Saturday, 04 December 2021

Manchester United Football Owners showed Interest To Bid For Franchises in Ipl

Manchester United Football Owners showed Interest To Bid For Franchises in Ipl

The Manchester United Football Club owners have shown interest in taking an IPL team. Manchester United is one of the world’s famous football clubs in England. The Glazer family that runs and owns the club has shown interest in buying an IPL franchise.

Two more teams are to be part of the IPL 2022 year. BCCI has finalized a plan to add two more teams to the Indian Premier League next year, and the tournament will be a 10-team event. BCCI has started the procedures of finalizing the two new franchises. As a result, a mega auction will also take place next year ahead of next year’s tournament.

The Manchester United owners have reportedly picked up the Invitation To Tender (ITT) floated by the BCCI. The club owners are also tracking the developments in the matter. BCCI floated the ITT for the new franchise recently. The IIT asks for closed bids which need to be submitted by the last week of October.

Manchester United Football Club Owners showed Interest To Bid For Franchises in Ipl 1unsplash image

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The bidders are expecting to submit an average turnover of Rs. 3000 crore or a net worth of Rs. 2500 crore. Only the bidders with these criteria will be eligible to bid. However, after some potential bidders urged BCCI to lower the value in eligibility criteria, BCCI has reworked the average turnover clause.

BCCI has also allowed foreign entities to buy the ITT and submit the bid. However, there is a condition that if they win the offer, they will have to set up a company in India. 20 October was the deadline to pick up the tender documents from BCCI, which were available for Rs. 10 lakh.

Some groups that have picked up the ITT from BCCI are Adani Group, Torrent Pharma, Aurobindo Pharma, RP-Sanjiv Goenka Group, Hindustan Times Media, Jindal Steel, and entrepreneur Ronnie Screwvala.

The top cities that will be favorites for the investors for the new franchise are Ahmedabad, Lucknow, Guwahati, Cuttack, Indore, and Dharamsala. Ahmedabad will be a top priority due to the newly built Narendra Modi Cricket Stadium that has a capacity of more than one lakh spectators.

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