Two new Teams of IPL 2020 confirmed ! Adani Group and Manchester United win the auction

Manchester United, Adani Group bidding for two new IPL franchise

The bidding for two new IPL teams are open now from 25th October for the upcoming edition of IPL. A number of heavyweight entities have reportedly shown interest in investing stakes. The walk-in event has begun on Monday at Dubai. We will see two new teams from a set of six cities such as – Ahmedabad, Cuttack, Dharamsala, Guwahati, Indore, and Lucknow. Earlier the bids were set to open from 17 October but it was delayed after several new heavyweight entities showed their interest in bidding for the IPL franchises.

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According to a report from ESPNCricinfo, Lancer Capital, whose principal is Avram Glazer who is currently the executive Co-Chairman and Director of Manchester United – is one of the 22 business entities to pick the bid documents up for the two new IPL franchises.

Ahmedabad-based infrastructure company Adani Group, RPSG, Jindal Steel, Torrent Pharma, Aurobindo Pharma, and Hindustan Times Media are some of the entities who have also picked up bid documents for the new IPL franchise.

Additionally, RP-Sanjiv Goenka Group, who were the owners of Rising Pune Supergiant’s for two years will be attempting to buy the IPL franchise once again. They also own a team in the Indian Super League (ISL) ATK Mohun Bagan and a table tennis league team RPSG Mavericks.

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The base price for each IPL franchise has been set at INR 2000 crore. Another one requirement has been listed in the tender document that bidders must show a turnover of at least INR 3000 crore for the previous three years. If it is a consortium, it needs to show a turnover of at least INR 2500 crore for last three years.

The 2022 edition of IPL will kick-off with 10 teams for the first time since 2011. In that season, the teams were divided into two groups of five. Each team were playing 14 games twice against the remaining four teams in the group, once against four teams in the other group, and twice against the remaining team (on basis of a random draw).

In 2016, two IPL teams – Rising Pune Supergiant’s and Gujrat Lions were added after the suspension of Chennai Super Kings and Rajasthan Royals for two years. Ahead of the 2018 edition, both the teams were dissolved as CSK and RR returned to the tournament.

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