BCCI eyes Rs 5000 cr windfall from IPL expansion; begins process to add two new teams

The Board of Control for Cricket in India (BCCI) might potentially become richer by around Rs 5000 crore following the inclusion of two additional teams for the 2022 season of the Indian Premier League (IPL). The IPL will expand from eight to ten teams, and BCCI outlined the bidding procedure during the most recent governing council meeting.

Many renowned corporate businessmen and organizations are in contention to become the owners of the two new franchises, which are yet to be confirmed. As per a source familiar with the financial aspects of the IPL, the BCCI stands to collect at least 5000 crores if the bids go as planned, with a number of major corporate groups expressing strong interest in bidding.

“The BCCI is expecting anything in the range of 5000 crores if not more. There will be 74 IPL games next season and it’s a win-win situation for everyone,” a senior source in the BCCI is said to have told PTI.

It is also understood that only companies with a yearly turnover of Rs 3000 crore would be permitted to participate in the bidding process. BCCI intends to enable a consortium to bid for franchises in order to make the bidding system more efficient.

"I think more than three business entities won't be allowed to form a consortium but if three business come together and wants to jointly bid for a team, they are welcome to do so," the source said.

Also, it has been reported that the base price to own a team has been set at Rs 2000 crore by BCCI.

"Any company can buy the bid document paying ₹75 crores. Earlier top brass was thinking about keeping the base price for two new teams at ₹1700 crore but later it was decided to keep the base price at ₹2000 crore," he further added.

10 Teams In IPL 2022? BCCI releases tender for new teams in IPL 2022

The BCCI has officially announced the release of the tender to own and operate one of the two new teams to be added in IPL 2022. The IPL governing council has invited bids for the same, for which the interested parties need to purchase the Invitation to Tender (ITT) for a non-refundable fee of Rs 10 lakhs, which are available until October 5.

Image Credits: PTI