New Delhi: The BCCI will hold the auction for the two new teams for the 2022 Indian Premier League (IPL) season on October 17. These two teams will make the tournament a ten-team affair.
The IPL Governing Council on August 31, invited buds bids to acquire the right to own and operate two new franchises.
“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. ,” said the BCCI in a press release.=,” BCCI had said in a press release.
The BCCI has invited interested parties to submit their bids by 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. are contained in the ‘Invitation to Tender’ (“ITT”) which will be made available on receipt of payment of a 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,” it said.
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, the BCCI said.
The BCCI is expected to raise a sum of Rs 5,000 crores from these bids which will offer a big boost to its revenues.
It is also being reported that several big companies, conglomerates have shown their interests in acquiring a new franchise.
Sources also say that from next year, the IPL may be divided into two groups of five teams each, instead of a single round-robin format that is currently used.