The IPL, which is now an eight-team event, will expand to 10 teams for the next edition, and the mechanics of the bidding process were laid out during a recent governing council meeting.

“The bid document can be purchased for Rs 75 crore by any company. Initially, top brass considered retaining the basic price for two new teams at Rs 1700 crore, but it was subsequently agreed to keep it at Rs 2000 crore “PTI spoke to a senior BCCI source.

According to a source familiar with the financial aspects of the IPL, the BCCI stands to collect at least Rs 5000 crore if the bids go as planned, with a number of huge business conglomerates expressing significant interest in bidding. Only corporations with an annual turnover of Rs 3000 crore will be able to compete for the teams, according to reports. The BCCI has announced that it will allow a consortium to compete for franchises, which will make the bidding process livelier.

Ahmedabad, Lucknow, and Pune are among the possible locations for the teams. Franchises could choose between the Narendra Modi Stadium in Ahmedabad and the Ekana Stadium in Lucknow, both of which have larger capacities.

The Adani group, RPG Sanjeev Goenka group, recognised pharma giant Torrent, and a famous financier who has showed strong interest in owning teams are among the names being bandied about.