Indian Premier League's Players Auction Has Been Deferred to 2017: Rajeev Shukla
Indian Premier League chairman Rajeev Shukla revealed that there would be no players auction for the 2016 edition and that the base price for the two new teams in the cash-rich league is expected to be Rs 40 crore.
Ahead of The Board of Control for Cricket in India's 85th Annual General Meeting in Mumbai on Monday, Indian Premier League chairman Rajeev Shukla informed that the player's auction has been deferred to 2017. (IPL Bosses Tell Franchises 'All Is Well')
Shukla and Board secretary Anurag Thakur had recently met the representatives of the six IPL franchises to intimate them about the modalities of the Players' Auction for years 2016 and 2017.
The franchisees were informed that IPL season 2016 and 2017 will continue to remain an eight team event and the bidding for the two new teams for these seasons will start after the BCCI AGM on 9 November.
BCCI Working Committee had decided to replace CSK and RR following the interim report of the Supreme Court-appointed Justice Lodha Committee on the spot fixing and betting scandal in the IPL 2013. (IPL Scandal: Chennai, Rajasthan Suspended; Meiyappan, Kundra Banned for Life - Top 10 Developments)
Shukla informed that the process to find new teams will begin after November 15 and the interested parties can seek clarification till December 4.
The IPL Governing Council, however, decided to omit Jaipur and Kochi from the list of cities which will bid for new teams on December 8.
"The IPL Governing Council decided to leave out Jaipur and Kochi as franchise venues," Shukla said adding that "nine venues" have been finalised for bidding.
"It will be a walk in bid on December 8. The base price for reverse bid from central revenue pool is Rs 40 crore and the party which bids for lowest share from central revenue pool will be the winner of new team.
"Invitation to tender documents have been finalised and will be put up for clearance before AGM tomorrow," Shukla said.
The classical definition of reverse bidding or reverse auction states: "In a reverse auction, the buyer puts up a request for a required good or service. Sellers then place bids for the amount they are willing to be paid for the good or service, and at the end of the auction the seller with the lowest amount wins."
Five players each from each of suspended franchises would be put up for draft while others will be auctioned.
(With Inputs from PTI and Rica Roy)