The Board of Control for Cricket in India (BCCI) on Monday rolled out the blueprint for the upcoming season of the Indian Premier League (IPL). Season fifteen of the cash-rich league will see a lot of changes as the board has made up its mind to introduce two new franchises.
The markup for the new IPL franchises, Tenders, fresh Media Rights and Retention Policy has been made up by the board.
Tender for two new IPL franchises:
The Indian cricket board will introduce the tender document for two new franchises during mid-August. As soon as the document is out, the interested parties will come into action to plan how to get a franchise.
As per the reports, big Indian corporate giants along with private equity have shown interest. The likes of Kolkata-based RP-Sanjiv Goenka Group, Hyderabad-based Aurobindo Pharma Ltd; the Adani group headquartered in Ahmedabad; and the Torrent Group that operates from Gujarat are a couple of prominent faces.
Introduction of two new IPL franchises:
The bids for the new IPL teams will begin in mid-October after the completion of the second phase of the Indian Premier League (IPL) 2021, which is scheduled in the UAE.
The final franchise will be unveiled after the bidding process which will end somewhere at the end of October.
Total Purse Value increased for IPL 2022:
The Purse Value cap has been increased from INR 85 Crores to INR 90 Crores now. The cap will subsequently increase over the period of the next three years. The cap will go up to INR 95 Crores in IPL 2023 and INR 100 Crores in IPL 2024.
Franchises will have to spend at least 75 per cent of their total purse value on players during or before the Auction.
Retention Policy in IPL 2022:
The Indian cricket board has increased the number of players that can be retained by a franchise. As per the new rules, at most four players can be retained by a team – three Indian cricketers and one overseas. While it can be split into two overseas cricketers and two Indian cricketers based on the liking of the team and management.
The sum spent on retained players will be deducted from the franchise total purse value. In case the franchise opts for three retentions, the structure will follow: INR 15 Crores (for first choice retention), INR 11 Crores (for second choice retention) and INR 7 Crores (for third choice retention). Likewise, if two players are retained, the structure will be INR 12.5 Crores and INR 8.5 Crores and INR 12.5 Crores if only a single player is retained.
“Some players may like the idea of not wanting to be retained and will want to head into the auction pool. That’s because there’s an increase in the salary purse and two new teams are being added. So, there’ll be a rush to grab talent. Expect some leading Indian cricketers to forward their names for the auction,” those tracking developments told TOI.
Fresh Media Rights in IPL 2022:
The board is also hopeful of getting at least a 25 per cent hike in the value of media rights. The tender document will be set open at the starting of 2022 by the BCCI.
The usual window of March to May will be targeted by the BCCI in the next season so as to accommodate 90 matches amongst 10 teams.
BCCI rolls out blueprint for IPL 2022, Mega Auction date, New Franchise, Retention policy.