BCCI are in a treat this October because of the interest garnered by investors to buy the two new franchises. Even though the base price is excessive for the two new team’s that will participate in the IPL, several investors are highly attracted. As per sources, 12 groups have already bought the tender document for the two new IPL franchises.
With this level of interest, it wouldn’t be a surprise if new parties will join the list as the deadline is 10th October. Following the kind of demand that parties are showing a BCCI official has given a statement where he expects the franchises to bid around 3500 car.
“The interest for the new teams is better than expected. We are surprised by the response. We expect bid to go above 3500 Cr range for each team.”
The Indian Cricket Board has also made a big move in trying to secure the IPL rights for the next cycle as soon as possible. Owing to the fact that they have trumped ICC in releasing the tender after 25th October.
“The IPL Media Rights tender for the cycle 2023-2027 will be released immediately after the appointment of two new IPL teams which is scheduled to be announced on 25th October 2021.″
BCCI lays down conditions that are required to be fulfilled by every potential bidder in order to participate in the tender
There are numerous conditions that require to be fulfilled by the investors participating in the bidding war to purchase the two new teams for IPL. As a result, let’s take a look at the conditions laid by BCCI.
1)Potential bidders can’t form a consortium of more than 3 partners
2)One of the consortium partners should have a net worth of at least Rs 2,500 crore & a minimum annual turnover of Rs 3,000 crore.
3)The Base price to participate in the tender is Rs. 2000 Cr
4)IPL New Teams Auction – IPL 2021: Potential bidders who qualify in the technical bid will be allowed to participate in the financial bidding.
5)One party can bid for two cities with Ahmedabad, Lucknow, Indore, Cuttack, Guwahati and Dharamsala shortlisted for the two new teams.
6)Moreover, the teams will be responsible to pay 10% every year for 10 years and thereafter 20% for the next 10 years. In exchange, BCCI will share 50% of their revenue from the central pool after every season.
According to a reliable source, the investors or parties that have bought the tender documents for the two new franchises are Sanjeev Goenka of RPSG Group, Aurobindo Pharma, Torrent Pharmaceuticals, Broadcast & sports consulting agencies ITW, Group M, Consortiums of Singapore based Private Equity Firms. There could be several other potential bidders that are anonymous as of now.
Also Read: BCCI surprise ICC as they announced that the IPL media rights will be released in October
