BCCI is Now Inviting Bids for Two New Indian Premier League Teams

BCCI is Now Inviting Bids for Two New Indian Premier League Teams
BCCI is Now Inviting Bids for Two New Indian Premier League Teams

BCCI is Now Inviting Bids for Two New Indian Premier League Teams

Just eight months ago, the Board of Control for Cricket in India (BCCI) confirmed that they will be adding two new franchises to the biggest cricket tournament worldwide, which is the Indian Premier League (IPL). It was initially thought that the two new teams will be added before the start of the current season but the BCCI decided that a ten-team IPL will start on the 2022 edition instead.

The second phase of the IPL 2021 is just a few weeks away and this is something that fans are waiting to see and wager on. The best IPL betting odds at 10CRIC- 2021 are still the talk of the town but with the BCCI finally announcing more details on the two new teams to watch out for next year, fans can’t help but wonder about it.

While people are still only looking forward to watching and place their bets on the upcoming phase 2 of The VIVO IPL 2021, many are already interested to see how a 10-team IPL tournament will turn out. With two new teams, the IPL will likely have more matches. This means that people will have more to look forward to and even to wager on.

The Franchise Bidding is On

The IPL has already made a statement with regards to them finally accepting bids for one of the two additional slots in the league next year. There are no specifics yet as to when the bidding for the second team will be launched but the candidates will have until October 5 of this year to request tender details.

According to the statement, “The governing council of the IPL invites bids to acquire the right to own and operate one of the two new teams proposed to be introduced to take part in the Indian Premier League from the IPL 2022 season, through a tender process.”

Reports suggest that major Indian groups like the Adani mining and trading conglomerate are going to enter the bidding. So far, Ahmedabad, Kochi, Lucknow, Pune, and Ranchi are likely to be the bases of the new teams and Adani is based in Ahmedabad.

When it comes to how many matches the IPL will have with two new teams, a BCCI official only said, “74 matches are what we are promising at the moment. When the new rights cycle kicks in 2023, we will try to expand to 94 matches a season, after consulting with other cricket boards regarding an expanded playing window.”

How Much the Two New Teams Are Likely to Cost

Surely, the new positions available for the league will come with quite a tag price. A senior BCCI source spoke about how much the teams will cost. The source said, “Any company can buy the bid document paying Rs 10 lakh. Earlier top brass was thinking about keeping the base price for two new teams at Rs.1700 crore but later it was decided to keep the base price at Rs.2000 crore.

“The BCCI is expecting anything in the range of 5000 crores if not more. There will be 74 IPL games next season and it’s a win-win situation for everyone."

The terms and conditions for the submission and evaluation of the bids include information on eligibility requirements, the process for submission of bids, the team’s rights and obligations, and so on. These are all part of the Invitation to Tender or ITT and will be given to the candidates after paying a non-refundable fee of INR 10,00,000 plus taxes.

BCCI secretary Jay Shah talked about the importance of the ITT. Shah said, “Any party wishing to submit a bid is required to purchase the ITT. However, only those satisfying the eligibility criteria set out in the ITT and subject to other terms and conditions shall be eligible to bid.”

A senior sports executive anonymously spoke about how realistic the figures are for a team so far. The executive said, “To me, ₹2,000 crores seems like a realistic base figure for the new team franchises as the league has grown and teams are making good annual revenue, which could go up to ₹70 crores.

“I believe multiple corporates are interested in riding the IPL wave and I won’t be surprised if the bid goes as high as ₹4,000-5,000 crore. BCCI is also set to renew the media rights contract. Thus, there is a significant amount of money to be made out of IPL.

“We are expecting bids above R3000 crore for each team. IPL is ripe for expansion. We have carefully built the brand over the years. Just the way the existing franchises have moved to profit-making, so will the new teams. IPL is a property to stay invested in.”

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