The US-based Glazer family that owns Premier League giants Manchester United has expressed interest in owning a franchise in the Indian Premier League (IPL) as well.
The Glazers have apparently picked up the Invitation to Tender (ITT) floated by the BCCI with regards to the new franchises that will be introduced in the IPL from its 15th edition in 2022.
The ITT issued by the BCCI requires closed bids for the new franchises to be submitted by the end of October.
Furthermore, only those who submit an average turnover of Rs 3000 crore or have a personal net worth of Rs 2500 crore will be eligible to bid for the teams.
The ITT mandates that if a foreign bidder wins the bid, then they will have to set up a company in India as well.
“So, technically, overseas investors are eligible to submit a bid if they meet these conditions. We don't really know whether Man U owners will come to the bidding table. What we certainly know is that they've shown interest,” a source in the know of developments was quoted in a report by the Times of India (TOI).
Others who have picked up the ITT include the Naveen Jindal-led Jindal Steel, entrepreneur Ronnie Screwvala, Torrent Pharma, Aurobindo Pharma, RP-Sanjiv Goenka Group, Hindustan Times Media and also the Adani Group.
Ahmedabad, Lucknow, Guwahati, Indore, Cuttack and Dharamsala are amongst the cities that would be considered by investors as they prepare to bid for the two new franchises.
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