IPL New Teams Auction: All Bids Submitted, Verification Process Underway

IPL New Teams Auction Live Updates: Around 10 parties are reported to have submitted the bids for two new IPL teams

IPL New Teams Auction: All Bids Submitted, Verification Process Underway
IPL New Teams Auction: All Bids Submitted, Verification Process Underway

IPL New Teams Auction Live Updates: The bidding process for the two Indian Premier League (IPL) is underway in Dubai. 22 companies have picked up tender document worth ₹10 lakh but with base price for new teams pegged at ₹2,000 crore, there were only ten serious bidders in fray. The Governing Council of the IPL had issued the 'Invitation to Tender' ("ITT") document available on payment of the non-refundable tender fees on August 31, 2021.

Manchester United owners showing interest to be a part of the IPL may be one of the reasons why the Board of Control for Cricket in India (BCCI) on September 21 informed they have decided to extend the date for purchasing the Invitation to Tender (ITT) for the right to own and operate one of two proposed new IPL teams document till October 10 from the initial deadline of October 5.

IPL New Teams Auction Live:

Announcement of two new IPL teams expected around 5:30 pm (IST)

Manchester United owners in Dubai

The owners of Manchester United -- the Glazer family also reached UAE to try and ensure they get to own one team in the cash-rich league, according to news agency ANI.

BCCI expected to garner ₹5,000-7,000 cr

BCCI is expected to earn ₹5,000-7,000 crore from the sale of the two new IPL teams.

Announcement of new IPL teams expected soon

The announcement for two new IPL teams is expected soon. Around ten parties are reported to have submitted the bids.

All parties have submitted bids for two new IPL teams

The bid submission process has been done and the verification process is underway in Dubai for two new IPL teams.

Which companies or individual can bid for IPL teams?

In case of an individual or company, that particular entity's annual turnover should be minimum ₹3,000 crore and in case of consortium, each of the three entities should have an annual turnover of ₹2,500 crore.

The BCCI is also allowing a consortium of up to three companies or individuals to bid for a franchise.