The Indian Premier League is willing to take its number of teams to 10 from the upcoming season and hence put out an Invitation to Tender (ITT) documents for sale for the two new franchises.
The last day to buy the ITT was October 10 and reports suggest that big companies such as the Adani Group, Ahmedabad-based Torrent Pharma, Hyderabad-based Aurobindo Pharma, Sanjiv Goenka of RPSG Group are among the front runners to get the desired bid.
Ahmedabad, Lucknow, Dharamsala, Guwahati, Ranchi and Cuttack are the cities up for grab for business houses to buy a franchise in. According to BCCI, a company or individual with a net worth of INR. 2500 crore turnover of 3000 crores was allowed to buy the ITT. The base price for the new teams is INR. 2000 crore.
The ITT document was sold at a non-refundable payment of INR. 10 lakh and the auction will take place in two weeks time and the two new teams would be announced on October 25.