New IPL teams: From venues to bidding, here's all that you need to know
Ahmedabad, Lucknow (two favourites), Indore, Guwahati, Pune, Dharamsala, Cuttack are in the list of venues for the two new IPL teams
The bidding process for two new Indian Premier League (IPL) teams is ongoing in Dubai. 22 companies have picked up tender document worth ₹10 lakh but with base price for new teams pegged at ₹2,000 crore, there were only ten serious bidders in fray. The Governing Council of the IPL had issued the 'Invitation to Tender' ("ITT") document available on payment of the non-refundable tender fees on August 31, 2021.
The bids were submitted by the authorised representatives of the interested parties in Dubai. BCCI announced the following successful bidders (subject to definitive documentation and other formalities being completed): RPSG Ventures Ltd. - Lucknow (for INR 7,090 crores) and Irelia Company Pte Ltd (CVC Capital Partners) - Ahmedabad (for INR 5,625 crores).
Here is all you need to know about the bidding for two new IPL teams:
How many teams are up for bidding?
BCCI will have two new teams as IPL will be 10-team league from 2022.
What is the bid price of tender document?
The bid price of tender document is ₹10 lakh.
Which are the cities in fray?
Ahmedabad, Lucknow (two favourites), Indore, Guwahati, Pune, Dharamsala, Cuttack.
What is the Base Price set by BCCI?
The base price per team Is ₹2000 Cr. This means no potential buyer can bid less than that. That's the minimum amount from where bidding starts.
Which kind of companies can bid for a franchise?
Any company (even overseas) which has its operations in India and is enlisted can bid for a team. However, the annual turnover has to be minimum ₹3000 Crore.
Is Consortium (a joint bid from multiple companies) allowed?
Yes, consortium of 3 companies/entities is allowed. However each will have to have a net worth of ₹2500 crore annually.
How many companies have picked up the bids?
22 companies have picked bids.
Major names who have picked up the bid document?
Adani Group, RP Sanjiv Goenka, Kotak, Torrent Pharma, Aurobindo Pharma, Lancer Capital (Avram Glazer owner of Man United), Naveen Jindal.
Will Bollywood couple Deepika Padukone and Ranveer Singh join a consortium?
A: There is no such confirmation as of now but they could be a minority stake holder or brand ambassadors of a new franchise.
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