The BCCI has extended the date for parties to purchase the ITT document to buy the two new IPL teams. As per the Board of Cricket Council for India, interested parties can now buy the tender document until 20th October 2021. Earlier this month the Board had stated that the deadline to buy the legal tender documents was 10th October.
“BCCI has now decided to further extend the date for purchasing the ITT document till October 20, 2021. The ITT will be available to interested parties on receipt of payment of the non-refundable tender fee of INR 10,00,000 (Rupees Ten Lac Only) plus any applicable Goods and Services Tax. All other terms contained in the Invitation document shall be applicable.”
Why did BCCI Extend the Deadline for purchasing the ITT Document?
BCCI took the decision of extending the deadline for purchasing the ITT documents to buy two new IPL teams because of the increasing interest by several new parties. Despite having an expensive base price of 2000 cr, The Indian Cricket Board are expecting numerous new parties to enter the competition.
Moreover, BCCI is also anticipating that the parties will bid over 3500 crore during the upcoming auction for the purchase of two new team’s. “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.”
Along with BCCI officials, existing team owners have also set high expectations from this upcoming auction for the two new franchises. According to Punjab Kings co-owner Ness Wadia, both teams will not be sold for less than 3000 cr.
He predicted that ““The value of each of the new teams should be 50 to 75% more than the base price of Rs 2000 cr. I think each team would go for a minimum of 3,000 to 3,500 car.”