IPL New Teams Auction to be held on October 17: REPORT

The next edition of the Indian Premier League (IPL) is expected to be a blockbuster season as it will see the addition of the two new teams. As everyone is excited about the resumption of the second phase of the IPL 2021, the excitement is expected to get double as reports regarding the auction of the two new teams have taken the limelight. Notably, the two new teams were planned for the 2021 season but the COVID pandemic led to BCCI deciding to go ahead with eight teams and plan the step for the next season.

Auction for New Teams to be held on October 17th

As everyone gears up for the second phase of the IPL 2021, BCCI has already started the preparations for the next season of the IPL. The next edition of the marquee tournament will see two new teams being added and as per the reports in Cricbuzz, it is learned that the auction for the new teams is likely to take place just two days after the completion of the IPL 2021 on October 17th.

Although there is no official confirmation, but it is learned that the governing body has informed all the bidders of the new teams that they should seek their clarification done by September 21st while the Invitation To Tender document will be available for purchase till October 5 and most likely the auction will take place on 17th October in the gulf country in a closed bidding process.

It also reported that Rising Pune Super Giants owners, who represent the RP-Sanjiv Goenka Group, the Adani group, Aurobindo Pharma Ltd and the Torrent Group have bought the ITT document and among these Goenka Group is likely to bid for Lucknow.

IPL New Teams: Financial requirements for the bidders

The Board Of Control for Cricket in India has already brought in the notice of bidders that they should have had a net worth of at least INR 2500 crores and the company has to have a turnover of Rs 3000 crores. In case more than one bidder is interested to buy a team, the BCCI for that has also made clear that only three partners can buy one team and among them, at least 1 should team should have a net worth of INR 2500 crores with a turnover of the company over 3000 Crores.

Ahmedabad, Lucknow, Indore, Cuttack, Guwahati and Dharamsala are the cities available for bidding, which will take place in two stages, legal and financial. After the legal department gives a green signal to the bidders, the financial state will open and in that one bidder can bid for two to six cities.

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