BCCI to hold auction for new IPL teams on October 17: Reports

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safari
14 Sep 2021 | 12:22 PM
authorcricket.com staff

BCCI to hold auction for new IPL teams on October 17: Reports

The BCCI is likely to conduct a closed-doors auction for the two new teams for the upcoming IPL season

Dubai or Muscat might host BCCI's bidding event for two new teams of the Indian Premier League (IPL 2022) on October 17, according to a report by Cricbuzz.

The report said that BCCI has informed interested parties of three key dates - September 21, October 5, and October 17. 

"Clarifications can be sought up to September 21, the ITT (Invitation To Tender) document will be available for purchase till October 5 and the auction will be held, most likely, on October 17. It has been confirmed that there is no e-auction and the age-old practice of closed bidding process will be followed," it said.

On August 31, the BCCI announced a tender for one of the two teams which requires a non-refundable deposit of Rs 10 lakh from the buying parties. However, only those satisfying the eligibility criteria set out in the ITT shall be eligible to bid. One party can bid for a franchise in two to six cities. Ahmedabad, Lucknow, Indore, Cuttack, Guwahati, and Dharamsala are the cities available.

"Regarding the financial requirements, the BCCI has made it clear that each bidder should have a net worth of Rs 2500 crores and the company has to have a turnover of Rs 3000 crores. In the case of a consortium, the BCCI will allow only three partners, and one of them has to fulfill the above criteria of Rs 2500 crore net worth and Rs 3000 crore turnover," the report said.

The BCCI is likely to make an announcement in November about the number of players existing teams can retain for the upcoming season with a cap on the number of foreign player retentions.

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