IPL New Teams Auctions: Harsh Goenka lists 5 reasons why he didn't bid

With the bidding process for two new teams of the IPL ended today, RPG Group conglomerate chairman Harsh Goenka gave five reasons to explain why he will not bid for a team. The RPG Group conglomerate is valued at a staggering $3.80 billion. Harsh is currently the 77th richest man in India and ranks 1281 among the world's richest billionaires according to Forbes.

According to reports, the minimum bidding price for each of the new IPL franchises is Rs. 2,000 crores ($270 million approximately). The report further adds that six cities are in the fray for the auction. Meanwhile, the Board of Control for Cricket in India (BCCI) released in its release detailed terms and conditions concerning the submission and evaluation of bids. The details are contained in the 'Invitation to Tender' (ITT) document.

Harsh Goenka gives five reasons for not bidding for new IPL team

Harsh Goenka took to his personal Twitter account to explain why he didn't bid for a new IPL team. The RPG Group conglomerate chairman wrote that the return is poor since the expected winning price is between Rs 3,500 and Rs 4,000 crores. Another reason he gave is that 'consumer catchment' is lower in remaining cities. The third reason he gave was that too much of his 'personal time' would be spent following the IPL because as owners of a franchise they would be responsible for leading the team.

His fourth reason for not bidding for a new IPL team is that 'additional matches' may hurt the spectacle of the marquee tournament, thereby leading to 'TRP fatigue.' However, his fifth reason was the most hilarious. Goenka stated that he simply does not 'have the money' to purchase an IPL team despite being one of the richest people not only in India but also in the world.