From places to auction, here’s everything you need to know
The bidding process for two new Indian Premier League (IPL) teams is underway in Dubai. 22 companies recovered a tender document worth ??10 lakh but with a base price for new teams set at ??2000 crore, there were only ten serious bidders in the fray. The IPL Board of Directors had published the “Invitation to Tender” (“ITT”) document available upon payment of the non-refundable tender fee on August 31, 2021.
Manchester United owners wishing to be part of the IPL may be one of the reasons the Cricket Control Board of India (BCCI) announced on September 21 that they have decided to extend the purchase date of the Invitation to Tender (ITT) for the right to own and operate one of the two new IPL teams offered until October 10 from the original October 5 deadline.
Here’s everything you need to know about the tender for two new IPL teams:
How many teams are in the running?
BCCI will have two new teams as IPL will be a 10-team league from 2022.
What is the price of the tender document?
The price of the tender document is ??10 crores.
Which cities are in melee?
Ahmedabad, Lucknow (two favorites), Indore, Guwahati, Pune, Dharamsala, Cuttack.
What is the base price set by the BCCI?
The base price per team is ??2000 Cr. This means that no potential buyer can bid less than that. This is the minimum amount from which auctions start.
What types of businesses can bid for a franchise?
Any company (even overseas) that has its business in India and is enlisted can bid for a team. However, the annual turnover must be minimum ??3000 crores.
Is the consortium (a joint offer of several companies) allowed?
Yes, a consortium of 3 companies / entities is allowed. However, each will need to have a net worth of ??2,500 crores per year.
How many companies have accepted the offers?
22 companies accepted offers.
The big names who got the tender documents?
Adani Group, RP Sanjiv 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 a consortium?
A: There is no such confirmation at this time, but it could be a minority shareholder or brand ambassadors for a new franchise.
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