The Board of Control for Cricket in India (BCCI) may soon be at least Rs 5,000 crore rich with two new franchises during the 2022 edition of the Indian Premier League (IPL). The IPL, which is currently an eight-team tournament, will become a 10-team affair from the next edition and during the recent Governing Council meeting, the modalities of the bidding process were chalked out.
“Any company can buy the bidding document by paying Rs 75 crore. Earlier the top officials were thinking of keeping the base price for the two new teams at Rs 1700 crore, but later it was decided to keep the base price at Rs 2000 crore.
Sources, who have dealt with the financial side of the IPL in the past, said that BCCI will benefit at least Rs 5,000 crore if the bids go as planned, with a lot of large business groups showing an active interest in bidding.
“BCCI is expecting anything in the range of Rs 5,000 crore if not more. There will be 74 IPL matches in the next season and it is a win-win situation for all.
It is learned that only companies with an annual turnover of Rs 3,000 crore will be allowed to bid for the teams. In a welcome news, the BCCI is planning to allow an association to bid for teams as it makes the bidding process more liveable.
“I understand that no more than three business entities will be allowed to form a consortium, but if three businesses come together and want to bid jointly for a team, they are welcome to do so, ” They said.
Locations where teams can be located include Ahmedabad., Lucknow and Pune. The Narendra Modi Stadium in Ahmedabad and the Ekana Stadium in Lucknow, with larger capacity, could be options for the franchise.
Some of the names that are in the news include Adani Group, RPG Sanjeev Goenka Group, renowned pharma company Torrent and a leading banker who have shown active interest in buying the teams.