New Delhi, Aug 31 (IANS): The Indian cricket board on Tuesday announced the release of tender for owning and operating two new Indian Premier League (IPL) franchises.

"The Governing Council of the IPL invites bids to acquire the right to own and operate 1 (one) of the 2 (two) new teams proposed to be introduced to take part in the Indian Premier League from the IPL 2022 season, through a tender process," the Board of Control for Cricket in India (BCCI) said in a statement.

The deadline for the purchase of tender document is October 5.

"The detailed terms and conditions governing the submission and evaluation of bids including eligibility requirements, process for submissions of bids, proposed new teams' rights, and obligations, etc. are contained in the 'Invitation to Tender' (ITT) which will be made available on receipt of payment of non-refundable fee of INR 10,00,000 (Rupees Ten Lakhs Only) plus any applicable Goods and Services Tax. The ITT will be available for purchase till October 5, 2021," said BCCI further in the statement.

"Any interested party wishing to submit a bid is required to purchase the ITT. However, only those satisfying the eligibility criteria set out in the ITT and subject to the other terms and conditions set out therein, shall be eligible to bid. It is clarified that merely purchasing this ITT does not entitle any person to bid," said the BCCI further.

"BCCI reserves the right to cancel or amend the bidding process at any stage in any manner without providing any reason."

The two new franchises are expected to participate in IPL 2022. The talks of new franchises have been on for a few months now.

The franchises are expected to be finalised by December, according to senior officials.

Ahmedabad is most likely to host one of the franchises with the refurbished stadium at Motera its home ground.