IPL 2021: BCCI announces release of tender to buy 2 new franchises

The BCCI has kicked off the procedure for the introduction of two new franchises in the IPL (Image Courtesy: IPLT20.com)
The BCCI has kicked off the procedure for the introduction of two new franchises in the IPL (Image Courtesy: IPLT20.com)

The Board of Control for Cricket in India (BCCI) has invited bids for the two new franchises that will become part of the Indian Premier League (IPL) from 2022 onwards.

In a media release on the BCCI's official website issued today, the IPL Governing Council invited bids to acquire the right to own and operate one of the two new teams proposed.

Interested parties will have to pay a non-refundable fee of ₹10 lakh for the Invitation to Tender (ITT). This will contain the detailed terms and conditions governing the submission, eligibility requirements, process for submissions of bids, and evaluation of bids including proposed new teams’ rights, and obligations.

As per the BCCI media release, the ITT can be purchased until October 5, 2021. The board clarified that potential buyers need to have ITT to bid, but buying the ITT alone would not make them eligible to bid.

The parties will have to meet the eligibility criteria and the terms and conditions to earn the right to bid for the new IPL franchises.

The base price for the new IPL teams is reportedly ₹2,000 crore

Earlier today, a top BCCI official informed PTI that the board has set the base price for the new IPL teams at ₹2,000 crore. Further, the official claimed that the BCCI expects the two new franchises to be bought for around ₹5,000 crore.

According to the same BCCI official, three business parties will be allowed to form a consortium and bid for the new franchise.

Ahmedabad, Pune and Lucknow are some of the top cities in the race to become the base of the new IPL teams. It will be exciting to see which two new teams join the existing eight franchises in the 10-team IPL tournament set to happen next year.

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Edited by Arjun Panchadar