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BCCI announced plans to add a new IPL team for the next season. It has invited bids for the team.
Tenders are open to new customers on payment of Rs 10 lakh.
There will be a Tender bid in circulation until October 5.
The BCCI is accepting proposals to select the first franchise to be added to the IPL, which will begin operations in 2022.
On Tuesday, the Indian Premier League began its effort to make the most lucrative cricket league in the world even bigger by inviting bidders to set up a new franchise. The IPL previously announced it will expand the league to 10 teams by 2022, but their tender only gave away one team to organizations outside of the established franchises. Experts in the sports sector have claimed that to obtain a franchise and cover its costs, a group should set aside at least $300 million and pay fees upfront. However, Indian corporations, like the Adani Group, which has a history of trade and mining, are expected to enter the market.
The IPL announced a bidding process in which interested parties will purchase the right to own and operate one of the two new IPL teams. According to the league, “The governing council of the IPL invites bids to acquire the right to own and operate one of the two new teams proposed to be introduced to take part in the Indian Premier League from the IPL 2022 season, through a tender process.”
Candidates are able to request tender information by October 5, with a decision expected in the same month. There were no details provided about when the second IPL team will be in action.
The coronavirus pandemic has plagued the IPL, an international cricket tournament that has brought billions of dollars to the Indian economy every year since its inception.
For the tournament in 2020, everything has to transfer to the United Arab Emirates. The contest, which was disrupted in April after a powerful wave known as Covid-19 attacked India, will finish in the UAE on September 19.
The IPL and BCCI, their masters, have the potential to earn more than $100 million years from the additional funding acquired by increasing fees and broadcast rights.
It will require lengthier seasons for the visiting international players and will also include more matches.
International cricket organizations, including the International Cricket Council, are worried that a protracted IPL may increase the risk of overlap with other international events.
Playoffs are made up of the top four finishers. To qualify, teams play each other twice.
Reports claim that IPL organizers may likely divide the league into two five-team groups and run playoffs for the final, thus increasing the total number of matches in the season from 60 to 74.
The media has discussed Ahmedabad, Kochi, Lucknow, Pune, and Ranchi as the places that will host the new franchises. Ahmedabad is where Adani is based.
The IPL hopes to one day be the premier cricket organization in the world, and with moves like the June purchase of Redbird by a US capital firm that also owns Liverpool football club and the Boston Red Sox baseball team, the league is looking very promising.
