New Delhi, Sep 14: The Board of Control for Cricket in India (BCCI) is going to hold the auction for the two new Indian Premier League (IPL) teams on October 17. Interestingly, while the last day for queries in regards to bidding for the teams is September 21, the bids can be picked till October 5.

Auction on October 17

Sources in the know of developments confirmed news agency ANI about the same. "The bidding is set to take place on October 17 while queries regarding the same can be made till September 21," the source was quoted as saying.

The IPL Governing Council had on August 31 invited bids to acquire the right to own and operate 1 (one) of the 2 (two) new teams proposed to be introduced to take part in the tournament from the 2022 season, through a tender process.

Payment of Rs 10 lakh

"The detailed terms and conditions governing the submission and evaluation of bids including eligibility requirements, the process for submissions of bids, proposed new teams' rights, and obligations, etc. are contained in the 'Invitation to Tender' ("ITT") which will be made available on receipt of payment of a non-refundable fee of INR 10,00,000 (Rupees Ten Lakhs Only) plus any applicable Goods and Services Tax," the BCCI had said in an official release.

The ITT is available for purchase till October 5. Interested parties have been requested to send an email at [email protected] to get further details for purchasing the ITT.

The email requesting the ITT should have the subject line "ITT for the Right to Own and Operate One of Two Proposed New IPL Teams". Any interested party wishing to submit a bid is required to purchase the ITT.

However, only those satisfying the eligibility criteria set out in the ITT and subject to the other terms and conditions set out therein, shall be eligible to bid. It is clarified that merely purchasing this ITT does not entitle any person to bid. BCCI reserves the right to cancel or amend the bidding process at any stage in any manner without providing any reason.

BCCI stands to gain Rs 5000 crore

The IPL is currently an eight-team tournament but it will become a 10-team affair from the next edition. BCCI stands to gain at least Rs 5000 crore if the bids go as per plan with plenty of large business conglomerates showing active interest in bidding. The board is expecting anything in the range of 5000 crore if not more.