The Board of Control for Cricket in India (BCCI), the governing council of the Indian Premier League (IPL), has invited bids to own and operate one of the two new franchises proposed to be introduced from the 2022 edition of the game.
The "Invitation to Tender" (ITT) will be available for purchase on payment of a non-refundable fee of Rs 10 lakh till October 5. Any interested party wishing to submit a bid is required to purchase the ITT, said the Indian Cricket Board in a press release issued on August 31.
The IPL, which is currently an eight-team tournament, will become a 10-team affair from the next edition and during a recent governing council meeting, the modalities of the bidding process were chalked out.
“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 Rs 10,00,000 (Rupees Ten Lakhs Only) plus any applicable Goods and Services Tax,” said the BCCI in an official release.
The board, however, clarified that merely purchasing this ITT does not entitle any person to bid. “Only those satisfying the eligibility criteria set out in the ITT and subject to the other terms and conditions set out therein, shall be eligible to bid,” the board said.