BCCI rolls out tender inviting bids for two new IPL Teams

The IPL, which is currently an eight-team tournament, will become a 10-team affair from the next edition and during a recent governing council meeting, the modalities of the bidding process were chalked out.

BCCI, the Governing Council of the IPL, today invited bids to own an IPL franchise with “Invitation to Tender” available for purchase till October 5.

The BCCI said: “The Governing Council of the IPL invites bids to acquire the right to own and operate 1 (one) of the 2 (two) new teams proposed to be introduced to take part in the Indian Premier League from the IPL 2022 season, through a tender process.

“The detailed terms and conditions governing the submission and evaluation of bids including eligibility requirements, process for submissions of bids, proposed new teams’ rights, and obligations, etc. are contained in the ‘Invitation to Tender’ (“ITT”) which will be made available on receipt of payment of non-refundable fee of INR 10,00,000 (Rupees Ten Lakhs Only) plus any applicable Goods and Services Tax,” said the BCCI in an official release.

“Any interested 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 the other terms and conditions set out therein, shall be eligible to bid. It is clarified that merely purchasing this ITT does not entitle any person to bid,” it added.

“Any company can buy the bid document paying ₹10 lakh. Earlier top brass was thinking about keeping the base price for two new teams at ₹1,700 crore but later it was decided to keep the base price at ₹2,000 crore,” a senior BCCI source told news agency PTI on the condition of anonymity.

The source, who has dealt with the financial side of IPL in the past, said that the BCCI stands to gain at least ₹5,000 crore if the bids go as per plan with plenty of large business conglomerates showing active interest in bidding.