According to the latest reports of Cricbuzz, the auction for the two new Indian Premier League (IPL) franchises will be taking place On October 17. Given that the D-day is just two days after the IPL final in Dubai, there may be a chance that the bidding could take place in one of the Middle East cities. The report suggests that the BCCI has informed the potential bidders of three key dates – September 21, October 5, and October 17.
It has been confirmed that e-auction will not be taking place while they will be following the age-old practice of the closed bidding process. Currently, the league has eight teams and each teams gets to play same, seven home and as many away games. In the revised scenario, due to absence of larger window, it is likely that the BCCI will stick for 14 games which will lead to a total could be 74.
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Regarding the financial requirements, the BCCI has made it clear that each bidder needs to have a net worth of INR 2500 crores and the company has to have a turnover of INR 3000 crores. In the case of a partnership, the BCCI will allow only three partners and one of them has to fulfil the above criteria of having a net worth of INR 2500 crore and INR 3000 crore turnover. As has been reported, the base price is INR 2000 crores.
The teams will be required to pay 10 percent of franchise fee every season for 10 years and will be entitled for 50 percent revenue share and post the 10-year period, the franchises will have to pay 20 percent of its income and will continue to receive 50 percent of the central pool of revenue after every IPL season.
The BCCI is yet to reveal about the players to be retained by the existing teams. It is understood that the board may allow two retentions and two Right To Match (RTM) cards, however, the retention details will be expected to be announced in November and the mega auction is likely in January 2022.
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Quite a few parties are believed to have bought the ITT document for the new IPL franchises and one of them is Sanjiv Goenka of the RPSG Group that had previously owned the Pune franchise for a couple of years. Goenka is tipped to buy the Lucknow team.
