IPL New Teams Tender – ITT Buying Date Extended till 20th October: The Board of Control for Cricket in India (BCCI) has once again extended the date to purchase the ITT Document for buying new IPL teams. According to the BCCI, now tender document can be bought by the interested parties till 20th October. As per the BCCI’s earlier release, tthe last date to buy the tender document was 10th October & teams are likely to be unveiled on October 25th.
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“BCCI has now decided to further extend the date for purchasing the ITT document till October 20, 2021. The ITT will be available to interested parties on receipt of payment of the non-refundable tender fee of INR 10,00,000 (Rupees Ten Lac Only) plus any applicable Goods and Services Tax. All other terms contained in the Invitation document shall be applicable”
IPL New Teams Tender: It is worth noting that the Governing Council of the IPL had issued the ‘Invitation to Tender’ (“ITT”) document available on payment of the non-refundable tender fees on August 31, 2021 and BCCI had first extended the date to 10th October and now it has been extended to 20th October.
IPL New Teams Tender: BCCI extends ‘date for purchasing tender for new IPL teams’ for 10 more days
IPL New Teams Contenders: Despite of the steep base price of 2,000 Crore, the interest to buy new IPL teams is increasing with each passing day. According to the information available with InsideSport.in, 14 parties have already bought the tender documents and still few may join the fray today –
The Indian board is surprised with the interest tender is generating & expect bid to go north of 3500 Cr. “The interest for the new teams is better than expected. We are surprised by the response. We expect bid to go above 3500 Cr range for each team”, said one of the top BCCI official
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IPL New Teams Tender – IPL New Teams Contenders: According to the information available with InsideSport.in, the parties who have already bought tender documents includes the likes of Sanjeev Goenka of RPSG Group, Aurobindo Pharma, Torrent Pharmaceuticals, Broadcast & sports consulting agencies ITW, Group M, Consortiums of Singapore based Private Equity Firms & few other parties.
The most surprising party missing till last week i.e Adani Group also has picked the tender documents.
The auction for the new teams, which was to be held on October 17, will now take place in Dubai on October 25.
InsideSport.in was the first platform to inform that the base price kept in the tender document has been fixed at Rs 2,000 crore. Not only this but some more stringent conditions will have to be fulfilled by the potential bidders to participate in the tender.
- Potential bidders can’t form consortium of more than 3 partners
- One of the consortium partner should have Rs 2,500 crore net worth & a minimum annual turnover of Rs 3,000 crore.
- Base price to participate in the tender Rs. 2000 Cr
- Potential bidders who qualify in the technical bid will be allowed to participate in the financial bidding.
- One party can bid for two cities with Ahmedabad, Lucknow, Indore, Cuttack, Guwahati and Dharamsala shortlisted for the two new teams.
- Furthermore, the teams will be liable to pay 10% every year for 10 years and 20% after 10 years. In exchange, BCCI will be sharing 50% of revenue from the central pool after every season.
IPL New Teams – IPL New Teams Contenders: Not only BCCI but the existing franchises of IPL are also hoping & predicting that the new teams of IPL will go for nothing less than 3000 Cr. Punjab Kings co-owner Ness Wadia expects each of two new teams in the IPL – set to be announced by the BCCI on October 25 after a team auction – to be sold for not less than 3,000 to 3,500 cr. “The value of each of the new teams should be 50 to 75% more than the base price of Rs 2000 cr. I think each team would go for a minimum of 3,000 to 3,500 cr,” predicted Wadia in a recent interview.
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