New Delhi: While 12 cities are bidding for the new franchise to be floated in the Indian Premier League (IPL), the Board of Control for Cricket in India (BCCI) has kept the mantra pretty simple.

With the base price for the new team set at Rs 600 crore — to be paid over 10 years — the amount quoted by bidders will be the only criteria when the auction takes place post October 25 — the last date for submission of tenders.Teams looking to sell shares isn’t an issue, says IPL chief Rajeev Shukla.

Although BCCI has clarified in its tender that all bidders need to fulfill eligibility criteria and other specifications mentioned in the Invitation to Tender (ITT), a senior BCCI official confirmed that financial accountability was the main requisite.

For sale -- a team slot in the IPL

“We have kept the base price for the new team at Rs 600 crore and whoever comes up with the highest bid will get the new franchise,” he told MAIL TODAY. “We have received bids and everyone stands an equal chance, there are no favourites as of now.”

Leading industrialist Gautam Adani is believed to have shown keen interest in bidding for the Ahmedabad franchise. Also in the hunt is Jaypee Group, who have made their intentions known of making Noida a part of the IPL. Not to lag behind is Venugopal Dhoot, chairman of the Videocon Group. Having first bid for IPL franchise Pune and then showed interest in Deccan Chargers, Dhoot is believed to be keen to have a team. Also in the fray is PVP Ventures.

“While fresh bidding gives interested parties an opportunity to own a team, they have all made it clear that they want the teams in their respective cities,” a BCCI official said.

While the IPL was deemed to be a perfect business model meant to fill both BCCI’s coffers and provide high return on investment for all parties involved, things haven’t really panned out that way.

Not only have title sponsors DLF refused to renew ties with the IPL, teams have also continuously been on the lookout to sell shares, raising questions whether the IPL is indeed a profitable venture.

DLF, on its part, made it clear that sponsoring IPL was a business move. “Sponsoring IPL over the last five years was a strategic decision wherein we wanted to establish our brand presence across India as the leading real estate player,” DLF group executive Rajeev Talwar had said.

While owners of Kings XI Punjab and Rajasthan Royals have been in the news for considering sale of stakes in their teams, the latest to join the bandwagon is Delhi. A GMR group official said that the company is open to selling as much as 26 per cent stake in the Delhi Daredevils franchise — definitely an attempt to rake in the moolah after investing millions.

But IPL chief Rajeev Shukla believes this pattern is nothing but business strategy.

“Teams looking to sell shares isn’t an issue. We all look at making profits once we invest and the BCCI has no problem with owners looking to sell shares. But BCCI will take a call only if majority stakes are being sold,” he told MAIL TODAY. Commenting on DLF severing ties with IPL, Shukla said: “We will float fresh tender in November and are confident of signing a better deal.”