IPL 2022 new franchises bidding likely to be held on October 17.
For a long time now there has been talks around the addition of the two new franchise from the next edition of the Indian Premier League (IPL). The Indian cricket board has already confirmed the induction of two new teams from the next season and as per the reports of Cricbuzz, October 17 could be the day scheduled for the bidding of two new IPL franchises by the BCCI.
If the reports are true, the bidding will take place on the opening day of the T20 World Cup 2021 in Oman and two days after the scheduled final of the cash-rich Indian Premier League phase 2.
It is learnt that BCCI has already informed all the involved active entities who have shown their keenness in acquiring a new IPL franchise.
The reports further suggest that three key dates have been allotted by the BCCI. Any issues regarding the bidding process can be resolved until September 21. The Invitation to Tender (ITT) document will be issued on October 5 while the final bidding process will begin on October 17.
ALSO READ: BCCI rolls out blueprint for IPL 2022, Mega Auction date, New Franchise, Retention policy
The addition of two new teams will welcome a few problems mostly on the total number of matches. As of now, with eight current teams, the total games goes to 60 including four knockout matches. As of now, teams play seven away and seven home games while the number will go up to nine apiece with the inclusion of two new teams. The total number of matches will rise to 74 or 94.
According to the reports, the BCCI is ready to accept the grouping method used in IPL 2011 when a total of 10 teams competed in the IPL 2021. The teams were divided into two groups of five teams each and the teams played games inside their group before they locked horns with the teams of the second group.
The base price of the franchise is expected around INR 2,000 Crores while the party acquiring the team should have a net worth of INR 2500 Crores and a turnover of INR 3000 crore.
Moreover, a couple of stages will be involved in the bidding process. One is the legal one and the other being the financial stage. Initially, the legal stage will be cleared and BCCI will have a look at whether all the interested parties have their legal bases covered or not. The financial bidding will follow the legal bidding in which the turnover, net worth and all other bidding wars will be held.
ALSO READ: IPL 2022 Mega Auction Details, 10 IPL Teams, New Rules: All you need to know
