The Governing Council of the IPL is now inviting bids for the two new franchises. With that, the IPL, currently an eight-team tournament, will become a 10-team affair from the 2022 edition.
Interested bidders have to buy the tender document by 5 October. Following that, the IPL will carry out a technical evaluation before selling the two franchises.
The BCCI added that any bidder can pick more than one bid document, which costs INR 10 lakhs each, but it would only own one franchise.
‘The BCCI is expecting anything in the range of 5000 crores if not more. There will be 74 IPL games next season and it's a win-win situation for everyone,’ a source was quoted saying to PTI.
As per ESPNCricinfo, the minimum bid price will be INR 2,000 crore (approximately USD 270 million). There are six cities in contention to buy new franchises, including Lucknow, Ahmedabad, Guwahati and Cuttack.