How the new teams will shape up:
Shashank Manohar: On December 15th, there will be something called a Player Draft for the two new teams. The auction pool will have players from the suspended Chennai and Rajasthan franchises. Since New Rising had the lower bid, Goenka will pick the first player and Intex will go second till both have five players each. The remaining players will go into the bigger pool for which the auctions have been scheduled for February 6, 2016.
IPL 2016:
IPL 2016 has been scheduled from 9th April to 29th May, 2016, Shashank Manohar announces in the press conference after the bidding. Players auctions to be held on February 6, 2016 in Bangalore.
The bids::
Chettinad Cements, Axis Chemicals, RPG Properties, Intex and Sanjeev Goenka were the five bidders participating in the process.
Goenka bagged the rights to the Pune based franchise with a negative bid of Rs. 16 crore. Intex will own the second team, based out of Rajkot, afterit's bid of Rs. -10 crore was found to be the second lowest of the day.Incidentally, Intex had put in two more bids, worth Rs. 10 crore each, for having its base in Kanpur and Vizag.
The other failed attempts included Chettinad's bid of Rs. 27 crore for Pune, RPG's three bids of Rs 27 crore for Chennai, Rs. 20.88 crore for Rajkot and Rs. 17.88 crore for Pune, and Axis Chemical's Rs. 15 crore bid each for Nagpur and Kanpur and Rs. 10 crore bid for Pune.
How much are they worth?:
In an aggressive bidding process, the Sanjeev Gupta-led 'New Rising' consortium bid -16 crore INR for the Pune franchise while Keshav Bansal's Intex Mobiles picked up the Rajkot side for a value of -10 crore. BCCI had set a base price of 40 crore for the reverse bidding exercise with prospective buyers bidding for a share of the board's central revenue pool. Here are all the details.
Niranjan Shah, honorary secretary of Saurashtra Cricket Association, says, "Very happy that Rajkot will be a centre. It is a 100% profitable venture. We had good revenue from the ODI played here."
"Intex as a brand has been associated with cricket for a very long time," owner Keshav Bansal said after making the winning bid. "It was exciting process. We were the most aggressive bidders. We are pucca Hindustani (true Indians). Well give importance to Indian players first."
This makes it official:
JUST IN:
So the word is, Pune and Rajkot will be the bases for the two new IPL franchises in 2016 and the year after. While Sanjiv Goenka group has bagged the Pune team, Intex won the Rajkot one.
Build up: What to expect
The Governing Council of the Indian Premier League (IPL) have begun their meeting at the Hotel Taj Palace in New Delhi to complete the "walk-in bid" process to finalise the two new franchises that will take part in the cash-rich league during the period 2016-2107. Shashank Manohar (BCCI President), Anurag Thakur (BCCI Secretary) and Rajeev Shukla (IPL Chairman) are in attendance, along with representatives of the interested organizations - those who purchased the bid forms following the Invitation to Tender (ITT) put out by the board, before the November 28 deadline.
Reverse Bidding - How the two new teams will be chosen
In the original franchise bidding, prospective buyers bid varying amounts to acquire the franchise (franchise fee) and the highest bids received the teams. With the teams set to exist, in theory, for just the two years, BCCI will hand over the two franchises by a concept known as reverse bidding.
Bidders will be bid for a share from the central revenue pool of the IPL and the two lowest bids will win the two new teams. The base price for the reverse bid is 40 crore INR.
"In a reverse bid, say for instance a company bids asking us for only Rs 20 crore from the broadcast rights, while another company asks for only Rs 15 crore. The one that asks for less money from us gets the rights," Shukla had earlier told PTI explaining the reverse bid.
© Cricbuzz
Shashank Manohar: On December 15th, there will be something called a Player Draft for the two new teams. The auction pool will have players from the suspended Chennai and Rajasthan franchises. Since New Rising had the lower bid, Goenka will pick the first player and Intex will go second till both have five players each. The remaining players will go into the bigger pool for which the auctions have been scheduled for February 6, 2016.
IPL 2016:
IPL 2016 has been scheduled from 9th April to 29th May, 2016, Shashank Manohar announces in the press conference after the bidding. Players auctions to be held on February 6, 2016 in Bangalore.
The bids::
Chettinad Cements, Axis Chemicals, RPG Properties, Intex and Sanjeev Goenka were the five bidders participating in the process.
Goenka bagged the rights to the Pune based franchise with a negative bid of Rs. 16 crore. Intex will own the second team, based out of Rajkot, afterit's bid of Rs. -10 crore was found to be the second lowest of the day.Incidentally, Intex had put in two more bids, worth Rs. 10 crore each, for having its base in Kanpur and Vizag.
The other failed attempts included Chettinad's bid of Rs. 27 crore for Pune, RPG's three bids of Rs 27 crore for Chennai, Rs. 20.88 crore for Rajkot and Rs. 17.88 crore for Pune, and Axis Chemical's Rs. 15 crore bid each for Nagpur and Kanpur and Rs. 10 crore bid for Pune.
How much are they worth?:
In an aggressive bidding process, the Sanjeev Gupta-led 'New Rising' consortium bid -16 crore INR for the Pune franchise while Keshav Bansal's Intex Mobiles picked up the Rajkot side for a value of -10 crore. BCCI had set a base price of 40 crore for the reverse bidding exercise with prospective buyers bidding for a share of the board's central revenue pool. Here are all the details.
Niranjan Shah, honorary secretary of Saurashtra Cricket Association, says, "Very happy that Rajkot will be a centre. It is a 100% profitable venture. We had good revenue from the ODI played here."
"Intex as a brand has been associated with cricket for a very long time," owner Keshav Bansal said after making the winning bid. "It was exciting process. We were the most aggressive bidders. We are pucca Hindustani (true Indians). Well give importance to Indian players first."
This makes it official:
JUST IN:
So the word is, Pune and Rajkot will be the bases for the two new IPL franchises in 2016 and the year after. While Sanjiv Goenka group has bagged the Pune team, Intex won the Rajkot one.
Build up: What to expect
The Governing Council of the Indian Premier League (IPL) have begun their meeting at the Hotel Taj Palace in New Delhi to complete the "walk-in bid" process to finalise the two new franchises that will take part in the cash-rich league during the period 2016-2107. Shashank Manohar (BCCI President), Anurag Thakur (BCCI Secretary) and Rajeev Shukla (IPL Chairman) are in attendance, along with representatives of the interested organizations - those who purchased the bid forms following the Invitation to Tender (ITT) put out by the board, before the November 28 deadline.
Reverse Bidding - How the two new teams will be chosen
In the original franchise bidding, prospective buyers bid varying amounts to acquire the franchise (franchise fee) and the highest bids received the teams. With the teams set to exist, in theory, for just the two years, BCCI will hand over the two franchises by a concept known as reverse bidding.
Bidders will be bid for a share from the central revenue pool of the IPL and the two lowest bids will win the two new teams. The base price for the reverse bid is 40 crore INR.
"In a reverse bid, say for instance a company bids asking us for only Rs 20 crore from the broadcast rights, while another company asks for only Rs 15 crore. The one that asks for less money from us gets the rights," Shukla had earlier told PTI explaining the reverse bid.
© Cricbuzz