Big Business Houses Show Interest In New IPL Teams

Cricket News By TODAYLIVESCORE.INFO - Big business houses show interest in new IPL teams. Over a dozen parties have bought the ITT for the two new IPL franchises

Big Business Houses Show Interest In New IPL TeamsOver a dozen parties have bought the ITT for the two new IPL franchises

Even as the deadline for the sale of Invitation to Tender (ITT) documents for two new Indian Premier League (IPL) franchises ended on Sunday (October 10), it is learnt that over a dozen parties have bought the ITT. While there's no certainty that all of them will be in Dubai to bid for the teams in two weeks from now, a few big business houses have shown interest.

One of those parties is the Adani Group of Ahmedabad. Informed sources in the BCCI have revealed that the big business house from Gujarat, favourite to buy the Ahmedabad franchise, has picked the document. While this development is not an indication that the business house will certainly bid for a team, it should be a pointer towards their interest, rather than lack of it. A spokesman for the group, however, refused to confirm or deny the development.

A few other big parties like Ahmedabad-based Torrent Pharma, Hyderabad-based Aurobindo Pharma, Sanjiv Goenka of RPSG Group, some agencies and venture capitalists have also purchased the ITT. The BCCI has put up Ahmedabad, Lucknow, Dharamsala, Guwahati, Ranchi and Cuttack franchises for purchase, with the first two named cities expected to attract serious bidding.

Meanwhile, Cricbuzz understands that some business houses had requested the BCCI if it can bring down the financial criteria of INR. 2500 crore net worth and INR. 3000 crore turnover for a company or individual. Questions in this regard were sent to the BCCI and the board is believed to have refused to relax the clause or cut down on the criteria.

The BCCI, it has been explained, is clear that it does not want any dilution in its efforts to keep the financially exclusive nature of the tournament which, in its 15 years, has not seen any major payment defaults. For the record, the BCCI has put INR. 2000 crore as base price for a new team.

Initially October 5 was the deadline for the sale of ITT. The BCCI later postponed the deadline by five days stating, “Pursuant to request from interested parties, the BCCI has now decided to extend the date for purchasing the ITT document till October 10, 2021.” The parties had to buy the ITT document at a non-refundable payment of INR. 10 lakh. The BCCI has also stated that the new teams will be announced after closed bidding on October 25.

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