The Indian Premier League’s Government Council has invited bids to gain the right to operate and own one of the two teams that will come in the 15th edition of IPL. The two new franchises will be inducted in the 2022 season via a tender process.
The base prices of the two new IPL teams
A BCCI official said that the base price of the two new franchises will be set at INR 2000. Some people have already shown their interest in this bid, and are eager to own any of the franchises.
As per the release of the BCCI, in the ITT or Invitation to Tender, there is given detailed terms and conditions. This will govern the submission and evaluation of the bids. Also, it includes the process for the submission of bids, eligibility, requirements, various obligations, etc.
This ITT will be made available with the payment receipt of the non-refundable fee. This amount Rs.10,00,000. Also, the services tax and applicable goods are included here. Bidders will have access to this ITT till October 5, 2021.
Regarding the base prices
Any of the companies willing to own the teams can bid for the franchises. Earlier, it was thought that the base price would be set at Rs.1700 Crores, however, it was ultimately set at Rs.2000 Crores. Regarding thus Rs.2000 crores for each time, BCCI is looking forward to gaining a minimum of Rs.5000 to 6000 crores. If the bid goes as per the plan, and if many companies take part in this auction, the price may even rise.
A BCCI official said that the teams in the Indian Premier League are a good investment. They have also given the investors a great return. He also stated that the price of INR 2000 isn’t that big and they are expecting to get a minimum of INR 3000 to 3500 per team.