Ten parties submit bids for two new IPL teams in the IPL team auction in the UAE

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Ten parties submits bids for two new IPL teams in the IPL team auction in the UAE

IPL 2022: Ten parties turned up for the IPL 2022 team auction at Taj hotel in Dubai. Manchester United’s owners & Adani Group & the RPSG Group owned by Sanjiv Goenka are among the ten parties who have placed bids to acquire an IPL franchise at one of the six cities – Ahmedabad, Lucknow, Cuttack, Dharamsala, Guwahati, and Indore.

Earlier on Monday afternoon, the BCCI tweeted, “The stage is set! Bidding for the 2 new IPL teams to commence shortly”.

The major limelight of the IPL 2022 auction is the absence of a renowned Pharmaceutical company whose presence was almost confirmed however the company didn’t show up. The Kotak Mahindra Group dealing in Banking & Insurance sectors have also submitted bids. According to reports, The Kotak Group has taken the help of a famous media agency in the bidding process.

Rhiti Sports promoted MS Dhoni manager Arun Pandey, submitted a bid for Cuttack based franchise. Rhiti Sports was representing a big company owned by a local businessman Anand businessman. However, he arrived late at the venue and his bid was eventually not accepted for a late submission.

The Aurobindo Pharma is also eyeing to own the Lucknow franchise. The Hyderabad-based franchise is challenging Goeanka’s RPSG Group which is trying to acquire the Uttar Pradesh based centre. The Ahmedabad bid could be between the Adanis and Torrent Pharma while a PE (Private Equity) firm has also joined the race.

All the parties have been asked to submit two envelopes one for personal and financial credentials and the second for the bid. The BCCI said that its legal & audit Officials would first check the credentials submitted & if they are in order then only the second envelope, containing the bid, would be opened. The process is expected to take a few hours.

The Governing Council of the IPL has issued the ‘invitation to tender document available on payment of the non-refundable tender fees on August 31, 2021.

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