IPL new teams bidding to be held on October 17.

The BCCI is planning to have closed bidding for the two new IPL teams on October 17 and the bids to buy the sides can be made by October 5. “The Board is planning to have the bidding on 17th October and it will be a closed bidding,” sources in the know of things told PTI on Tuesday.

The BCCI had on August 31 invited bids to own an IPL franchise with “Invitation to Tender” available for purchase till October 5. Lasith Malinga announces retirement from international cricket.

“The Governing Council of the IPL invites bids to acquire the right to own and operate one of the two new teams proposed to be introduced to take part in the Indian Premier League from the IPL 2022 season, through a tender process,” the BCCI had said in a statement.

“Any interested party wishing to submit a bid is required to purchase the ITT. RR reveals replacements for the English Trio who are going to miss IPL.

“However, 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. It is clarified that merely purchasing this ITT does not entitle any person to bid,” they added.

Among the venues where the teams could be based include Ahmedabad, Lucknow, and Pune.

The Narendra Modi Stadium in Ahmedabad and Ekana Stadium in Lucknow, with bigger capacities, could be the choice for the franchises.

Some of the business houses doing the rounds include the Adani Group, RPG Sanjeev Goenka group, noted pharma company Torrent, and a prominent banker who has shown active interest in buying teams.

BCCI is likely to make around 5000 crores profit from the bidding of the two new teams. With the e-bidding process, it will be more transparent and competitive.

RPG Sanjeev Goenka group had previously owned an IPL team Rising Pune Supergiants which came for just two years because of the banned which was imposed on CSK and RR. While this time too, he is one of the front runners to land a team along with the Adani group as the favorites.