Bidding for two IPL team will start at Rs 1,035 crore ($225 million)

Indian premier League (IPL) cricket tournament soon will have two more IPLs team, and to do so, the bidding for two team will start at Rs 1, 035 crore ($225 million).

As per media reports, Lalit Modi, chairman and commissioner, IPL said, "The bid documents will be available on February 21 2010 from the Mumbai office of the Board of Control for Cricket in India and the bids will be opened on March 8 2010."

Modi added, "Although the new teams will participate in the Twenty20 tournament in its fourth season in 2011, the owners and management will be given an insider's view of the competition in the forthcoming third season scheduled to start from March 12 2010."

He further added, "Cities that have cricket stadiums and those building them would be eligible to host the teams. The cities include - Ahmedabad, Nagpur, Kanpur, Dharamsala, Indore, Cuttack, Gwalior, Visakhapatnam, Rajkot, Pune, Baroda and Kochi.

The reserve biding price $225 million is four times higher in comparison to the biding price i.e. $50 million for teams that participated in the inaugural season in 2008. However, the current biding price would not discourage many, including - Adani Group, Reliance-Anil Dhirubhai Ambani Group, Sahara India, Pawan Munjal of Hero Honda Motors Ltd, and owners of a top UK football club, from bidding for the new team, said industry experts.

As per media reports, a senior executive of one of the corporate group said, "We are very interested in Pune and Kanpur but will first have to discuss how financially viable these places will be for us. The details are being worked out."

"No companies had yet shown overt interest in owning an IPL team, but added that the final price for the two teams could go up to as high as $300-350 million," said Niranjan Shah, vice president, IPL, as reported by media.


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