It is already known that the Indian Premier League (IPL) will feature two new teams from the next season. BCCI has already started inviting bids for the two new franchises. As per the latest reports, The Glazer family, which owns popular football club Manchester United, has shown interest in this bidding.
According to the Times of India’s report, the American company has picked up BCCI’s ITT (Invitation to Tender) through a private equity firm. October 20 was the last date to pick up the ITTs.
The other companies that have shown interest in the bidding are Adani Group, Torrent Pharma, Aurobindo Pharma, RP-Sanjiv Goenka Group, Hindustan Times Media, Jindal Steel, entrepreneur Ronnie Screwvala and three private equity players.
According to the BCCI clause for the ITTs, a company can only bid if it has an average turnover of Rs. 3000 crore or personal net worth of Rs. 2500 crore. BCCI then had to rework these rules after a few potential bidders requested to lower the value so that they can bid.
The clause also states that one needs to set up a company in India after winning the bid. It has to be seen if the Glazer family will do it if they win the bidding.
“So, technically, overseas investors are eligible to submit a bid if they meet these conditions. We don’t really know whether Man U owners will come to the bidding table. What we certainly know is that they’ve shown interest,” said a source to the TOI.