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The league launched a campaign to expand the richest cricket tournament in the world by seeking bids for operating new teams.
The Indian Premier League (IPL) has launched a campaign to expand the richest cricket tournament in the world by seeking bids to operate a new team.
IPL stated that it will increase the competition from 8 teams to 10 teams in the 2022 season, but its tender announcement on Tuesday only allowed one of the spots to be contested.
Sports industry experts say that supporters may need to commit a $300 million budget to obtain franchise rights and pay upfront fees.
But it is rumored that major Indian groups including Adani Mining and Trading Group are waiting to enter.
IPL stated: “The IPL Management Committee invites bids to obtain the right to own and operate one of the two new teams proposed to participate in the Indian Premier League starting from the IPL 2022 season through the bidding process.” In a statement.
Candidates must request the tender details by October 5th and can make a decision in the same month.
The IPL did not specify when the second team’s game will start.
It is said that IPL brings billions of dollars in revenue to the Indian economy every year and has been fighting the coronavirus pandemic for the past two years.
In 2020, the entire event will be moved to the United Arab Emirates.
This year, due to the devastating COVID-19 wave that hit India, the event was suspended in April and will now end in the UAE on September 19.
IPL and its Cricket Control Board in India will expand through increased fees and media rights, earning more than $100 a year.
But increasing the IPL to 10 teams will mean more games and require foreign stars from all over the world to commit to longer games.
The International Cricket Council and other major cricket nations have expressed some concerns that a longer IPL will eat into the already crowded international schedule.
The eight teams currently play against each other twice, and then the top four enter the finals into the playoffs.
According to media reports, the IPL Chiefs may divide the league into two and five teams and hold the playoffs in the finals, which means that the current 60 games will be divided into 74 games.
Ahmedabad, Kochi, Lucknow, Pune, Ranchi are considered to be possible bases for the new team. Adani is headquartered in Ahmedabad.
IPL’s ambition to become a global leader has been driven by deals such as the action taken by Redbird in June-the American capital fund owns the owners of Liverpool Football Club and the Boston Red Sox-buying a 15% stake in the Rajasthan Royals.
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