New IPL team is expected to be auctioned off on October 17 through closed bids

The Board of Control for Cricket in India (BCCI) and those interested in bidding for the two Indian Premier League teams may have a busy day on October 17. (IPL). Given that the D-day is only two days after the IPL final in Dubai and the day the T20 World Cup begins in Muscat, the bidding might take place in one of the Middle Eastern cities – Dubai or Muscat. The BCCI is thought to have informed potential bidders that the final date and location would be announced later.

With the IPL being one of the most well-known T20 tournaments in the globe, various well-known companies and business moguls are interested in acquiring more franchises. As a result, it will be intriguing to observe how the auction goes. With both teams’ base prices at INR 2000 crore, the BCCI is likely to make at least INR 5000 crore by the end of the auction.

Three critical dates have been communicated by BCCI to the parties: September 21, October 5, and October 17. Up until September 21, clarifications can be requested, the ITT (Invitation To Tender) document can be purchased until October 5, and the auction will most likely take place on October 17. It has been established that there will be no e-auction and that the traditional method of closed bidding will be used.

Bidding will take place in two stages: legal and financial. The financial bid will be launched if the legal department is satisfied with the bidder’s qualifying conditions. One can bid on two to six cities, indicating the amount of money they are willing to put into each one. The cities that are open for bidding include Ahmedabad, Lucknow, Indore, Cuttack, Guwahati, and Dharamsala. The teams will be awarded to the two highest bidders.

The BCCI also remains silent on which players would be retained by existing franchises. The board is expected to accept two retentions and two Right To Match (RTM) cards, with a balance struck on the number of Indian and foreign players kept. The retention details should be released in November, with the major auction taking place in January 2022.