Published: Oct 31, 2015, 11:23 AM (IST)
Edited: Oct 31, 2015, 11:23 AM (IST)
The auction for the upcoming edition of the cash-rich Indian Premier League (IPL) will be a lot different, because of the suspension of two franchises, based in Chennai and Jaipur. While it is likely that the bidders will be gunning for the same venues, since there is a massive fan base for both Chennai Super Kings and Rajasthan Royals, those who win the bids can have these two franchises only for the two years. The new franchises will have to make way for Chennai Super Kings and Rajasthan Royals when they return in the Twenty20 cricket league after serving a two-year suspension, ordered by the Justice Lodha Committee in the wake of the IPL 2013 spot-fixing and betting scandal. ALSO READ: IPL contributes Rs11.5 billion to India’s GDP: BCCI
According to the Times of India, the draft of the sale of the two new franchises and around 50 players from Chennai Super Kings and Rajasthan Royals is yet to be approved, which will happen likely in the Annual General Meeting (AGM) of the Board of Control for Cricket in India (BCCI) in November.
The two new franchises will be sold by the BCCI for only two years, and every cricket venue excluding those that have already been taken, will be up for grabs. This enables the new bidders to go for Chennai and Jaipur as well. There will be a base price for the bidders, and this is where the idea of ‘reverse bidding’ will occur. ALSO READ: IPL will be eight-team event for next two years, BCCI assures league franchisees
The report explained that the bidders will be allowed to bid lesser amount than what the BCCI has set as the base price. The lowest bidder for these franchises will be given the rights. The Indian cricket board will pay the winning party the bid amount that will help them to manage the operational costs.
Interestingly, the bidders can also quote in negative, and if someone quotes in negative, he or she will have to pay that negative amount to the BCCI. The board expects that it will be able to attract those who do not mind spending money for only two years, keeping the marketing and branding initiatives in their mind.
