Published: 26th October 2021
What The FAQ: What was the bidding process that gave us two brand new IPL teams?
Two new cricket teams will be joining the IPL mania for the matches slated to begin next year. Here's how it all went down during the bidding process
IPL (Indian Premier League) teams are not just cricketing squads, they are brands by themselves. Case in point, Chennai Super Kings. Need we say more? But there is no doubt about the fact that this Twenty20 cricketing league has managed to capture the imagination of the whole world. High-octave matches, thumping theme songs, big-ticket bidders and an investment of not just finance but a million emotions. And just like that, this league, founded by the governing body for cricket in India Board of Control for Cricket in India (BCCI), turned 15. Hence, two brand new teams were slatted to join the franchise.
By now we already know that Lucknow and Ahmedabad are the chosen cities to join the IPL madness. But what was the bidding process that got us to where we are now — with ten teams raring to go. We break it down for you.
So, when did the bidding process for the new teams actually begin?
On August 31, 2021, IPL's governing council made available the 'Invitation to Tender' (ITT). A non-refundable amount of Rs 10 lakh was to be paid as tender fees by serious bidders who were interested. The deadline for it was till October 20. As many as 22 companies picked up the bids.
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What kind of companies participated in the bidding process?
Those companies who have operations and presence in India, including those from overseas, were able to bid for a team upon enlistment. Only that their annual turnover had to be Rs 3,000 crore or more. Even a consortium of three companies or entities were allowed upon the condition that each would have an annual net worth of Rs 2,500 crore. Some of the big names to pick up the bid were the owners of the premier football club Manchester United, Adani Group, RP Sanjiv Goenka, Aurobindo Pharma and many more.
What happened after the tender was picked up?
As per Cricbuzz, the parties had to submit two envelopes, one which contained personal and financial credentials while the second was for the bid. The legal and audit officials were to check the first envelope and only if the credentials were in order, the second envelope would be opened.
How many companies actually bid yesterday?
About ten parties placed their bids for the six cities in the fray Ahmedabad, Lucknow, Indore, Guwahati, Pune, Dharamsala and Cuttack. And the base price for the bid was Rs 2,000 crore, meaning, that's the price from which the bid started.
So what transpired yesterday?
At 11 am, closed bids were submitted to office-bearers of the BCCI in Dubai and were opened while the representatives of the companies or consortiums were present.
So which companies bid for which team, how much amount and went on to win?
RPSG (RP Sanjiv Goenka Group) Ventures bid Rs 7,090 crore for both Lucknow and Ahmedabad and went with the former while Adani Group bid Rs 5,100 crore for Ahmedabad but CVC Capital bid Rs 5,625, thus winning the bid.
What does this mean for the schedule of the league itself?
Now, the 15th edition of IPL will have ten teams and they will play 74 matches. Each team will play seven matches at home and seven away. While the matches themselves are to begin from March 2022, the mega auction, where teams will bid for players both domestic and international, will happen in December 2021 or January 2022.