Even if the second phase of the 2021 Indian Premier League (IPL) has just started last week, cricket fans are already looking forward to witnessing the 2022 edition of the biggest cricket tournament there is. The Board of Control for Cricket in India (BCCI) has already confirmed that two new teams will be added to the league and changes will be implemented.
Cricket followers just can’t help but wonder what the next season will look like. It will surely be interesting for punters who are fond of placing bets on an IPL betting app too. So far, there aren’t many details about how the next season would play out but the BCCI has already announced key details that could help determine what the two new teams will be like.
What We Know So Far
Six cities can be the home for each new team to be addedto the league. The BCCI has put up a list that includes Guwahati, Ranchi, Cuttack, Ahmedabad, Lucknow, and Dharamsala. There are reports that the Adani Group and RPSG Group are some of the businesses that have expressed interest in buying an IPL team.
There are no official words yet from these groups and the BCCI has also not released any details just yet as to which companies have purchased the Invitation to Tender (ITT). This document was released in August and the deadline for interested parties to purchase the ITT was initially set at October 5. However, the BCCI recently announced that they will be extending the said date to October 10.
The purchase of the ITT doesn’t necessarily mean that the interested parties are already part of the bidding for the two new teams. According to the BCCI, only those who will be satisfying the criteria and other terms and conditions written on the ITT will be eligible to bid. The purchasing of the ITT does not entitle any person to bid.
A report posted by Cricbuzz said that the auction for the two new teams will be held on October 17 which is the last day of the current IPL season. A source who spoke to them has confirmed this and said, “The board is planning to have the bidding on 17th of October and it will be a closed bidding.”
This then means that the auction will not be held online as initially thought by many. However, other reports suggest that the auction will be held in mid-December instead. This makes more sense as the BCCI will surely need time to carefully select the bidders. This could take up to one month from the ITT document deadline of October 10. Either way, the said auction will be telecasted live but there are no details which broadcaster/s will. Speaking of broadcasting rights, the tender documents for this is likely to be released early next year.
The Bidding Process and Requirements to Be Met
The ITT contains the financial requirements that a business should meet. One is that the bidder should have a net worth of at least Rs 2.5 and that the business or company’s annual turnover is also at least Rs 3.5. Businesses are allowed to form a consortium but it is only limited to three separate entities. One of these businesses should be able to meet the financial requirement.
If a bidder satisfies the financial requirements, a legal process will have to take place. After the legal team approves the application, interested parties can then bid for two to six cities. This is as long as they mark the value that they are willing to give to each team.
If a party has won the bid, at least 10 percent of the franchise fee will have to be paid for 10 years. The party will also be entitled to a revenue share of 50 percent within the 10 years. Aside from this, the franchise will also have to pay 20 percent of their income to be eligible to receive 50 percent of the league’s central pool of revenue to be given every after an IPL season.
It was reported that the BCCI will be increasing the salary purse for the franchises next year. From Rs 85, it will go up to Rs 90 and the teams will be required to spend 75 percent of this on the mega auction. The salary purse is also set to increase in the next few years.
