New Delhi | Jagran Sports Desk: The Governing Council of the Indian Premier League (IPL) on Tuesday (August 31) invited bids to acquire the right to own and operate 1 (one) of the 2 (two) new teams proposed to be introduced to take part in the tournament from the IPL 2022 season, through a tender process. Interested parties have time till October 5 to purchase "Invitation to Tender" for Rs 10 lakh plus applicable Goods and Services Tax.
"The Governing Council of the IPL invites bids to acquire the right to own and operate 1 (one) of the 2 (two) new teams proposed to be introduced to take part in the Indian Premier League from the IPL 2022 season, through a tender process," a BCCI media advisory read.
The detailed terms and conditions governing the submission and evaluation of bids including eligibility requirements, process for submissions of bids, proposed new teams’ rights, and obligations, etc. are contained in the ‘Invitation to Tender’ (“ITT”) which will be provided on receipt of payment. The amount is non-refundable as per the BCCI media advisory.
The ITT will be available for purchase till October 5, 2021. Interested parties can email at firstname.lastname@example.org to get further details for purchasing the ITT. The email should have the subject line “ITT for the Right to Own and Operate One of Two Proposed New IPL Teams”. Any interested party wishing to submit a bid is required to purchase the ITT.
Only those satisfying the eligibility criteria set out in the ITT and subject to the other terms and conditions set out therein, shall be eligible to bid. Merely purchasing the ITT does not entitle any person to bid, the BCCI media advisory clarifies.
Further, BCCI reserves the right to cancel or amend the bidding process at any stage in any manner without providing any reason.
With this move, the Indian cricket board stands to earn at least Rs 5000 crore by adding two new franchises from IPL 2022 if the bids go as per plan as plenty of large business conglomerates are showing active interest in bidding.
Posted By: Sugandha Jha