Thursday, 02 February 2023

IPL to have new team likely on 17 October through closed bids

IPL to have new team likely on 17 October through closed bids

On 17 October could be the big day for the Board of Control for Cricket in India (BCCI) and those intending to bid for the two teams of the IPL. Given that the date is just two days after the IPL final in Dubai and the day the World Cup starts in Muscat,

there may be a chance that the bidding could occur in one of the Middle East cities - Muscat or Dubai. The BCCI understood to have told the bidders that the final date and venue would be announced afterward.

As per reports, BCCI has informed the parties of three key dates - 21 September, 5 October, and 17 October. Clarifications can be sought up to 21 September, the ITT (Invitation To Tender) document will be available for purchase until 5 October, and the auction will most likely be held on 17 October. It has been confirming that there is no e-auction, and the age-old practice of the closed bidding process will follow.

Each team's league matches will be 14 or 18, with a minimum of seven home and away games assured to each team. Presently, the league has eight teams, and each team gets to play the same, seven home and as many away games.

There should be nine home and away games in the revised plan, but due to the absence of a larger window, the BCCI will likely stick for 14 games while keeping the option of 18 league games in the agreement open. The number of league matches in total could be 74 or 94, depending on the window available. Next year, when the current cycle of media rights ends, there will be 74 games, with all teams getting to play seven home and seven away games in a format of two groups.

IPL to have new team likely on 17 October through closed bids 1wikipedia image

Read More : IPL 2022 will have ten teams

Regarding financial requirements, the BCCI has made it clear that each bidder should have a net worth of 2500 Rs crores, and the company has to have a turnover of 3000 Rs crores. In the case of a consortium, the BCCI will allow only three partners, and one of them has to fulfill the above criteria of 2500 Rs crore net worth and 3000 Rs crore turnover. As has been reported, the base price is 2000 Rs crore.

There will be two stages for bidding - legal and financial. Once the legal department satisfies the bidder's qualifying criteria, the financial bid will be opening. One can bid for two to six cities, marking the value one is willing to provide for each center. Ahmedabad, Lucknow, Indore, Cuttack, Guwahati, and Dharamsala are the cities available for bidding. The two highest bidders will get the teams.

The teams will have to pay 10 percent of the franchise fee every year for ten years and be entitled to 50 percent revenue share, and post the ten years, and the franchises will have to pay 20 percent of their income. They will continue to receive 50 percent of the central pool of revenue after every IPL season.

The BCCI is also silent on the players to be retained by the existing teams. It understands that the board may allow two retentions and two Right To Match (RTM) cards with a balance struck on the number of Indian and foreign players permitted to be retaining. The retention details are expecting to be announced in November, and the mega auction is likely in January 2022.

Quite a few parties, including some agencies, are believed to have bought the ITT document, and one of them is Sanjiv Goenka of the RPSG Group that had previously owned the Pune franchise for two years. Goenka is tipping to buy the Lucknow team.

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