Bangalore: The king of good times, Vijay Mallaya of UB Groups bid US$ 111.6 mil to own Bangalore IPL team at an auction for the BCCI-sponsered IPL franchisee in Mumbai on Thursday.
Mukesh Ambani's Reliance Industries Limited got Mumbai at 111.9 million dollars and Deccan Chronicle got franchise of Hyderabad team at 107 million dollars.
India Cements bagged Chennai at 91million dollars, GMR group Delhi at 84 million dollars, Emerging Media got franchisee of Jaipur at 67 million dollars, Shah Rukh Khan's Red Chillies Entertainment got Kolkata at 75.09 million dollars and Preity Zinta and Ness Wadia bagged Mohali at 76 million dollars.
The league is scheduled to start in April this year and will last for 44 days, involving 59 matches. The prize money for the league will be around three million dollars.
Each team will have a pool of 16 players, of whom four will be international and four from the Under-19 level or from the catchment area where the team is based.
The governing council of IPL consists of cricket veterans Sunil Gavaskar, MAK Pataudi and Ravi Shastri, Rajiv Shukla, Chirayu Amin, Inderjit Singh Bindra and Arun Jaitley.
Mukesh Ambani's brother Anil however lost out as he was outbid by the others in the bid whose base price was USD 50 million. The others who were outbid were a Deutche Bank led consotorium and DLF. Three other bids -- Sahara Hospitality, ICICI Ventures and Futures Group -- were rejected as they were late in submitting the bid, IPL Chairman and Commissioner Lalit Modi announced here today.
Mr Modi further said that the franchisees would for the first five years get a revenue of 80 per cent of the Media rights and 60 per cent of the Sponsorship revenue. For the next five years, the media rights revenue which the franchisees would get would go down to 60 per cent, while the sponsorship revenue will remain at 60 per cent, Mr Modi added.
Mr Modi also said that the team owners would further be able to get local revenue which would include gate money collection, the apparel sponsor money and other expenditure which they make on their team for which they can invite sponsorship deals.
He added that the IPL would be soon moving a new tender for title sponsorship rights, while the player bidding, which was to be held on February 7, has now been put off and the new date would be announced soon.
The inaugural IPL tourney would begin on April 18 with 59 matches to be played over 44 days wherein there will be one match each on week days and two matches on weekends all under lights and will be telecast live on Set Max channel.
Earlier Sony and Singpore based WSG combined bagged media rights of T20 league for a period of 10 years for whopping US$ 918 mil.
Bid amounts at a glance:
Vijay Mallya: USD111.6 million, for Bangalore team.
Shah Rukh Khan: USD 75.09 million, for Kolkata team.
GMR Holdings: USD 84 million, for Delhi team.
Mukesh Ambani: USD 111.9 million, for Mumbai team.
India Cements: USD 91 million, for Chennai team.
Deccan Chronicle: USD 107.01 million, for Hyderabad team.
Emerging Media: USD 67 million, for Jaipur team.
Preity Zinta: USD 76, for Mohali team