IPL 2022 – Manchester United owners and Adani Group among 22 units bidding on new IPL teams

Teams must be stationed in any of the two cities of Ahmedabad, Cuttack, Dharamsala, Guwahat, Indore and Lucknow

Other notable potential bidders include Adani Group, Ahmedabad-based infrastructure giants, Sanjeev Goenka-owned business conglomerate RPSG, Naveen Jindal-owned Jindal Steel, Torrent Pharma, Aurobindo Pharma and Hindustan Times Media. private equity firms.

Offers will open at a walk-in event to be held in Dubai on October 25th.

Teams that have been part of the IPL since 2022 must be deployed in any of the two Indian cities listed in the BCCI Tender Document: Ahmedabad, Cuttack, Dharamsala, Guwahati, Indore and Lucknow. While investors may bid from more than one city, they will eventually have to settle for one.

A senior BCCI official said that based on how quickly the technical evaluation of successful bids is made, the government will decide whether to announce two new franchise schemes and cities on the same day or later.

According to the original schedule, the bids were scheduled to open on 17 October, but this was delayed because BCCI postponed the deadline for purchasing the bid twice – first on 10 October and then on 20 October – citing the widespread interest of potential bidders.

BCCI is looking for a big purse from two new IPL teams. BCCI has set a base price of INR 2000 [US$ 267 million approx.] for each of the two new franchises. One of the requirements listed in the tender dossier is that bidders must have a turnover of at least INR 3000 billion [US$ 400 million approx.] for the previous three years. In the case of a consortium, the turnover of each investor must be at least INR 2500 billion [US$ 334 million approx.] for the previous three years.

They can be in large quantities, but some potential bidders have a broad and diverse business interest globally. For example, the Adani Group lists on its company website “its market capitalization of more than $ 122.45 billion, which includes six publicly traded companies.” Another Indian heavyweight company, Jindal Steel & Power, has set its annual turnover on its website at “$ 5.5 billion”. By the way, Naveen Jindal’s brother Sajjan Jindal owns Jindal Steel Works, which is a co-owner of Delhi Capitals.

This is the second time RPSG is trying to buy an IPL franchise agreement after he has owned Pune-based Supergiant / s for two years. The group also owns other franchise sports, including ATK Mohun Bagan in the Indian Super League and RPSG Mavericks in the Table Tennis League.