Mumbai, October 21: The Indian Premier League (IPL) is attracting attention of foreign investors as it gets ready to add two new franchises in the upcoming season. The Glazer family, which owns many sports properties including Manchester united, one of the world's most famous football clubs, has shown interest in owning an IPL team and has picked up the bid documents.
The Glazer family, which also owns the famous American football club Tampa Bay Buccaneers that plays in the National Football League (NFL), has picked up the Invitation to Tender (ITT) document from the Board of Control for Cricket in India (BCCI) for the purchase of one of the two teams for the upcoming season of the cash-rich league, according to a report in the Times of India. IPL 2022: BCCI Extends Deadline of Tender for Two New Teams.
Though picking up the OTT document is no guarantee that the US-based Glazer family will make a formal bid for the franchise, it will have to set up a company in India if it plans to do so. The ITT document makes it clear that a foreign entity will have to set up a company in India if their bid is to succeed.
Among others that have picked up the bid document are Adani Group, Torrent Pharma, Aurobindo Pharma, RP-Sanjiv Goenka Group, Hindustan Times Media, Jindal Steel (led by Naveen Jindal), entrepreneur Ronnie Screwvala and three private equity players, the report said. The BCCI has recently issued a notice seeking bids from interested parties as it goes about its plan to add two news franchises before the next year's mega auction of players.
(The above story first appeared on LatestLY on Oct 21, 2021 03:23 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).