base price at the auction for each team is £195 million
Manchester United’s owners, the Glazer family, have expressed an interest in buying one of the two new IPL cricket teams.
The IPL currently has eight teams but it plans to expand to 10 teams in 2022.
It has been reported that the Glazers have collected the tender document for the purchase of one of the franchises ahead of an upcoming auction.
Buying the invitation to tender (ITT) does not guarantee a bid but it does put them in the mix of 18 interested parties.
This includes CVC Capital Partners who have previously invested in rugby’s Six Nations and Premiership.
It has also been reported that Bollywood power couple Ranveer Singh and Deepika Padukone are in the mix.
But it shows the Glazers’ interest as an ITT on its own costs £10,000.
The ITT was first put out at the end of August 2021. The deadline for purchasing closed on October 20, 2021.
Organisations and investors can bid only if they have an annual turnover in excess of £280 million or personal wealth of £240 million.
Closed bids for the new teams will be submitted at an auction in Dubai on October 25, 2021. An announcement is expected the following day.
The base price at the auction for each team is £195 million but it is likely that the Glazers and the other parties will have to fork out at least £300 million.
The cities shortlisted to host the two teams are Ahmedabad, Lucknow, Indore, Cuttack, Guwahati and Dharamsala.
In addition to Manchester United, the Glazer family also own Super Bowl champions Tampa Bay Buccaneers.
Adding a cricket team would strengthen their sports ownership portfolio.
Being in charge of an IPL franchise would also boost Manchester United’s profile in India, even though they already enjoy a significant global following.
At Manchester United, the Glazer family have been largely unpopular due to complaints about how they purchased the club, despite spending big in recent transfer windows.
The shortlived European Super League plans only deteriorated the trust further as the Glazers were among the breakaway group, causing outrage in April 2021.
As for Manchester United itself, the team’s form has not been the best.
A 4-2 loss against Leicester City in the Premier League prompted serious questions about Ole Gunnar Solskjaer’s future as manager.
But, the team bounced back in typically dramatic fashion as the Red Devils came back from 2-0 down to beat Atalanta 3-2 in the Champions League.