E-bidding auction for two new IPL teams planned on October 17

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The BCCI are reportedly set to hold the auction for the acquisition of the ninth and the tenth team of the Indian Premier League from October 17. Interested firms can place their bids after purchasing the Invitation to Tender (ITT) document. 

E-bidding auction for two new IPL teams planned on October 17

The E-auction will see closed bidding being followed. Clarifications can be sought until September 21. The ITT document is available until October 5 for eligible firms that will allow them to submit their bid for the franchise at the date of the auction, which is on October 17.

“The bidding is set to take place on October 17 while queries regarding the same can be made till September 21,” the source was quoted as saying

“The detailed terms and conditions governing the submission and evaluation of bids including eligibility requirements, process for submissions of bids, proposed new teams’ rights, and obligations, etc. are contained in the ‘Invitation to Tender’ (“ITT”) which will be made available on receipt of payment of non-refundable fee of INR 10,00,000 (Rupees Ten Lakhs Only) plus any applicable Goods and Services Tax,” the BCCI had said in an official release.

The interested parties have been told to send an email to the BCCI to avail the ITT document with the subject line “ITT for the Right to Own and Operate One of Two Proposed New IPL Teams”

It is to be noted that the BCCI have the right to reject or withdraw any firm’s advance in their pursuit for a franchise.

Earlier, the BCCI had set the prices for the two franchises and expect to net a total of Rs 5000 Cr through the auctions.

Sanjiv Groenka is among the frontrunners and he has reportedly set his eyes on the Lucknow stadium. The BCCI are open to Lucknow having its own IPL franchise due to the sport’s immense popularity in Uttar Pradesh as well as the decent seating capacity of the newly constructed Ekana Stadium in the city.

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