Two new IPL teams to be announced on October 25

·2-min read
Two new IPL teams to be announced on October 25
Two new IPL teams to be announced on October 25

BCCI on Tuesday confirmed that two new IPL teams for the tournament will be announced on October 25. The Governing Council of the IPL had already confirmed previously that the IPL 2022, will be a 10-team event.

“The IPL Media Rights tender for the cycle 2023-2027 will be released immediately after the appointment of two new IPL teams. It is scheduled to be announced on 25th October 2021,” said BCCI in an official statement

IPL Media Rights tender to be released

A few days back, BCCI had extended the deadline, making the ITT document available for purchase till October 10 from the initial deadline of October 5. The board would answer the queries till September 29. And the auction for the teams, which was to be held on October 17, will now take place in Dubai on October 25.

“The detailed terms and conditions governing the submission and evaluation of bids including eligibility requirements. The process for submissions of bids, proposed new teams’ rights, etc. is contained in the ‘Invitation to Tender’ (ITT). This will be made available on receipt of payment of a non-refundable fee of INR 10,00,000,” said BCCI in an official release.

There are two stages of bidding, viz. legal and financial. The financial bid will be opened after the legal department clears the bidder’s qualifying criteria. BCCI has already announced a week ago that each bidder should have a net worth of Rs 2500 crores. And the company has to have a turnover of Rs 3000 crores. The base price of the teams has been kept at 2000 crores.

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