The Board of Control for Cricket in India (BCCI) has already announced that the Indian Premier League (IPL) 2022 will feature ten teams. The BCCI had already issued an Invitation To Tender (ITT) through a private equity company.
Based on reports, the Glazer family, which owns and runs the Manchester United football team, which includes one of the world's best footballers, Cristiano Ronaldo, has expressed interest in entering India's T20 league.
The US-based owners of an English Premier League club have signed an ITT. Manchester United's owners are keeping a close eye on developments in the world's most valuable T20 league based on reports.
The BCCI's ITT, which calls for closed bids to be submitted in the last week of October, contains some stringent provisions. To be eligible to bid, potential bidders must have an average turnover of Rs 3,000 crore or a personal net worth of Rs 2,500 crore, according to a BCCI statement. The BCCI recently reworked the average turnover clause after certain potential bidders made a specific request to lower the value in order to meet the eligibility criteria.
The Adani Group, Torrent Pharma, Aurobindo Pharma, RP-Sanjiv Goenka Group, Hindustan Times Media, Jindal Steel (led by Naveen Jindal), entrepreneur Ronnie Screwvala, and three private equity players are among those who have acquired the ITT.
Ahmedabad, Lucknow, Guwahati, Cuttack, Indore, and Dharamsala will be among the cities in the minds of investors as they prepare to bid for the two new franchises.
The formal announcement is expected on October 26th, and bids will be submitted in the UAE, where the T20 World Cup 2021 is currently taking place.