The Board of Control for Cricket in India (BCCI) is projected to earn up to Rs 5,000 crore from the two new franchises slated to debut in the Indian Premier League in 2022. (IPL). The basic price for the new teams has been fixed at Rs 2,000 crore, in addition to the Rs 75 crore required by the board to acquire the bidding paperwork.
“Any business may purchase the bid paperwork for Rs 75 crore. Earlier, top brass considered retaining the basic price for two additional clubs at Rs 1700 crore, but it was subsequently agreed to keep the base price at Rs 2000 crore,” a senior BCCI official said on condition of anonymity to PTI.
The cash-rich league will have 10 clubs starting next season, and the bidding process was formalized during a recent meeting of the board’s governing council, according to PTI.
Several corporations have already expressed interest in bidding for the franchises, according to the source, who has previously worked with the financial side of the IPL, adding that the board may get up to Rs 5,000 crore if the bid process goes as planned.
“The BCCI anticipates a budget of a minimum of Rs. 5000 crore, if not more. The IPL will have 74 games next season, which is a win-win situation for everyone.”
He stated that proposals will be accepted from firms having a minimum annual revenue of Rs 3,000 crore. To make the bidding process more lively, the BCCI intends to enable a consortium to bid for franchises.
“I believe quite three commercial organizations won’t be permitted to make a consortium,” he added, “but if three businesses get together and need to jointly bid for a team, they are free to do so.”
Ahmedabad, Lucknow, and Pune are among the possible locations for the teams.
Franchises could choose between the Narendra Modi Stadium in Ahmedabad and the Ekana Stadium in Lucknow, which has larger capacities.
The Adani group, RPG Sanjeev Goenka group, Torrent, a well-known pharma firm, and a major banker have all expressed an interest in purchasing teams.