New IPL teams: From venue to bidding rights, all you need to know

There are 22 companies that have received tender documents of value ₹10 lakh but the base price for the new teams has been pegged at Rs 2000 crore, according to the news agency, with only five to six serious bidders expected. PTI.

There is talk that the Lancer Group, owned by Manchester United boss Avram Glazer, has also taken the bidding document.

Other notable companies that are in the fray include Kotak Group, pharmaceutical major Aurobindo Pharma and Torrent Group.

Here’s what you need to know about bidding for the two new IPL teams:

How many teams are there to bid?

BCCI will have two new teams as IPL will be a 10-team league from 2022.

What is the bid price of the tender document?

The bid price of the tender document is ₹100 million.

Which cities are in the field?

Ahmedabad, Lucknow (two favorites), Indore, Guwahati, Pune, Dharamsala, Cuttack.

What is the base price set by BCCI?

Base price per team is ₹2000 crores means that no potential buyer can bid less than this. That is the minimum amount from which the bidding starts.

What kind of companies can bid for a franchise?

Any company (even abroad) that has operations in India and is listed can bid for a team. However, the annual turnover should be minimum ₹3000 crores.

Is consortium (a joint bid of several companies) allowed?

Yes, consortium of 3 companies/entities is allowed. Although each should have a net worth ₹2500 crore annually.

How many companies have bid?

22 companies have bid.

Prominent names who have picked up the bidding document?

Adani Group, RP Sanjeev Goenka, Kotak, Torrent Pharma, Aurobindo Pharma, Lancer Capital (Avram Glazer owner of Man United), Naveen Jindal.

Will Bollywood couple Deepika Padukone and Ranveer Singh join the consortium?

Answer: There is no such confirmation yet, but they could be minority stakeholders or brand ambassadors of a new franchise.