Reports | Auction for New IPL team likely to take place on October 17
According to reports, the auction for two new IPL teams is likely to take place on October 17, two days after the IPL 2021 final in Dubai. It has been understood that the BCCI has informed its potential buyers regarding the auction date and the venue is likely to be either of Dubai or Muscat.
While the second leg of IPL 2021 is yet to begin, the BCCI has started their preparation for IPL 2022. The 15th edition of IPL will have two new teams, which makes the competition a 10-team tournament. According to the reports, the auction for new IPL teams is likely to take place on October 17. As the IPL 2021 ends two days before the auction and the T20 World Cup begins in Muscat, the venue for the bidding is likely to be either of Dubai or Muscat.
The last date for clarifications regarding the auction for the teams is September 21, but the bids can be picked till October 5.
"The bidding is set to take place on October 17, while queries regarding the same can be made till September 21," the source said, reported ANI.
Earlier on August 31, the IPL Governing Council invited bids through a tender process to acquire the right to own and operate 1 (one) of the 2 (two) new teams which can take part in the IPL 2022.
"The detailed terms and conditions governing the submission and evaluation of bids including eligibility requirements, process for submissions of bids, proposed new teams' rights, and obligations, etc. are contained in the 'Invitation to Tender' ("ITT") which will be made available on receipt of payment of non-refundable fee of INR 10,00,000 (Rupees Ten Lakhs Only) plus any applicable Goods and Services Tax," the BCCI had said in an official release.
The Invitation To Tender (ITT) is available for purchase till October 5 and the interested bidders can send an email at [email protected] to receive further information regarding the ITT. The email requesting ITT should have the subject line "ITT for the Right to Own and Operate One of Two Proposed New IPL Teams".
It is mandatory that the interested parties should purchase the ITT. The buyers have to meet BCCI's eligibility criteria in order to participate in the auction. It has been made clear by the BCCI that the purchase of ITT does not entitle any person to participate in the auction. BCCI is the final authority regarding the auction and the criteria, which entitles the right to cancel or amend the bidding process at any period of time without providing any explanation.
BCCI has also confirmed that the bidding process will be through closed bids instead of an e-auction.