Bidding for IPL Franchise: Top firms in the fray to pick up IPL franchise
Bidding for IPL Franchise: The race to pick up IPL franchise for two new teams is hotting up, with at least dozens of key firms first now left in the fray.
Bidding for IPL Franchise: The race to pick up IPL franchise for two new teams is hotting up, with at least dozens of key firms first now left in the fray. Those in the fray includes but not limited to RPSG, Lancer Capital, Adani Group, Jindal Power, Torrent Pharma, Aurobindo Pharma, Ronnie, Kotak, CVC, Singapore based PE Firm, Hindustan Times, ITW, along with a number of private equity companies. Apart from these there are news going around in social media that Ranveer and Deepika Padukone also showed their interest to be part of the bid.
Bidding Process for IPL New Franchise
It is learnt that BCCI had initiated the process to seek bids in December last year. However, the BCCI has now decided to extend the date for purchasing the ITT document till October 10, 2021. and has now received 22+ bids so far. “The entire process is at an exploratory stage right now”. It is likely that a final decision regarding these bids will be taken this month. The details of the franchises are likely to be announced by the BCCI next week.
IPL 10-team tournament:
A total of 12 companies are left in the fray for the bidding process for two new teams in the IPL is likely to take place on October 25, the two highest bidders set to take the franchise rights. The IPL from next year will become a 10-team tournament.
Big names are Interest to Bid IPL New Franchise:
The interested parties, who have picked up bidding papers are (with Names and Group or Company name):
- Sanjeev Kumar – RPSG
- Lancer Group – Glazer Family / Manchester United Owners.
- Adani Group – Gautam Adani
- Naveen Jindal – Jindal Power & Steel.
- Torrent Pharma.
- Ronnie Screwvala.
- Aurobindo Pharma.
- Kotak Group.
- CVC Partners.
- Singapore Based PE Firm.
- Hindustan Times Media.
- Broadcast & Sport Consulting Agencies ITW, Group M.
There is no such confirmation as of now about Deepika Padukone and Ranveer Singh will join a consortium to bid for new IPL franchise.
Bidding Priceof tender document: The bid price of tender document is ₹10 crore. The base price per team Is ₹2000 Cr. This means no potential buyer can bid less than that. That’s the minimum amount from where bidding starts.
How many teams are up for bidding: BCCI will have two new teams as IPL will be 10-team league from 2022.
A bidding War – BCCI
The BCCI is expecting anything between Rs. 7000 crore to 10,000 crore from the team bidding of IPL and it is going to be ‘a bidding war’, to sell the new IPL franchises according to a report by news agency PTI. The two new IPL franchises will be opened at a walk-in event at The Taj, Dubai, on Monday morning and the expected teams will have to be based in any two cities out of Ahmedabad, Cuttack, Dharamsala, Guwahati, Indore and Lucknow. Ahmedabad is the one for sure but the second one to be confirmed.