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IPL 2022 Team Auction: Ten parties submit bids in Dubai for two new franchises

Among the high-profile bidders to put their name in the hat are the owners of Manchester United, Adani Group, RPSG Group, Torrent Pharmaceuticals, and Hindustan Media Ventures Pvt Ltd.

By: Sports Desk |
Updated: October 25, 2021 7:24:58 pm
I|PL new franchiseThe two new IPL franchises were announced on Monday evening. (Twitter/IPL)

The bidding process for the two new Indian Premier League (IPL) franchises began on Monday in Dubai with ten parties submitting their bids to own a team at one of the six cities — Ahmedabad, Lucknow, Cuttack, Dharamsala, Guwahati and Indore.

Among the high-profile bidders to put their name in the hat, directly or through consortiums, are the owners of Premier League club Manchester United, the Adani Group, Torrent Pharmaceuticals, Hindustan Media Ventures Pvt Ltd, RP-Sanjiv Goenka Group, Capri Global and one Singapore based Irelia Company Pte Limited.

The agency that once represented the former India captain MS Dhoni, Rhiti Sports Management, has bid for one of the two new IPL teams.

According to Cricbuzz, all the parties have been asked to submit two envelopes — one for personal and financial credentials and the second for the bid. The Board of Control for Cricket in India (BCCI) has said its legal and audit officials would first check the credentials and only after they are in order, will the second envelope, containing the bid, would be opened.

The BCCI twice had extended its ‘Invitation to Tender’ and had extended the deadline till October 20th, so that Manchester United can take part in the bidding process.

As per reports, the BCCI are expecting the two new IPL franchises to go for Rs 7000 crore to Rs 10000 crore each. Initially, 22 companies picked up the tender document worth Rs 10 lakh but only ten parties placed their bids.

The base price for the new teams is Rs 2000 crore.

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