Glazers show interest in investing in IPL franchise
THE Glazer family, who own United, are reportedly interested in buying one of the two new franchise teams joining cricket’s Indian Premier League.
It comes after the BCCI, Indian cricket’s governing body, issued an Invitation to Tender (ITT) document which allows for potential suitors to register their interest.
According to the Times of India, the Glazers are said to be interested in ownership of a new franchise, adding to a portfolio that also includes NFL side Tampa Bay Buccaneers and United.
Next year the IPL, cricket’s premier T20 format, will increase to 10 teams, up from the current crop of eight. The cities shortlisted to host the two new sides are Ahmedabad, Lucknow, Indore, Cuttack, Guwahati and Dharamsala.
The current base price to own a team in the tournament is set at 2000 crore (£190m), but first a fee of around £10,000 is required ahead of a bid for a franchise, should the eligibility criteria be met.
In the ITT, it states foreign investors will be able to own and operate one of the new IPL franchises, provided they set up a company based in India.
CVC, previously the majority shareholder of F1 until 2017, is also said to be interested. The private equity firm owns a 14.3 per cent stake in the Six Nations.
The IPL generates millions in income every year through not just huge crowds, but a massive TV audience not just in India but worldwide.
It also attracts the world’s best players with lucrative contracts.
The Mumbai Indians, the most successful franchise in the competition, are said to be worth up to $101m (£73m).
Sky Sports signed a threeyear deal to broadcast the tournament in 2020.