experience to the League."

The tournament, Cricket South Africa's third attempt at making a world-leading franchise T20 league, was formed with the "long-term sustainability of the game" at heart.

A window in the calendar for South Africa players to feature was created by the cancellation of the Australia one-day international series, a decision that compromises attempts to qualify for the men's 50-over World Cup in 2023.

The ability to lure top-tier international talent is a key characteristic of any successful overseas competition and Smith says contact has already been made with a number of prominent players.

"We have already contracted a number of leading international players who will be announced shortly," he added.

"Combined with our strong South African player base, fans and stakeholders can be assured that the new league will showcase exciting talent and skill."