New Delhi, Oct. 6 -- The Sanjiv Goenka-led RPSG Group is exploring the sale of a 15-20% stake in Lucknow Super Giants (LSG), according to three people aware of the development, as valuations of franchises in the Indian Premier League, the top T20 cricket tournament, surged and Indian billionaires snapped up two teams this year.

The process of appointing a banker for the mandate has started, with Goldman Sachs emerging as the frontrunner to advise on the transaction, the people told Mint.

"However, the final decision on the banker is yet to be made," one person added.

RPSG is seeking a valuation of $1.5 billion to $2 billion, the people said. The RPSG Group acquired the Lucknow franchise for Rs.7,090 crore ($800 million) in November 202...