Expansion franchise fees could bring in US$268m each for the IPL.
Team salary caps to go up to US$15m
New teams and expanded format will also bring in more than US$107m in sponsorships, as well as media revenue
The Indian Premier League (IPL) Twenty20 cricket powerhouse is set to introduce two more franchises from the 2022 season, with the number of matches and the salary cap also increasing, according to the Hindustan Times.
The Board of Control for Cricket in India (BCCI), the report says, recently held an internal meeting to discuss the changes and are to move ahead with a tender for the new team that will be completed by the end of October. The Hindustan Times says that new franchises could bring in around I₹2000 crore (US$268 million) each.
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With the addition of two more teams, the IPL is reportedly also set to alter its format, with the tournament divided into two groups of five and the number of matches increasing to 74. The latter stages of the T20 tournament would stay the same, according to the report.
The Hindustan Times also said franchises will see the salary cap increase to I₹100 crore (US$15 million), however, they will only be allowed to retain four players, three Indian and one overseas player or two Indian and two overseas players, which could see some franchises losing star players.
According to the report, at current media and sponsorship rights rates, the new teams and additional matches would bring in more than I₹800 crore (US$107 million) for the IPL and that would go further with the new broadcast rights deal expected to bring in more revenue from the start of the 2024 season.
Star India's current media rights deal will come to an end after the 2023 season.