OPEN APP
Home / Sports / Cricket News /  IPL 2022: BCCI expects 5,000 cr windfall as base price for new teams kept at 2,000 cr

The Indian cricket board could soon get richer by around 5,000 crore with the addition of two new franchises during the 2022 edition of Indian Premier League (IPL).

The IPL, which is currently an eight-team tournament, will become a 10-team affair from the next edition and during a recent governing council meeting, the modalities of the bidding process were chalked out.

BCCI, the Governing Council of the IPL, today invited bids to own an IPL franchise with "Invitation to Tender" available for purchase till October 5.

The BCCI said: "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 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," said the BCCI in an official release.

"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," it added.

"Any company can buy the bid document paying 10 lakh. Earlier top brass was thinking about keeping the base price for two new teams at 1,700 crore but later it was decided to keep the base price at 2,000 crore," a senior BCCI source told news agency PTI on the condition of anonymity.

The source, who has dealt with the financial side of IPL in the past, said that the BCCI stands to gain at least 5,000 crore if the bids go as per plan with plenty of large business conglomerates showing active interest in bidding.

"The BCCI is expecting anything in the range of 5000 crore if not more. There will be 74 IPL games next season and it's a win-win situation for everyone."

Firms with annual turnover of 3,000 cr allowed to bid

It is learnt that only companies with an annual turnover of 3000 crore will be allowed to bid for the teams.

In a welcome news, the BCCI is planning to allow a consortium to bid for teams as it makes the bidding process more vibrant.

"I think more than three business entities won't be allowed to form a consortium but if three business come together and wants to jointly bid for a team, they are welcome to do so," he said.

Among the venues where the teams could be based include Ahmedabad, Lucknow and Pune.

The Narendra Modi Stadium in Ahmedabad and Ekana Stadium in Lucknow, with bigger capacities, could be the choice for franchises.

Some of the names that are doing the rounds include the Adani group, RPG Sanjeev Goenka group, noted pharma company Torrent and a prominent banker who has shown active interest in buying teams.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout