IPL Team Auction 2022: Ten Parties Submit Bids for Two New Franchise Companies in Dubai
The bidding process for the two new Indian Premier League (IPL) franchises began in Dubai on Monday when ten teams bid for one team in one of six cities: Ahmedabad, Lucknow, Cuttack, Dharamsala, Guwahati and Indore.
Key bidders, either directly or through consortia, include Premier League club owners Manchester United, Adani Group, Torrent Pharmaceuticals, Hindustan Media Ventures Pvt Ltd, RP-Sanjiv Goenka Group, Capri Global and Irelia Company Pte Limited based in Singapore .
The agency that once represented former Indian captain MS Dhoni, Rhiti Sports Management, applied for one of two new IPL teams.
According to Cricbuzz, all parties were asked to submit two envelopes: one for personal and financial information and one for the offer. The Cricket Control Board of India (BCCI) has announced that its legal and auditing officers will first check the credentials and not open the second envelope with the offer until they are online.
BCCI has twice extended its "Call for Proposals" and extended the deadline for Manchester United to participate in the bidding process until October 20th.
According to reports, BCCI expects the two new IPL franchises to cost Rs 7 trillion and Rs 10,000 billion, respectively. Initially, 22 companies raised Rs 10 lakh in tender documents, but only ten parties submitted their bids.The base price for new teams is Rs 2000 crore.
Sources:- The Indian express
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