Press Release

Bidding for soccer league clubs to begin today

4 March 2014

?Bidding for clubs for the Indian Super Leaguefootball tournament will begin on Monday, IMG-Reliance and STAR India have said.

Fashioned after the Indian Premier League (IPL) T20 cricket tournament, the soccer league is backed by the All India Football Federation. IMG-Reliance, International Management Group Worldwide and Reliance Industries' Indian venture, is the federation's commercial partner. STAR India has 30 per cent stake in the soccer league, along with exclusive broadcast rights for it.The tenders for the initial clubs - in Bangalore, Chennai, Delhi, Goa, Guwahati, Kochi, Kolkata, Mumbai and Pune - will be available for a fee of Rs 5 lakh between 10am and 5pm from Monday till March 21 at the IMG-Reliance office in the city. Bidders will have to give the documents by 5pm on March 25.The top eight clubs by bid value will be able to take part in the Indian Super League. A party might bid for several clubs but will get to own only one, for which it offers the highest amount. The reserve prices for the clubs have not been announced yet.Advisory firm EY will evaluate the bid documents and the winners will be announced by the first week of April.The first edition of the Indian Super League, featuring international soccer players, will take place from September to November this year.Bollywood actor and co-owner of IPL club Kolkata Knight Riders (KKR) Shah Rukh Khan has expressed his interest in owning a football team under the KKR banner.

Source: Business-standard.com

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