League launches a campaign to expand the richest cricket tournament in the world by seeking an offer for a new team.
The Indian Premier League (IPL) has launched its campaign to expand the richest cricket tournament in the world by bidding for a new team.
The IPL says it will increase the tournament for the 2022 season from eight to ten teams, but its tender announcement on Tuesday provided only one of the venues.
Sports industry experts said a supporter might have to undertake a $ 300 million budget to get a franchise and pay fees in advance.
But rumors that large Indian groups, including the mining and trade conglomerate Adani, are waiting to enter.
“The governing body of the IPL invites bids to acquire the right to own and operate one of the two new teams, which are proposed to participate in the Indian Premier League from the IPL 2022 season,” the IPL said. in a statement.
Candidates have until October 5 to request tender details, and a decision can be made the same month.
The IPL did not say when the competition for the second team will be launched.
The IPL, which reportedly brings billions of dollars to the Indian economy every year, has struggled with the coronavirus pandemic for the past two years.
In 2020, the entire tournament was moved to the United Arab Emirates.
This year the event was suspended in April when a devastating COVID-19 wave hit India and it will now be completed from 19 September in the UAE.
The IPL and its governing body for cricket in India earn more than $ 100 million a year from the expansion through increased fees and media rights.
But raising the IPL to 10 teams will mean more matches and foreign stars coming from all over the world are asking for a longer tournament.
The International Cricket Council and other major cricket countries have expressed concern that a longer IPL has an already full international calendar.
The eight teams currently play each other twice and then the top four play the final.
According to media reports, IPL chiefs are likely to split the league into two groups of five teams and hold play-off rounds for the final, meaning the current 60 matches will be spread over 74 matches.
Ahmedabad, Kochi, Lucknow, Pune, Ranchi are mentioned as a likely base for the new teams. Adani is based in Ahmedabad.
The IPL’s ambitions to become a world leader have been bolstered by deals such as the move taken by Redbird in June – a US capital fund owned by Liverpool football club and Boston Red Sox baseball team – by 15 per cent of the Rajasthan Royals.