BCCI confirms that Auction of New IPL Team may Take Place on October 17

October 17 could be a big day for the Board of Control for Cricket in India (BCCI) as well as those aspiring to bid for two teams of the Indian Premier League (IPL). Given that D-Day is just two days after the IPL final in Dubai. And on the day the Twenty20 World Cup begins in Muscat, there could be a chance that the bidding could take place in one of the Middle East cities – Dubai or Muscat. The BCCI is understood to have told the potential bidders. That the final date and venue will be informed later.

The BCCI has Informed the Parties of Three key Dates – September 21, October 5 and October 17:

The BCCI has informed the parties of the three key dates – September 21, October 5 and October 17. Clarification can be sought till September 21. The ITT (Invitation to Tender) document will be available for purchase by 5th October. And auction, most likely. To be held on 17 October. It has been confirmed that there is no e-auction. And the age old practice of closed bidding process will be followed.

The number of league matches for each team will be 14 or 18. In which a minimum of seven home and seven away matches will be ensured for each franchise. Currently, there are eight teams in the league. And each team gets to play the same number of games, seven home and the same number of away games. In the revised scenario, there should be nine home and nine away games. Due to the lack of a large window.

It is likely that the BCCI will stick to the agreement for 14 games, keeping the option of 18 league games open. The total number of league matches can be 74 or 94 depending on the available window. Next year, when the current cycle of media rights ends. There will be 74 games in which all teams will have to play seven home and seven away games in a two-group format.

BCCI Will Allow Only Three Partners:

Regarding the financial requirements, the BCCI has clarified that the total assets of each bidder should be Rs 2500 crore. And the turnover of the company should be 3000 crores. In case of a consortium, BCCI will allow only three partners. And one of them must satisfy the above criteria of having a net worth of Rs 2500 crores and a turnover of Rs 3000 crores. As mentioned, the base price is Rs 2000 crores.

There will be two stages of bidding – legal and financial. Once the Legal Department satisfied with the eligibility criteria of the bidder, the financial bid opened. One can bid for two to six cities, marking the price they are willing to provide for each centre. Ahmedabad, Lucknow, Indore, Cuttack, Guwahati and Dharamsala are the cities available for bidding. Needless to mention that the two highest bidders will get the teams.

Teams will have to pay 10 per cent franchise fee every year for 10 years. And entitled to 50 per cent revenue share and after a period of 10 years. The franchisees will have to pay 20 per cent of their income and continue to receive 50 per cent of their income. Percentage of the central pool of revenue after each IPL season.

Board of Control for Cricket in India is Silent on Retaining Players by Existing Teams:

The BCCI is silent on the retention of players by the existing teams. It understood that the Board may allow two retention and two Right to Match (RTM) cards. In which the number of Indian and foreign players allowed to be retained. Retention details expected to announced in November. And the mega auction is likely to take place in January 2022.

Some parties including some agencies are believed to have procured the ITT document and one of them is Sanjeev Goenka of RPSG Group. Who owned the Pune franchise for the first two years. Goenka can buy the team from Lucknow.

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