The Governing Council of the Indian Premier League issued an invitation to tender for two new sides in August 2021.

The Sanjiv Goenka-owned RPSG Group won the rights to operate the Lucknow franchise with a bid of ₹7,090 crore (equivalent to ₹80 billion or US$910 million in 2023).

Notable players signed included KL Rahul, Quinton de Kock, Mark Wood and Marcus Stoinis.

Later in the year, the franchise named Rahul as the captain of the team and former Zimbabwean cricketer Andy Flower as head coach.

They faced the fourth placed Royal Challengers Bangalore in the Eliminator match and were knocked out at that stage.