IPL franchise auction: All you need to know!

21 companies bought the bid documents and the one with the lowest bid will be the winner.

New Delhi: There will be a lot of buzz on Tuesday as the Board of Cricket for Control in India (BCCI) gets set to unveil two new franchises to replace Chennai Super Kings and Rajasthan Royals.

Here is all that you need to know about the bidding process:

What led to this new franchise auction?

Chennai Super Kings and Rajasthan Royals have been banned for two years after former BCCI president N Srinivasan's son-in-law Gurunath Meiyappan and Raj Kundra were found guilty for their involvement in spot-fixing and betting scandal. Both have been banned for life on recommendations of the Supreme Court-appointed Justice Lodha Committee.

How many teams will bid for the two slots?

As many as 21 companies bought the bid documents. Star India and Chettinad Cement are the two top companies in the race.

"There are 21 corporates and large business houses which have bought bid documents. Now buying bid documents doesn't necessarily mean participating in the bid," a top BCCI official told PTI on Sunday.

How will the auction take place?

The BCCI has introduced a unique clause of reverse bidding, where the company with the lowest bid will be the winner. Explaining the process, IPL chairman Rajeev Shukla earlier said, "It will be a walk in bid on December 8. The base price for reverse bid from central revenue pool is Rs 40 crore and the party which bids for lowest share from central revenue pool will be the winner of new team."

What will happen to players from both the franchises?

The players, around 50 in number, have been divided into two groups - Capped and Uncapped. The ones in the ‘Capped' category are those who have been playing international cricket for a senior national team in the last five years. The rest are domestic players who are yet to make their international debut.

The top 10 players will be up for sale through a draft system to be held on December 15. The team with the lowest bidding will also have the right to pick the first player of its choice from the 10-player group.

The remaining players will go to the auction pool.

What happens in case if there is a tie of lowest bid?

In such a scenario, the names of the two teams will be placed in sealed envelopes. The envelope picked first will get the first right to select a player.

Which cities can the new teams choose to create their home base?

Nine cities have been shortlisted for the two new franchises. Chennai, Ahmedabad, Ranchi, Dharamsala, Indore, Pune, Kanpur, Nagpur and Visakhapatnam are said to be part of the list, although the BCCI has not formally revealed details.