The buzz of Kochi having its own Indian Premier League team has been around for quite sometime. Here is more information on the bidding process. The cities that have been offered as the home location for the franchises are Pune, Ahmedabad, Nagpur, Kanpur, Dharamsala, Vizag, Rajkot, Cuttack, Baroda, Cochin, Indore and Gwalior. The auction is scheduled to happen on March 9th 2010.
- This time the process of bidding for teams is extremely difficult unlike in 2008. Among the most contentious clauses is the requirement for the bidder to privide a bank guarantee equivalent to 100 per cent of the money that the winning bidder offers for the 10-year contract within seven days of winning the bid. Where as in 2008, the initial franchisees of the eight IPL teams had to provide only 10 per cent of their bids as bank guarantee.
- Bidders also need to have a net worth of $1 billion as a pre-requisite and offer a pre-bid bank guarantee of $100 million. In the 2008 auctions, prospective bidders paid a pre-bid deposit of Rs 20 crore.
- The minimum bid price has been fixed at a staggering $225 million (Rs 1,042 crore), compared to the base price of $50 million (over Rs 230 crore) when the first auctions were held in 2008.
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