New IPL teams likely to be sold for INR 30-35 billion, mega auction can take place in December: Punjab Kings co-owner

The Board of Control for Cricket in India (BCCI) is all set to add two new teams to the Indian Premier League (IPL) from the 2022 season. The legal tenders for the auction of the two new teams are already on the table and the bidding war is expected to take place soon. Punjab Kings (PBKS) co-owner Ness Wadia recently gave some insights on the addition of the two new sides in the cash-rich league.

Wadia claimed the new teams are expected to be sold at around 50 to 75% more of the current base price set by the BCCI. The Indian cricket board has set the base price of the new IPL teams at Rs 2000 crore (INR 20 billion) each. However, Wadia expects the price to go up to INR 30,000 to 35,000 crore (INR 30-35 billion).

"The value of each of the new teams should be 50 to 75% more than the base price of Rs 2000 cr. I think each team would go for a minimum of 3,000 to 3,500 cr," Wadia was quoted as saying in an interview with Times of India.

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With the addition of the two new sides in IPL, the number of matches will increase significantly from the next season. The BCCI is also expected to receive a huge influx of cash through the auction of the new teams as well as the media rights which are set to be revised soon.

"I'm excited about two new teams coming in because it will add a new dimension to the league. It will bring in a much wider base of viewership. And it will strengthen the IPL, which is already the greatest cricket league in the world and one of the greatest leagues in world sport. I believe that it will add a lot of opportunity to not only several other cricketers, but will bring in a lot of income to coaching staff and owners. It'll be economically beneficial to all those who participate in the IPL. It will provide employment. More importantly, it will enhance the number of games in the IPL, so the fans will get a lot more cricket to watch," Wadia said.

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BCCI will also stage the mega auction for all ten teams after getting the new sides on board ahead of the 2022 season. The mega auction will provide the perfect platform for all ten sides to build/rebuild their squads after assessing their strengths and weaknesses. Wadia expects the mega auction to take place in December this year.

"It (the mega player auction) should be fair and equitable, especially to the two new teams coming in. I'm looking forward to seeing what happens from that perspective," said the Punjab Kings co-owner.

Punjab Kings are expected to be one of the busiestteams at the mega auction as they will be looking to revamp their squad after failing to make it to the playoffs once again this season. Punjab Kings are yet to win their maiden IPL trophy.