Manchester United is one of the biggest football clubs of the world and IPL undoubtedly the biggest cricket league in the world.
BCCI has decided to increase the number of teams to 10 from 8, next season onwards.
Glazer Family the American business clan who owns many sports franchise already and is also the owner of famous soccer club Manchester United has shown keen interest in buying one of the new IPL teams.
The US based businessmen have picked up the Invitation To Tender(ITT) proposed by BCCI through a private equity organization.
BCCI has allotted some strict clauses along with the ITT that has called for closed bids to be submitted in the last week of October.
The Clauses for eligibility
The price to pick up the tender document is set to Rs 10 lac by BCCI. It’s not necessary that every party that is buying the tender can be part of the bidding, there are certain clauses for that.
BCCI has stated that the potential bidders need to have an average turnover of 3000 crores or a personal net worth of 2500 crore to be eligible for the bidding.
Some of the bidders have made requested to lower the value of the eligibility criteria.
The foreign company that are being part of the bidding have one more criteria to follow that is, if they win the bidding, they will have to set up a company in India.
Among others who have shown interest in this and have bought the ITT are the Adani Group, Torrent Pharma, Aurobindo Pharma, Hindustan Times Media, Jindal Steel and etc.
October 20 was currently the deadline set to pick up the tender.
It is not necessary that an Organization buy these tenders to be a part of the bidding, companies usually do so gather information that is really important for their future perspective.