The Board of Control for Cricket in India has started the process to introduce two new franchises in the next season of the Indian Premier League.
The IPL governing council invited bids for franchises by floating an invitation to tender. Interested parties can buy the ITT for a non-refundable fee of ₹10 lakh (plus taxes) till October 5.
The ITT will contain details of the terms and conditions and eligibility criteria for the new team owners.
While the BCCI has not officially announced a base price for the new teams, a source in the board said that it will be kept at ₹1,700 crore.
Ahmedabad and Lucknow are the two cities with the most interest. Other cities, which may see some bids, include Nagpur, Guwahati, Raipur, Visakhapatnam and Cuttack. “Given the way the media rights were sold last time, there is anticipation that the IPL rights will once again see a significant jump, which will directly add to team owners’ coffers,” said a sports marketing expert.