Companies show huge interest for two new IPL franchises

Companies show huge interest for two new IPL franchises: The verdict by Justice RM Lodha stated that Chennai Super Kings (CSK) and Rajasthan Royals (RR) will remain suspended for the next two years and the BCCI agreed with the decision and stuck with it. This verdict on the Indian Premier League (IPL) 2013 spot-fixing scandal was delivered on 14th July earlier this year.

IPL Governing Council took a decision to add two new teams for the next two seasons and these two teams will replace CSK and RR. IPL chairman Rajeev Shukla had assured the franchises that the tournament will continue with eight teams.

“The base price for the reverse bid from the central revenue pool is Rs 40 crore and the party which bids for lowest share from the central revenue pool will be the winner of the new team,” Shukla had told PTI earlier this year.

The reverse-bidding will take place on 8 December and a number of companies like Chettinad Group, ITW, media entrepreneur Ronnie Screwvala’s Unilazer, Videocon, Group M, Intex Mobile, Haldirams, Yes Bank and RPG have shown their interest and bought the bid documents.

More than ten companies have bought the Invitation To Tender (ITT) document for the two new IPL franchises to replace the teams for the next two seasons. The two successful owners will be identified in a walk-in bid on December 9. Snack manufacturer Haldiram, Harsh Goenka, chairman of the RPG group, and his brother Sanjiv, chairman of the RP-Sanjiv Goenka group, have also procured the document. Bidders can seek clarification on the specifics of the bid process on December 4.