The IPL bidding process for new teams ended on Monday as the cash-rich league will have two new teams in Ahmedabad and Lucknow from next season onwards. RP-Sanjiv Goenka Group bagged the Lucknow IPL team for Rs 7,090 crore, while Irelia Company Pvt Ltd got the Ahmedabad IPL franchise for Rs 5,625 crore.
Which new teams are up in the IPL bidding?
The Board of Control for Cricket in India (BCCI) announced two new IPL teams. Starting from 2022, the IPL will now be a 10-team league. However, this is not the first time it is so. A decade ago, there were 10 IPL teams with a total of 74 matches (instead of the 60 matches seen now). “Bid submissions are done. The verification process is underway here in Dubai. The Big Announcement soon,” tweeted IPL’s official handle.
The two new teams are between Ahmedabad, Cuttack, Dharamsala, Guwahati, Indore, Lucknow, and Pune. However, some analysts believe it will be Ahemdabad and Lucknow, the two favorites.
Who can bid and how?
Any company that is operating in India can bid for a team. However, the firm must have an annual turnover of 3,000 Crore Indian Rupees. Additionally, a group of three companies can form a consortium and enter together. However, despite this, they must each have an annual turnover of 2,500 crores India Rupees.
Which companies are bidding on the new teams?
A total of 22 companies picked up bids. Some major groups such as Kotak, Adani Groupm Sanjiv Goenka, Aurbindo Pharma, Naveen Jindal, and Lancer Capital (owner of Manchester United) are also there.
Why did BCCI extend the tender dates?
The initial date for purchasing the Invitation to Tender (ITT) for the newly proposed teams was October 5. However, the BCCI extended the date by 5 days. This is because the owners of Manchester United are expressing their interest in being part of IPL. . The ITT gives businesses the right to own and operate the new IPL teams.