IPL New Teams Tender: 2 new teams to be unveiled on Oct 25 – The Board of Control for Cricket in India (BCCI) will unveil the two additional teams for IPL 2022 on October 25 despite extending the deadline to purchase the ITT (invitation to tender) documents twice.
It is worth noting that the Governing Council of the IPL had issued the ‘Invitation to Tender’ (“ITT”) document available on payment of the non-refundable tender fees on August 31, 2021 and BCCI had first extended the date to October 10 and then again to October 20.
IPL New Teams Tender: Postponement notwithstanding, BCCI to unveil two new IPL teams on October 25
“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,” the BCCI statement said.
InsideSport has learnt that one of the businesses that want to have an IPL team in 2022 requested the BCCI to extend the deadline due to many contentious points. One of them is the calculation of the net worth of an individual. The BCCI has mandated Rs 2,500 crore net worth for individuals and Rs 3,000 crore turnover for a company.
The Indian board is surprised with the interest tender is generating and expect bid to go north of 3500 Cr. “The interest for the new teams is better than expected. We are surprised by the response. We expect the bid to go above Rs 3500 Cr range for each team,” said one of the top BCCI officials.
IPL New Teams Tender: BCCI’s stringent restrictions
- Potential bidders can’t form a consortium of more than 3 partners
- One of the consortium partner should have Rs 2,500 crore net worth & a minimum annual turnover of Rs 3,000 crore.
- Base price to participate in the tender Rs. 2000 Cr
- Potential bidders who qualify in the technical bid will be allowed to participate in the financial bidding.
- One party can bid for two cities with Ahmedabad, Lucknow, Indore, Cuttack, Guwahati and Dharamsala shortlisted for the two new teams.
- Furthermore, the teams will be liable to pay 10% every year for 10 years and 20% after 10 years. In exchange, BCCI will be sharing 50% of revenue from the central pool after every season.