The Board of Control of Cricket in India (BCCI) will open tenders in New Delhi for two new IPL teams Tuesday. These teams will replace Chennai Super Kings and Rajasthan Royals, which were suspended by the Justice Lodha Committee, appointed by the Supreme Court to investigate the 2013 IPL corruption scandal.
The two new franchise owners will be picked through a reverse-bidding process — the base price for the reverse bid from the central revenue pool is Rs 40 crore, and the party that bids for the lowest share from the central revenue pool will be the winner of the new team, reports The Indian Express.
Star India and Chettinad Cement are among the companies which have bought the bid document for buying the two new teams in the Indian Premier League.
Apart from Star and Chettinad, it is learnt that Cycle Brand Aggarbatti has also bought bid document from the BCCI.
"There are 21 corporates and large business houses which have bought bid documents. Now buying bid documents doesn't necessarily mean participating in the bid," a top BCCI official told PTI on Sunday.
While Star Sports are official broadcasters of India's home matches as well as matches in Australia, England and ICC tournaments, thinking about buying an IPL team could be a significant development.
On the other hand, Chettinad Cement is a Chennai based company which is more than 50 years old.
Cycle Brand Agarbatti has also been associated with BCCI as sponsors during various international series.
Those who buy a team will be owning it for two years.
Chennai Super Kings and Rajasthan Royals have been banned for two years after former BCCI president N Srinivasan's son-in-law Gurunath Meiyappan and Raj Kundra were found guilty for their involvement in spot-fixing and betting scandal. Both have been banned for life on recommendations of the Supreme Court-appointed Justice Lodha Committee.
With PTI inputs
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