The Indian cricket board could soon get richer by at least Rs 5000 crore with the addition of two new franchises during the 2022 edition of Indian Premier League.
The Indian cricket board could soon be at least over Rs 5000 crore rich with two new franchises during the 2022 edition of the Indian Premier League.
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.
“Any company can buy the bidding document by paying Rs 10 lakh. Earlier the top officials were thinking of keeping the base price for the two new teams at Rs 1700 crore, but later it was decided to keep the base price at Rs 2000 crore.
Sources, who have dealt with the financial side of the IPL in the past, said that the BCCI will benefit at least Rs 5000 crore if the bidding goes according to plan, with a lot of big business groups showing active interest in bidding.
“BCCI is expecting anything in the range of 5000 crores if not more. There will be 74 IPL matches in the next season and it is a win-win situation for everyone."
It is learned that only companies with an annual turnover of Rs 3000 crore will be allowed to bid 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 no 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.
Meanwhile, the BCCI has announced the issue of tender for the ownership and operation of the IPL team. A board release said, "The Governing Council of IPL invites bids to acquire the right to own and operate 1 (one) out of the 2 (two) new teams proposed to participate in the Indian Premier League. IPL 2022 season through a tender process.
The detailed terms and conditions governing the submission and evaluation of bids, including eligibility requirements, procedure for submission of bids, rights and obligations of the proposed new teams, etc., are contained in the 'Invitation for Tender' ("ITT"), which is 10 Provided on receipt of payment of non-refundable duty of Rs,00,000 (Rupees ten lakh only) and any applicable Goods and Services Tax. ITT will be available for purchase till October 5, 2021.
Interested parties are requested to email ittipl2021@bcci.tv to get more details for buying ITT. An email requesting ITT should have the subject line "ITT to own and operate one of the two proposed new IPL teams". Any interested party willing to submit a bid is required to purchase ITT. However, only those fulfilling the eligibility criteria prescribed in ITT and subject to other terms and conditions laid down therein, shall be eligible to bid. It is clarified that mere purchase of this ITT does not entitle any person to bid.
