IPL 2022: BCCI To Hold Auction for New IPL Teams on October 17

BCCI to Hold IPL Auction for Two New Teams on October 17

The second phase of the VIVO Indian Premier League 2021 in UAE is just around the corner but this isn’t the only thing that fans are looking forward to knowing more about. The BCCI itself last year announced that it will be adding two new teams to the one of the most popular cricket tournaments globally. This means there will be now 10 squads participating, making next year’s IPL season more exciting.

As a result, it is not just the current IPL match odds that fans are interested in but also which teams will be added to the tournament. The Invitation to Tender (ITT) has been available since August 31 and applicants have until October 5th of this year left to make their bid!

The BCCI is holding an auction for two new teams to participate in the IPL and hence released a statement inviting bids for the right to own and operate 1 (one) of the 2 (two) new teams in the year 2022. Any interested party wishing to submit their offer is required first purchase an ITT. 

However, 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. It is clarified that merely purchasing this ITT does not entitle any person to bid.the cricket body had said.

There aren’t any such details yet released on which businesses and organizations have already purchased the ITT. Well, certainly, the venues where the teams could be based include Ahmedabad, Lucknow, and Pune. Because of this, there are reports that business houses in these areas like the Adani group, Torrent and RPG Sanjeev Goenka group have an interest in buying these IPL teams for the next season.

IPL 2022 Mega Auction Details

The BCCI hasn’t yet released any official announcement when the auction for new teams is going to take place. However, Cricbuzz reported that it’s likely that October 17th may be a date on which this might happen and according to them BCCI has already informed interested parties with three key dates: September 21st until when clarifications can be sought; October 5th as an opportunity of revealing their interest through Online Trading Timing App (ITT), and October 17.

It makes sense that October 17 could also be the date of the auction, as it’s two days after 2021 VIVO IPL is completed. However, this also happens to be when ICC T20 World Cup starts – which could result in holding auctions offshore: possibly Dubai or Muscat.

Once the 2 teams are already selected, they’re going to need to pay 10% of the franchise fee annually for the next 10 years. They’re going to then be entitled to a revenue share of 50% within that period. The teams also will need to pay 20% of their income and can be eligible to receive 50% of the central pool of revenue every after an IPL season.

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Original Reference: https://www.thecitizen.in/index.php/en/NewsDetail/index/12/20926/The-BCCI-is-Likely-To-Hold-IPL-Auction-for-Two-New-Teams-on-October-17-

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