The IPL on Tuesday launched its campaign to expand the world’s richest cricket tournament by seeking bids to run a new team. The IPL had said it would increase the tournament from 8 to 10 team in 2022 season , but its tender announcement only put one of those up for grabs.
Sports industry experts have said a backer may have to commit to a $300 million budget to get a franchise as well as pay fees up front. But major Indian groups including the Adani mining and trading conglomerate are said to be waiting to enter.
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“The governing council of the IPL invites bids to acquire the right to own and operate one of the two new teams proposed to be introduced to take part in the Indian Premier League from the IPL 2022 season, through a tender process,” the IPL said in a statement.
Candidates have until October 5 to ask for tender details and a decision could be made the same month. The IPL did not say when the competition for the second team would be launched.