IPL New teams auction today

IPL New teams auction today

New teams are to be auctioned today for Indian Premier League (IPL). IPL’s official twitter page informed its fans that bids have been submitted by prospective buyers for the two teams. The verification process is underway right now in Dubai. There will be a big announcement soon, said the IPL twitter handle.

 Around 10 parties are anticipated to have submitted bids for the 2 teams in the IPL franchise. BCCI is expected to garner Rs. 5000-7000 crores with the sale of the two teams.

Criteria for bid submission

In case of a single individual or a company, the company must have an annual turnover of more than Rs. 3000 crores.

Whereas, in case of a consortium of investors, at least two of the three investors should have an annual turnover of Rs. 2500 crores.

BCCI is only allowing consortium of up to 3 individuals or companies.

Process of bid submission

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. The non-refundable tender fee was of Rs. 10 Lakhs.

22 interested buyers had picked up the tenders to bid. However, with a base price of Rs. 2000 crores for a team, only 10 have remained in contention of making any serious bids.

While the base price is of Rs. 2000 crores, BCCI is hoping to sell each team for Rs. 3000 crores approximately.

Significant bidders

Owners of famous football franchise ‘Manchester United’- The Glazer Family, have submitted a bid to get a team franchise in the cash rich IPL. The Glazer Family has also reached Dubai to ensure they get their hands on one of the two teams in “The IPL”.

Avram Glazer, Adani Group, RPSG, Jindal Steel, Torrent Pharma, Aurobindo Pharma, Hindustan Times Media, Rhiti Sports were among the interested parties.

However, the bid submitted by “Rhiti Sports” was disqualified due to a delay in submission.

IPL 2022

 IPL 2022 will be on the lines with IPL 2011, the season when there were ten teams in rivalry for the trophy.

the IPL 2022 will have 74 matches – 70 league and four playoffs. The franchises will be divided into two groups of five each. In each group, one team plays the other four twice. They will also face the four from second group once. The teams will also face one of the four teams from the other group twice. Who will be faced twice by the teams will be decided by a draw of lots. This means, each team will play at least 14 matches.

Teams in IPL

Mumbai Indians, Chennai Super Kings, Royal Challengers Bangalore, Rajasthan Royals, Kolkata Knight Riders, Delhi Capitals, Punjab Kings, Sunrisers Hyderabad and two news teams will be head-to-head in the 2022 IPL edition.

Potentially, Ahmedabad, Dharamsala, Lucknow, Indore, Cuttack, Guwahati and Lucknow – two of these could become the homes to the new two teams. However, we can all be surprised with the final decision.

Deccan Chargers, Kochi Tuskers Kerala, Pune Warriors India, Rising Pune Supergiant and Gujarat Lions are now defunct teams of the IPL franchise.

While Chennai Super Kings and Rajasthan Royals faced a ban of two from the sports on account of match fixing.

The match-fixing and betting activities led to Justice Lodha Committee, set up by the Supreme Court in July 2015, announcing a ban for Chennai Super Kings and Rajasthan Royals from the Indian Premier League for 2 years – 2016 and 2017. The key officials of the two franchises, Raj Kundra of Rajasthan Royals and Gurunath Meiyappan of CSK, suffered a life-ban from all the cricket matches conducted by BCCI.

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