Wednesday, 22 September 2021 01:38 GMT

BCCI to hold auction for two New IPL teams on October 17 through closed bids: Reports


(MENAFN- BreezyScroll)

The bidding for the two new Indian Premier League teams is set to take place on October 17, just two days after the scheduled completion of the IPL 2021 season. So, there are possibilities that the bidding could take place in one of the Middle East cities – Dubai or Muscat.

According to Cricbuzz , the BCCI has informed the parties of three key dates – September 21, October 5, and October 17. Clarifications can be sought up to September 21, the ITT (Invitation To Tender) document will be available for purchase till October 5. Most likely the auction will be held on October 17. However, it has been confirmed that the process will be the generic closed bidding style and not an e-auction.

“The detailed terms and conditions governing the submission and evaluation of bids including eligibility requirements, the process for submissions of bids, proposed new teams’ rights, and obligations, etc. are contained in the ‘Invitation to Tender’ (“ITT”). This will be made available on receipt of payment of a non-refundable fee of INR 10,00,000.” the BCCI had said in an official release.

Bidding process and shortlists cities for two new franchises for IPL 2022

There are two stages of bidding, viz. legal and financial. The financial bid will be opened after the legal department clears the bidder's qualifying criteria. BCCI has already announced a week ago that each bidder should have a net worth of Rs 2500 crores and the company has to have a turnover of Rs 3000 crores. The base price of the teams has been kept at 2000 crores.

Last week, BCCI has put forward the names of six cities – Guwahati, Ranchi, Cuttack, Ahmedabad, Lucknow, and Dharamsala. The bidders will have to specify the value they're willing to put on the line. The report also suggests that the teams will have to pay 10 percent of the franchise fee every year for 10 years. They will be entitled to a 50 percent revenue share and post the 10-year period. Also, the franchises will have to pay 20 percent of their income. And this will continue to receive 50 percent of the central pool of revenue after every IPL season.

Possible number of matches in IPL 2022 and mega auction details

The number of league matches for each team will be either 14 or 18. A minimum of seven home and seven away games is assured to each franchise. However, there is no official confirmation as of yet. Because, due to the jam-pack international schedule, the BCCI might not consider increasing the number of matches. So, The number of league matches in total could be either 74 or 94, depending on the window available.

The BCCI is yet to confirm the rules regarding the retention of players. It is expected that the board may allow two retentions and two Right To Match (RTM). The details for the mega auction are likely to be announced in November 2021 and the mega auction is likely in January 2022.

IPL

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