IPL New Teams Tender: Former Formula 1 owner CVC partners, Manchester United owners, Jindal Steel joins IPL teams bidding race along with 15 others, check details

IPL New Teams Tender: Former Formula 1 owner CVC partners, Manchester United owners, Jindal Steel joins IPL teams bidding race along with 15 others, check details
IPL New Teams Tender: Former Formula 1 owner CVC partners, Manchester United owners, Jindal Steel joins IPL teams bidding race along with 15 others, check details

IPL New Teams Tender – CVC Partners, Manchester United Owners, Jindal Steel joins the race: The deadline to pick the tenders for new IPL teams ended on Wednesday with some more interesting names joining the fray to buy the new IPL teams. According to available information, former formula 1 owners CVC Partners, Manchester United Owners Glazer family, Jindal Steel have joined the race to buy the teams in auctions scheduled for October 25th.

It is worth noting that CVC came in news as they made almost $3 Billion investment in La Liga and bought 10.95% in the Spanish league. CVC has other investments in Premiership Rugby, Six Nations Rugby & Volleyball World.

The Glazer family, more famously known as the owners of the world’s most popular football club, Manchester United, has also picked the tender documents.

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IPL New Teams Tender: Former Formula 1 owner CVC partners, Manchester United owners, Jindal Steep joins IPL teams bidding race along with 15 others, check details

When will be the teams auctioned? As per the last official comminique from BCCI, auctions will be conducted on 25th October in Dubai i.e just 1 day after India vs Pakistan high profile clash. InsideSport.in had reported on Wednesday that BCCI may delay the process for 2-3 days but the final word on the same is yet to be out.

Who are the contenders for the new IPL teams? According to the information available with InsideSport almost 17-18 aspirants have bought the tender documents priced at Rs.10 Lacs. As reported eariler, not all those have bought the tenders will be seen at auctions in Dubai. The long list of high-profile aspirants includes –

  • Sanjeev Goenka – Promoters of RPSG
  • Glazer Family – Manchester United Owners
  • Adani Group promoters
  • Naveen Jindal – Jindal Power & Steel
  • Torrent Pharma
  • Ronnie Screwvala
  • Aurobindo Pharma
  • Kotak Group
  • CVC Partners
  • Singapore Based PE Firm
  • Hindustan Times Media
  • Broadcast & sports consulting agencies ITW,
  • Group M

It is worth noting that the initial deadline to pick the tender was 5th October, which was first extended to 10th October & then to 20th October.

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IPL New Teams Tender – The interested parties will now submit their eligibility documents & financial bid as per the tender guidelines. The source informed InsideSport that only few of these parties will actually participate in the tender but the interest seems to be very high despite the steep base price of Rs. 2,000 Crore.

“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 earlier this month.

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.

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InsideSport.in was the first platform to inform that the base price kept in the tender document has been fixed at Rs 2,000 crore.

IPL New Teams Tender: Not only BCCI but the existing franchises of IPL are also hoping & predicting that the new teams of IPL will go for nothing less than 3000 Cr. Punjab Kings co-owner Ness Wadia expects each of two new teams in the IPL – set to be announced by the BCCI on October 25 after a team auction – to be sold for not less than 3,000 to 3,500 cr. “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 cr,” predicted Wadia in a recent interview.

IPL New Teams Tender: Former Formula 1 owner CVC partners, Manchester United owners, Jindal Steep joins IPL teams bidding race along with 15 others

IPL Media Rights Tender – Meanwhile the BCCI has also stumped the International Cricket Council (ICC) by announcing that the tender for IPL media rights for the 2023-2027 cycle will be released right after the announcement of the two new teams on October 25.

“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”

The development comes just after InsideSport.in revealed that ICC wanted to avoid the clash of IPL media rights tender & will be launching their own tender in December. But the Sourav Ganguly-led Indian board has managed to stump them by deciding to release their tender before ICC’s in October itself.