Interested bidders will need to buy the tender document by October 5, after which the IPL will carry out a technical evaluation before selling the two franchises.
The minimum bid price for each of the new franchises will be US$ 270 million approximately and that there are six cities in the fray including Ahmadabad, Lucknow, Guwahati and Cuttack. It is learned that successful bidders will own the new franchises for perpetuity.
While it announced the launch of the bidding process, the BCCI did not reveal details such as whether bids would be made via sealed envelope or an e-auction and by when it would unveil the two new franchises.
The BCCI pointed out that any interested bidder is allowed to pick more than one bid document, which costs INR 10 lakhs but would be allowed to own only one franchise. (Agencies)