New IPL teams: From venues to bidding rights, all you need to know

There are 22 companies which have picked up tender document worth ₹10 lakh but with base price for new teams pegged at INR 2000 crore, there is expected to be only five to six serious bidders in fray, according to news agency PTI.

There has been buzz that Lancer group, which is owned by Manchester United owner Avram Glazer, has also picked up the bid document.

The other notable companies which are in fray comprise Kotak group, pharmaceutical majors Aurobindo Pharma and Torrent group.

Here is all you  need  to know about the  bidding for two new IPL teams:

How many teams are up for bidding?

BCCI will have two new teams as IPL will be 10-team league from 2022.

What is the bid price of tender document?

The bid price of tender document is ₹10 crore.

Which are the cities in fray?

Ahmedabad, Lucknow (two favourites), Indore, Guwahati, Pune, Dharamsala, Cuttack.

What is the Base Price set by BCCI?

The base price per team Is ₹2000 Cr. This means no potential buyer can bid less than that. That’s the minimum amount from where bidding starts.

Which kind of companies can bid for a franchise?

Any company (even overseas) which has its operations in India and is enlisted can bid for a team. However, the annual turnover has to be minimum ₹3000 Crore.

Is Consortium (a joint bid from multiple companies) allowed?

Yes, consortium of 3 companies/entities is allowed. However each will have to have a net worth of ₹2500 crore annually.

How many companies have picked up the bids?

 22 companies have picked bids.

Major names who have picked up the bid document?

Adani Group, RP Sanjiv Goenka, Kotak, Torrent Pharma, Aurobindo Pharma, Lancer Capital (Avram Glazer owner of Man United), Naveen Jindal.

Will Bollywood couple Deepika Padukone and Ranveer Singh join a consortium?

A: There is no such confirmation as of now but they could be a minority stake holder or brand ambassadors of a new franchise.