What was the bidding process that gave us two new IPL teams? – Edexlive


IPL (Indian Premier League) teams are not just cricket teams, they are brands in their own right. Typical example, Chennai Super Kings. Need we say more? But there is no doubt that this Twenty20 cricket league has managed to capture the imagination of the world. High-end matches, hard-hitting theme songs, big bidders and an investment not only financial, but also a million emotions. And just like that, this league, founded by the governing body of cricket in India, the Cricket Control Council of India (BCCI), turned 15. Therefore, two new teams were recruited to join the franchise.

By now we already know that Lucknow and Ahmedabad are the chosen cities to join the IPL madness. But what was the bidding process that got us to where we are now – with ten teams eager to get there. We break it down for you.

So when did the bidding process for the new teams actually start?
On August 31, 2021, IPL’s Board of Directors made the “Invitation to Tender” (ITT) available. A non-refundable amount of Rs 10 lakh was to be paid as a tender fee by serious bidders who were interested. The deadline for this was until October 20. No less than 22 companies received the offers.

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What types of companies participated in the tendering process?
Companies that have operations and a presence in India, including those overseas, were able to bid for a team upon enlistment. Only that their annual turnover had to be Rs 3,000 crore or more. Even a consortium of three companies or entities was allowed as long as each had an annual net worth of Rs 2,500 crore. Some of the big names who picked up the offer were the owners of premier football club Manchester United, Adani Group, RP Sanjiv Goenka, Aurobindo Pharma and many more.

What happened after receiving the call for tenders?
According to Cricbuzz, the parties were required to submit two envelopes, one containing personal and financial identifying information while the second was for the offer. Legal and audit officials had to check the first envelope and only if the credentials were in order, the second envelope would be opened.

How many companies actually bid yesterday?
A dozen parties have submitted their offers for the six cities of the melee Ahmedabad, Lucknow, Indore, Guwahati, Pune, Dharamsala and Cuttack. And the base price of the offer was 2,000 crore rupees, which means that is the price from which the offer started.

So what happened yesterday?
At 11 am, closed offers were submitted to the BCCI’s representatives in Dubai and were opened in the presence of representatives of the companies or groups.

So which companies bid on which team, how much, and did they win?
RPSG (RP Sanjiv Goenka Group) Ventures made an offer of Rs 7,090 crore for Lucknow and Ahmedabad and went with the former while Adani Group made an offer of Rs 5,100 crore for Ahmedabad but CVC Capital made an offer of Rs 5,625, thus winning the offer.

What does this mean for the league schedule itself?
From now on, the 15th edition of the IPL will have ten teams and they will play 74 matches. Each team will play seven home matches and seven away matches. While the matches themselves are set to start from March 2022, the mega auction, where teams bid for domestic and international players, will take place in December 2021 or January 2022.

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