The Indian Premier League governing council has decided to field two new teams for bidding that shall occur on December 8, beginning at an amount of 40 crores. Jaipur and Kochi have been refuted from the race of cities that are in the running to have a prestigious IPL team to their names and stadiums this year.
Based on the interim reports of the Justice Lodha committee that delved into the spot fixing scandal of IPL 2013, Chennai Super Kings and Rajasthan Royals were found guilty and their involvement meant revoke of the teams from the cash rich league for two years following their suspension orders.
Two new teams shall replace them, for which nine cities are in contention IPL chairman Rajeev Shukla postulated that the process to seek new teams shall begin on November 15 and the process to ensure clarifications shall commence from 4th of December.The Player auctions shall be organised in 2017.
Shukla also added that nine venues shall be in contention and Jaipur and Kochi shall be left out.He further stated that the walk in bid shall occur on December 8 where the base price for reverse bid from central revenue pool shall be 40 crore and the party with the lowest bid would emerge victorious and shall be handed over the ownership of the new IPL team.The invitations to tender documents have been finalised and would be presented for clearance at the AGM of BCCI.
The process of reverse auction states that bidders would initially be allowed to set a base price and the sellers that would bid for the lowest amount would win the bid.