• Monday, Dec 06, 2021
  • Last Update : 12:45 am

Manchester United owners show interest in IPL franchise

  • Published at 02:49 pm October 21st, 2021
Avram Glazer (L) and Joel Glazer

The Glazers have reportedly picked up the Invitation To Tender floated by BCCI through a private equity company

The Glazer family that owns and runs what is considered the world's most popular football club, Manchester United, has shown interest in the Indian Premier League, reports Times Of India.

The US-based owners of the English Premier League's marquee club have reportedly picked up the Invitation To Tender floated by the Board of Control for Cricket in India through a private equity company.

Times Of India confirmed that the owners of United are tracking the developments in the world's most valuable T20 league with keen interest.

The ITT floated by the BCCI, one that has called for closed bids to be submitted in the last week of October, has some strict clauses.

For instance, potential bidders are expected to submit an average turnover of Rs 3,000 crore or a personal net worth of Rs 2,500 crore to be eligible to bid.

The average turnover clause, nevertheless, was recently reworked by the BCCI after certain potential bidders made a specific request to lower the value in order to meet the eligibility criteria.

The ITT also allows foreign entities to buy the ITT as well as submit the bid on the condition that should they win the bid, they will have to set up a company in India.

Among others who've picked up the ITT are the 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.

As per BCCI's last statement, Wednesday, October 20 was the deadline to pick up the tender documents available at a price of Rs 10 lac.

Ahmedabad, Lucknow, Guwahati, Cuttack, Indore and Dharamsala are among the cities that will remain topmost on the minds of investors as they go about preparing to bid for the two new franchises.

The BCCI hasn't said anything yet on whether the final date of submissions will further be delayed from October 25.

The formal announcement is expected to be made on the 26th and the bids will be submitted in the UAE.

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