BCCI sets base price for new IPL teams at ₹2000 crore
The 2022 edition of the Indian Premier League (IPL) will see a prominent expansion with two more franchises to be added. The BCCI has reportedly set the base price for the two prospective IPL teams at ₹2000 crore, and the board expects to attain atleast ₹5000 crore once the bidding war ends.
Initially, the base price was slated to be set at ₹1700 crore but the price was late on increased and finalized at ₹2000 crore. In order to enter the auction to acclaim a franchise, interested parties will have to buy a bid document which is worth ₹75 crore. Only companies with annual turnovers over ₹3000 crore are eligible to buy the bid document and attempt to buy a league franchise. A top BCCI source told PTI on the condition of anonymity:
"Any company can buy the bid document paying ₹75 crore. Earlier top brass was thinking about keeping the base price for two new teams at ₹1700 crore but later it was decided to keep the base price at ₹2000 crore,"
"The BCCI is expecting anything in the range of 5000 crore if not more. There will be 74 IPL games next season and it's a win-win situation for everyone."
The source also noted that up to three business entities can form a consortium and jointly bid for a team if they wish to do so. He added:
"I think more than three business entities won't be allowed to form a consortium but if three business come together and wants to jointly bid for a team, they are welcome to do so,"
IPL's new set of franchises could be set in Pune, Ahmedabad or Lucknow
Several business firms are frontrunners in terms of acquiring a franchise. Adani group, RPG Sanjeev Goenka Group, pharmaceutical company Torrent and a prominent bank are all in the running to mark their presence in the IPL.
As far as the city in which the franchise could be based is concerned, the larger capacities of the Narendra Modi Stadium in Ahmedabad and Ekana Stadium in Lucknow make them clear favorites ahead of the rest of the cities.
The last time the IPL had ten teams in its mix was a decade ago, in its fourth season. Kochi Tuskers Kerala and Pune Warriors India were the franchises that were the new additions back then. The IPL became a nine-team league starting with the subsequent edition but was eventually restored back to the original eight-team formula.