The bidding process for two new Indian Premiere League (IPL) teams has concluded in Dubai. BCCI will have two new teams RP-Sanjiv Goenka Group and CVC Capital win bids for new franchises, thereby turning IPL into a 10-team league from 2022.
RP-Sanjiv Goenka Group placed a bid of Rs 7,000 crore and won the bid of Lucknow and CVC Capital won Ahmedabad for a bid of Rs 5600 crore.
Apart from these two groups, the Hindustan Media Ventures, Torrent Pharma Group from Ahmedabad, Uday Kotak, Naveen Jindal, Lancer Capital (Avram Glazer owner of Man United) were the major names that participated in the bids.
As per media reports 22 companies have picked up tender documents worth Rs 10 lakh but there were only ten serious bidders in the fray as the base price for new teams were pegged at Rs 2,000 crore.
According to media reports, the sale of the two new IPL teams will bring BCCI Rs 5,000-7,000 crore which is in addition to Rs 450 crore plus from its share of broadcasting and sponsorship revenues for the next season.
Ahmedabad, Lucknow, Indore, Guwahati, Pune, Dharamsala, Cuttack are on the list of venues for the two new IPL teams, as per media reports.
Due to a late submission, a bid from Rhiti Sports wasn’t accepted.
The IPL 2022 will have 74 matches – 70 leagues and four playoffs. The 15th season will follow the same format as in 2011 when IPL had ten teams. The franchises will be divided into two groups of five each.