The second phase of the 2021 VIVO Indian Premier League (IPL) just recently started but many cricket fans are not just talking about this. Even before the current IPL season started earlier this year in India, the Board of Control for Cricket in India (BCCI) has already confirmed that there will be two new teams added to the league.
Initially, the BCCI hoped to add the new teams in the current season. However, with the pandemic going on, they decided to wait until the 2022 edition. It was just less than a month ago when the BCCI has shared the details on the team bid. Before August ended, the governing council of the IPL has already released the Invitation to Tender (ITT) to any interested parties in securing a team in the IPL.
Fans are looking forward to knowing which businesses will soon have teams in the tournaments. It’s something many are now talking about aside from their IPL bets on the many Indian local betting sites. There are already reports on which businesses are likely to get involved especially that we already know that the teams could be based in Ahmedabad, Kochi, Lucknow, Pune, and Ranchi.
Invitation to Tender Details
The BCCI released the ITT with a statement and said, “The Governing Council of the IPL invites bids to acquire the right to own and operate 1 (one) of the 2 (two) new teams proposed to be introduced to take part in the Indian Premier League from the IPL 2022 season, through a tender process. Any interested party wishing to submit a bid is required to purchase the ITT.
“However, only those satisfying the eligibility criteria set out in the ITT and subject to the other terms and conditions set out therein shall be eligible to bid. It is clarified that merely purchasing this ITT does not entitle any person to bid.
“The detailed terms and conditions governing the submission and evaluation of bids including eligibility requirements, the process for submissions of bids, proposed new teams’ rights, and obligations, etc. are contained in the ‘Invitation to Tender’ (“ITT”) which will be made available on receipt of payment of a non-refundable fee of INR 10,00,000 (Rupees Ten Lakhs Only) plus any applicable Goods and Services Tax.”
The BCCI also emphasized the financial requirements for the bidders, which is a net worth of at least Rs.2500 crores and an annual company turnover of at least Rs.3000 crores. Aside from this, only up to three businesses are allowed to form a consortium and one of these businesses should meet the financial criteria.
With these financial requirements, the BCCI has likely come up with this because of what happened in the past. It’s not the first time that the IPL will be participated by 10 teams in total. In 2011, the tournament also added two teams which were the Pune Warriors India and Kochi Tuskers Kerala. Both teams didn’t have a long stay at the IPL and had quite a few financial disputes with the BCCI. This must be why the board is now careful about the selection process.
Initially, the ITT can only be purchased until October 5. However, just a few days ago, the BCCI decided to extend this. In a press release, they said, “Under a request from interested parties, the BCCI has now decided to extend the date for purchasing the ITT document till October 10, 2021.”
No further details are released about when the actual team auction will be but there are reports that it might be held on the day that IPL 2021 phase two will end which is on October 17. An anonymous source who is in the know of the IPL bidding confirmed this and said, “The board is planning to have the bidding on 17th of October and it will be a closed bidding.”
What Will 2022 IPL Look Like?
Many are now wondering what the next IPL season will look like but there are no official announcements regarding this matter have been shared just yet. What’s obvious is that the season will be a bit longer.
One official from the league who wants to be unnamed talked about this and said, “74 matches are what we are promising at the moment. When the new rights cycle kicks in 2023, we will try to expand to 94 matches a season, after consulting with other cricket boards regarding an expanded playing window.”
The said official also disclosed how much they are expecting from the team bidders. The official said, “We are expecting bids above R3000 crore for each team. PL is ripe for expansion. We have carefully built the brand over the years. Just the way the existing franchises have moved to profit-making, so will the new teams. IPL is a property to stay invested in.”