The cricketing body also said that they would be inviting bids for the ownership and operation of the two new franchises as well.
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From 2022, the Indian Premier League (IPL) will be a 10-team competition. Two new teams will be added to the fray as confirmed by the Board of Control for Cricket in India (BCCI) on Monday. The cricketing body also said that the IPL would be inviting bids for the ownership and operation of the two new franchises as well. However, potential owners could only own one of the two franchises. Interested bidders will need to buy the tender document by October 5, after which the IPL will carry out a technical evaluation before selling the two franchises. As per a press release published by the BCCI, bidders will have to acquire the Invitation to Tender (ITT) which will be made available on receipt of payment of a non-refundable fee of Rs 10,00,000.
“The detailed terms and conditions governing the submission and evaluation of bids including eligibility requirements, process for submissions of bids, proposed new teams’ rights, and obligations, etc. are contained in the ‘Invitation to Tender’ (“ITT”) which will be made available on receipt of payment of non-refundable fee of INR 10,00,000 (Rupees Ten Lakhs Only) plus any applicable Goods and Services Tax. The ITT will be available for purchase till October 5, 2021,” the release said.
As per a report published by ESPNcricinfo, the minimum bid price for each of the new franchises will be Rs 2000 crore (USD 270 million approx), and that there are six cities in the fray including Ahmedabad, Lucknow, Guwahati, and Cuttack. It is learned that successful bidders will own the new franchises for perpetuity. Although the BCCI announced that the bidding process will be launched on Tuesday, the cricketing body did not reveal any further details such as whether bids would be made via a sealed envelope or an e-auction, and by when it would unveil the two new franchises.
“Interested parties are requested to email at [email protected] to get further details for purchasing the ITT. The email requesting the ITT should have the subject line “ITT for the Right to Own and Operate One of Two Proposed New IPL Teams”. Any interested party wishing to submit a bid is required to purchase the ITT. However, only those satisfying the eligibility criteria set out in the ITT and subject to the other terms and conditions set out therein, shall be eligible to bid. It is clarified that merely purchasing this ITT does not entitle any person to bid,” the release further stated.
It has been a long time coming when it comes to the addition of the two new franchises in the competition. Although the decision was finalised by the BCCI Monday, the cricketing body has been reportedly trying to do it for two years now. At its annual general meeting in December 2020, the BCCI got the approval to do so from its members which are the state cricket associations.
The BCCI also mentioned in its release that it held the power to cancel or amend the bidding process at any stage. “BCCI reserves the right to cancel or amend the bidding process at any stage in any manner without providing any reason,” it said.
