(MENAFN- NewsBytes) The auction for two new Indian Premier League franchises is likely to be held on October 17. Notably, the 2021 IPL final is scheduled to take place on October 15. The BCCI has intimated three key dates - September 21, October 5, and October 17 regarding the auction. It is understood that the final date and venue will be announced later. Here's more.
In this article
- A look at the key details
- Teams might play a total of 18 league matches
- Here are the financial details
- The teams are entitled to 50 per cent revenue share
- BCCI last conducted bidding for new franchises in 2015
Details A look at the key details
It has been learned that the bidding could take place in one of the Middle East cities - Dubai or Muscat. The ITT (Invitation To Tender) document will be available for purchase till October 5. Meanwhile, clarifications can be sought up to September 21. There won't be any e-auction while the old-age bidding process will be followed.
Changes Teams might play a total of 18 league matches
The number of league matches for each team will be either 14 or 18. As of now, each franchise gets to play seven home and as many away games. In the revised scenario, there will be nine home and away games each. However, the BCCI could stick to a total of 14 league games only due to a shorter window.
Finance Here are the financial details
The minimum bid price for a franchise will be Rs. 2,000 crore. Each bidder should have a net worth of Rs. 2,500 crore. The company should have a turnover of Rs. 3,000 crore. In the case of a consortium, only three partners will be allowed. One of them has to fulfil the above criteria (net worth: Rs. 2,500 crore, turnover: Rs. 3,000 crore).
Teams The teams are entitled to 50 per cent revenue share
The teams will have to pay 10 per cent of franchise fee every year for 10 years. They are entitled to 50 per cent revenue share. After the 10-year period, the franchises will have to pay 20 per cent of their income. They will continue to receive 50 per cent of the central pool of revenue after every IPL season.
Bidding BCCI last conducted bidding for new franchises in 2015
The BCCI last conducted bidding for new franchises in 2015. Back then, Rising Pune Supergiant and Gujarat Lions had replaced Chennai Super Kings and Rajasthan Royals respectively. Both CSK and RR were handed two-year suspensions from the IPL (2016 and 2017). Meanwhile, the 10-team model in the IPL was operational in the past when Kochi Tuskers and Pune Warriors India were introduced.
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