October 17 likely to be the bidding day for new IPL teams

According to reports from Cricbuzz, October 17 could be the day allotted by the Board of Control for Cricket in India (BCCI) for the bidding for the two new Indian Premier League (IPL) teams.

If the date is officially confirmed, it would mean this crucial decision will be made just two days after the IPL 2021 final and on the day when the T20 World Cup starts in Oman. Reports suggest that the BCCI has informed bidders that the final venue will be decided later.

NEWS 🚨 BCCI announces release of tender to own and operate IPL team.More details here - https://t.co/G0R7dMRy6Z pic.twitter.com/oyGLorerq0

— BCCI (@BCCI) August 31, 2021

According to Cricbuzz, there are three crucial dates that all-involved parties have been informed about - September 21, October 5 and October 17. Until September 21, any doubts regarding the bidding process will be resolved. The ITT (Invitation To Tender) document will be made available on October 5 and the final bidding will happen most likely on October 17.

There are eight IPL teams currently, which means that each team gets to play seven home and away games. With two new IPL teams in from next year, the expected number of home and away games is expected to rise to nine.

However, BCCI is likely to stick to 14 games with the option of 18 games still being available in the agreement. According to the availability of the window, the number of matches will be 74 or 94.

You can check out the IPL teams owners name list 2021 here.

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BCCI has set base price of INR 2000 Crore for new IPL team bidders

According to the rules made by the BCCI, the bidder for the new IPL franchises should have a net worth of INR 2500 crore and a turnover of INR 3000 crore. According to the reports from Cricbuzz, the base price is said to be INR 2000 crores.

There will also be a couple of stages in the bidding process - one being legal and the other being financial. The legal process will determine whether the bidder qualifies for bidding, after which the financial bidding will begin. One can bid between two and six cities, namely Ahmedabad, Lucknow, Indore, Cuttack, Guwahati and Dharamsala.

The teams will need to pay 10 percent of the franchise fee for the next 10 years and will have access to 50 percent of the revenue share. Post that period, the franchise will need to pay 20 percent and will continue receiving 50 percent of the revenue share after every IPL season.

🗓️ The dates are OUT!Get ready for the #VIVOIPL extravaganza in the UAE 🇦🇪 FULL SCHEDULE 👇 pic.twitter.com/8yUov0CURb

— IndianPremierLeague (@IPL) July 25, 2021