IPL to get two new franchises today as tournament set to be a 10-team event from 2022

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October 25, 2021

KEY STORY

The Indian Premier League (IPL) is all set to get two new teams to its IPL roster on Monday. With the ICC Men’s T20 World Cup 2021 being played in UAE, the Board of Control for Cricket in India (BCCI) had earlier said that the name of the two new teams will be announced on October 25. Several big names have been doing the rounds with top businessmen showing interest in owning an IPL franchise.
In total, there were 22 companies that picked up the tender document worth Rs 10 lakh. However, with the base price for the two news teams put at Rs 2000 crore, only 5-6 bidders are expected to go for the final bid. Among those in contention is one of India’s richest business tycoon, Gautam Adani, and his Adani Group – who are expected to bid for the Ahmedabad franchise.
RPSG group which is headlined by billionaire Sanjiv Goenka are also considered to be serious bidders for a new franchise. “Gautam Adani and Sanjiv Goenka are the biggest names in the Indian industry. They will be serious bidders. Expect a minimum bid of INR 3500 crore from the potential bidders. Don’t forget that IPL broadcast rights is projected around USD 5 billion (Rs 36,000 Crore).
“So the economics will work accordingly as franchises get the TV revenue share equally,” a BCCI insider tracking the developments told PTI on conditions of anonymity. Goenka owned the Pune Franchise Rising Pune Supergiants (RPS) for two years when the Chennai Super Kings (CSK) and Rajasthan Royals (RR) were serving a two-year ban in IPL. Goenka is also the owner of ISL franchise ATK Mohun Bagan.

CONCLUSION

The BCCI is also allowing a consortium of up to three companies/individuals to bid for a franchise. In that case, in case of an individual or company, that particular entity’s annual turnover should be minimum INR 3000 crore and in case of consortium, each of the three entities should have an annual turnover of INR 2500 crore.
The owners of Manchester United — the Glazer family — are also in the UAE as they are also keen on buying a team in the cash-rich league.