The BCCI has announced closed bidding for the two new IPL teams on October 17 and the bids to buy the sides can be made by October 5.
“The Board is planning to have the bidding on October 17 and it will be a closed bidding,” sources in the know of things told PTI on Tuesday.
The BCCI is allowed to invite various bids to own an IPL franchise with ‘Invitation to Tender’ accessible for purchase till October 5.
“The Governing Council of the IPL invites bids to acquire the right to own and operate 1 (one) of the 2 (two) new teams proposed to be introduced to take part in the Indian Premier League from the IPL 2022 season, through a tender process,” the BCCI had said in a statement.
“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 cricket body had said.
The teams can be based in several locations which include, Lucknow, Ahmedabad and Pune.
The stadium-based advantage lies with Ahmedabad and Lucknow because of the Narendra Modi Stadium and Ekana Stadium with larger capacities.
There are a lot of big names interested to step in and buy the new franchises. Some of them include the Adani group, RPG Sanjeev Goenka group, noted pharma company Torrent, and a prominent banker.