BCCI is set to unveil two new Indian Premier League (IPL) teams on Monday (October 25), and the bidders have reached Dubai for the process. The bidding party includes owners of Manchester United -- the Glazer family -- as they are trying to ensure the ownership of one team in the IPL 2022.Among the other notable potential bidders are Adani Group, the Ahmedabad-based infrastructure giants, the Sanjeev Goenka-owned business conglomerate RPSG, the Naveen Jindal-owned Jindal Steel, Torrent Pharma, Aurobindo Pharma, and Hindustan Times Media, along with a number of private equity companies. The teams, which will be a part of the IPL from 2022, will have to be based in any two out of six Indian cities listed in the tender document listed by the BCCI: Ahmedabad, Cuttack, Dharamsala, Guwahati, Indore and Lucknow. While investors can bid for more than one city, they will eventually have to settle for one.
This is the first time the BCCI is adding two new franchises since Rising Pune Supergiant/s and Gujarat Lions took part in the IPL for two years - 2016 and 2017 - when Chennai Super Kings and Rajasthan Royals were suspended. The BCCI is eyeing a big purse from the two new IPL teams. The BCCI has set a base price of INR 2000 crore [US$ 267 million approx.] for each of the two new franchises. One of the requirements listed in the tender document is that the bidders must show a turnover of at least INR 3000 crore [US$ 400 million approx.] for the previous three years. If it is a consortium, then each investor would need to show a turnover of at least INR 2500 crore [US$ 334 million approx.] for the previous three years. InsideSport had reported that the fight for the 2nd slot in IPL 2022 teams will be fierce as multiple cities are likely to race for the IPL franchise. As per reports, the tenders will give the potential bidders options of 8 to 10 cities to choose from.
