BCCI expecting 7000 Crores to 10,000 Crores for two new IPL teams each.
IPL 2022: The market of Indian cricket has become hot with the approaching bidding day for the two new Indian Premier League (IPL) franchises. If the reports are to be believed, the Board of Control for Cricket in India (BCCI) is expecting anything around INR 7000 Crores to INR 10,000 Crores for each new team joining in the gala Indian tournament from the next edition in 2022.
The bidding process for the two new IPL teams will begin on 25h October, the day after the India-Pakistan clash in the T20 World Cup 2021, in Dubai.
It has been learnt that as many as 22 companies/businesses have picked up the Invitation To Tender (ITT) document floated out by the BCCI, which is worth INR 10 Lakhs. The base price for each franchise is kept at INR 2000 Crores by the BCCI.
As far as a qualification to bid for a new franchise is concerned, the BCCI has allowed consortium bids up to three businesses/individuals/companies with each participant having an annual turnover of INR 2500 Crores while in case of individual bids the company or business must have a minimum annual turnover of INR 3000 Crores.
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Gautam Adani and Sanjeev Goenka’s RPSG group are the two frontrunners to make successful bids. The Adani Group is expected to bid for the Ahmedabad franchise.
“Gautam Adani and Sanjiv Goenka are the biggest names in the Indian industry. They will be serious bidders. Expect a minimum bid of Rs 3,500 crore from the potential bidders. Don’t forget that IPL broadcast rights is projected around $5 billion (Rs 36,000 Crore). So the economics will work accordingly as franchises get the TV revenue share equally,” said PTI official.
Besides the Adani and RPSG’s Kotak group, Aurobindo Pharma, Torrent group, Lancer Capital (Avram Glazer owner of Man United) and Naveen Jindal are a few other interested entities to operate a new IPL franchise.
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