‘Rs 2000 crore is very traditional, new IPL teams will be in addition to Rs 3000 crore’

Punjab Kings co-owner Ness Wadia has announced Rs. The base price of Rs 2000 crore is considered a conservative figure, which increases from 50 to 100 per cent at the time of bidding.

The new franchises will be announced on October 25, making the IPL a 10-team affair.

Speaking to PTI, Wadia said the inclusion of teams would lead to appreciation of IPL value as well as current franchises.

“The minimum base price is currently Rs.

“Everyone wants to be a part of the IPL, but only a few can be a part of it,” Wadia said.

When asked if there were any concerns about adding more outfits to the existing teams, Wadia said: “No worries. It would be nice to introduce two new teams.

“I think the IPL is a premium product and with a limited number of teams, the value of all franchises will increase after the addition of new franchises. Bringing in 10 teams will bring more breadth and depth to the IPL.

“There have been eight teams for a majority in IPL history and after that, I have not seen more teams coming into the league for at least five to seven years.

“It’s also very good for broadcasters. I see it as a big positive,” he said.

Wadia hopes that the new teams will also make the IPL a strong product.

“The IPL is the jewel in the crown of the BCCI, so jewelery gets the right value. Since there can only be two new teams, the value of existing franchises will automatically increase as well.

“It’s a closed league and the beauty of today is that you have a fixed asset that not only gives you accolades on an annual basis, but also a steady annual income.

“You are getting around Rs 250 to 300 crore a year, and that asset is the flow that goes into your pocket rather than praise.

“It’s like a building in a prime location and the people around you are thriving, so the value of your property will also increase.”

Newcomers naturally look the star Indian players in the face. Many Indian and foreign stars will go back to the auction pool in the mega auction before the 2022 season.

Wadia hopes that the BCCI will do justice to all participants, referring to the retention of players and the card that matches the card.

“I do not know (BCCI is planning to bid).

The IPL is also spreading its wings abroad, mainly with three teams in the CPL – Saint Lucia, Trinidad and Tobago and Barbados – owned by the IPL.

The Kings of Punjab owned the St. Lucia franchise. Wadia should not be surprised if more IPL owners follow the same path.

“It is beneficial for cricket and I am happy to have three IPL team owners involved and it will extend to other teams sooner rather than later. It all depends on the opportunity.

“We’ve been looking at CPL for a while, when we thought investing in it made business sense, we did,” he said.

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