BCCI will have a closed bidding event for the two new IPL teams on 17th October. But, people can place their bids to buy the teams till 5th October only. The BCCI distributed an ‘Invitation To Tender’ on 31st August so that people could make their purchase to own the IPL teams till 5th October.
Details Of The E-Bidding Event
BCCI is planning the e-bidding event for people to buy the two new teams, and it will be a closed bidding occasion. The IPL Governing Council is allowing everyone to own and operate one of these two teams. These teams will take part in the IPL 2022 season.
But, you have to pass specific eligibility criteria to own these teams. So, whoever is planning to opt for this bidding must go through the terms and conditions of the agreement first. The cricket body has said:
“It is clarified that merely purchasing this ITT does not entitle any person to bid.”
There are still discussions going around about the team’s venues. Some possible venue options that we have heard about so far are Ahmedabad, Pune, and Lucknow. Since the Ekana Stadium in Lucknow is much more prominent in size, and the same thing goes for the Narendra Modi Stadium in Ahmedabad, these are the possible choices for the new IPL franchises.
E-bidding for new IPL teams planned on October 17 pic.twitter.com/ZfIjif2nIY
— sports news (@CricketDeDaNaDa) September 14, 2021
So far, we have got some A-list businessmen showing interest in buying these teams. The most prominent ones are RPG Sanjeev Goenka Group, Adani Group, the famous pharmaceutical firm Torrent, etc. In addition to them, there’s an influential banker on the list who is showing interest in purchasing one of these two teams.
What Are The Regulations Of The Bidding?
There are some strict terms and conditions about the bidding process as the BCCI has made it clear that if someone purchases the ITT, that doesn’t mean they will be eligible to place the bids. If you are an individual who is trying to buy one of the two teams, you must have a net worth of Rs 2500 Crores. If a company is trying to buy one team, that should have an annual turnover of Rs. 3000 Crores.
If any consortium wants to buy the teams, there can be a maximum of three partners involved in it. Moreover, one of the three partners has to qualify the 2500 Crore, or 3000 Crore criteria. The base price to place bids is Rs. 2000 Crore.
There is a legal stage of bidding and a financial stage. When the legal department judges your eligibility criteria for placing the bids, the financial department will evaluate your net worth. After that, two of the highest bidders will own the team. Once you own it, you have to pay 10% of the franchise fee for ten years, and that will make you liable to reap the fruit of 50% of the team’s revenue after each IPL season.
Closing Thoughts
As the BCCI will be closing the bids on 5th October, many prominent business groups are trying to jump at this opportunity. We have already heard some names and disclosed them here. But, until 17th October, we can’t get any final news. So, let’s hope for the best, and see who owns the next two teams in the IPL squad.
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