Corporates vs smaller investors in TNPL race

The competition to own eight TNPL teams looks intense. It is a fight between big corporates and smaller investors.

Published: 09th June 2016 05:54 AM  |   Last Updated: 09th June 2016 05:55 AM   |  A+A-

CHENNAI: The Tamil Nadu Cricket Association has been a beehive of activities for the last few days, with major events coming up. Tenders to buy teams in the inaugural Tamil Nadu Premier League will be opened on Thursday and team owners announced. Then, nominations for the posts of TNCA office bearers for the next term close on Saturday.

The competition to own eight TNPL teams looks intense. From what one gathers, it is a fight between big corporates and smaller investors.

Twenty-one parties have bought tender applications worth Rs 1 lakh each.

“For big corporates like Sun group, Chettinad Cements, Lyca Mobiles, Shriram Group with big advertisement budgets, franchisee cost and running teams wouldn’t be huge. But for small investors with a passion for the game every lakh counts. Although the base price is Rs 1.25 crore, one may see bids from Rs 2.5 crore to Rs 4 crore,” said a bidder.

The tenders will be submitted in the morning and almost at once they will opened. “Around 10.30pm, prospective bidders will have to submit the tenders. They have to give two covers. One with the tender application and the other with bank guarantee. Once the tender application is scrutinised and eligibility criteria is fulfilled, the second cover will be opened. It will be done in front of those present at the bid,” said a senior TNCA member.

On the other front, it is learnt that G Vasu of Galaxy CC and K Murali of T Srinivasaraghavan Memorial Club are the ruling group’s choice as vice-presidents. U Prabhakar Rao and Raghavan will make way for them.

— ashok.v@newindianexpress.com

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