The Board of Control for Cricket in India has initiated the process of adding two more team to the Indian Premier League. The Indian cricket board on Tuesday has issued a notice to invite tenders to acquire the team.
The Indian Premier League from the next season will thus have ten teams, which will also lead to changes in the scheduling and tournament format.
The Governing Council of the IPL had invited bids to acquire the right to own and operate one of the two new teams, proposed to be introduced to take part in the Indian Premier League from the IPL 2022 season. The franchises will the sold through a tender process.
The interested parties will have to buy the invitation to tender document, which will be up for grabs till October 5.
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., will be defined in detail in the invitation to tender document.
The ITT document has been priced at rupees ten lakh.
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Interested parties can 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, the BCCI has stated in a Press release.
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 BCCI has reserved the right to cancel or amend the bidding process at any stage in any manner without providing any reason, added the release.
The IPL presently has eight franchisee-owned teams –Punjab Kings, Delhi Capitals, Rajasthan Royals, Kolkata Knight Riders, Mumbai Indians, Sunrisers Hyderabad, Royal Challengers Bangalore and Chennai Super Kings.
The present IPL teams have a valuation between ₹ 1,800 crore (Punjab Kings) and ₹ 2,800 crore (Mumbai Indians). The new teams, according to market sources, can cost up to ₹ 2,900 crore.
One of the prospective team is expected to have its base Ahmedabad with the new Narendra Modi Stadium at Motera being their home venue.
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