Indian cricket board may soon get rich ₹5,000 crore with the addition of two new franchises during the 2022 edition of the Indian Premier League (IPL).
The IPL, which is currently an eight-team tournament, will become a 10-team affair from the next edition and during the recent Governing Council meeting, the modalities of the bidding process were chalked out.
The BCCI, the governing council of the IPL, today invited bids for owning an IPL franchise with an “Invitation for Tender” available for purchase by October 5.
The BCCI said: “The Governing Council of the IPL invites bids to acquire the right to own and operate 1 (one) of the 2 (two) new teams proposed to participate in the Indian Premier League from the IPL 2022 season. through the tender process.
“The detailed terms and conditions governing the submission and evaluation of bids, including qualification requirements, procedure for submission of bids, rights and obligations of the proposed new teams, etc., are contained in the ‘Invitation for Tender’ (“ITT”), which 10 will be made available on receipt of payment of a non-refundable duty of Rs,00,000 (Rupees ten lakh only) and any applicable Goods and Services Tax,” BCCI said in an official release.
“Any interested party who wishes to submit a bid is required to purchase the ITT. However, only those who fulfill the eligibility criteria laid down in the ITT and subject to other terms and conditions laid down therein, shall be eligible to bid. that mere purchase of this ITT does not entitle any person to bid.”
“Any company may purchase the bidding document by paying ₹10 lakhs. Earlier the top officials were thinking of keeping the base price for the two new teams. ₹1,700 crore but later it was decided to keep the base price at ₹2,000 crore,” a senior BCCI source told the news agency PTI on condition of anonymity.
The source, who has dealt with the financial side of the IPL in the past, said that BCCI will at least benefit ₹5,000 crore if the bidding goes according to plan then many big business groups show active interest in bidding.
“BCCI is expecting anything in the range of 5000 crores if not more. There will be 74 IPL games next season and it is a win-win situation for all.”
Firms with an annual turnover of ₹Permission to bid Rs 3,000 crore
It turns out that companies with an annual turnover of only ₹3000 crore will be allowed for bidding for the teams.
In a welcome news, the BCCI is planning to allow an association to bid for teams as it makes the bidding process more liveable.
“I understand that not more than three business entities will be allowed to form a consortium, but if three businesses come together and want to bid jointly for a team, they are welcome to do so, ” They said.
Locations where teams can be located include Ahmedabad, Lucknow and Pune.
The Narendra Modi Stadium in Ahmedabad and the Ekana Stadium in Lucknow, with larger capacity, could be the choice for the franchise.
Some of the names that are in the news include Adani Group, RPG Sanjeev Goenka Group, renowned pharma company Torrent and a leading banker who have shown active interest in buying the teams.
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