IPL franchise attracts foreign investors; Manchester United owners pick bid documents

As it prepares to add two new teams in the 2019 season, the Indian Premier League (IPL NSE 0.78 percent) is gaining the attention of overseas investors.

The Glazer family, which owns a number of sporting businesses including Manchester United, one of the most well-known football clubs in the world, has expressed interest in buying an IPL team and has obtained the bid forms.

Though picking up the OTT document is no guarantee that the US-based Glazer family will make a formal bid for the franchise, it will have to set up a company in India if it plans to do so. The ITT document makes it clear that a foreign entity will have to set up a company in India if their bid is to succeed.

Among others that have picked up the bid document are Adani Group, Torrent Pharma, Aurobindo Pharma, RP-Sanjiv Goenka Group, Hindustan Times Media, Jindal Steel (led by Naveen Jindal), entrepreneur Ronnie Screwvala and three private equity players, the report said.

The BCCI has recently issued a notice seeking bids from interested parties as it goes about its plan to add two news franchises before the next year’s mega auction of players.

(With inputs from IANS)