The two new Indian Premier League (IPL) teams will go under the hammer on October 17. While the last day for queries in regard to the bidding process for the teams is September 21, the bid can be picked till October 5.

"The bidding is set to take place on October 17 while queries regarding the same can be made till September 21," ANI quoted a source as saying on condition of anonymity.

Earlier on August 31, the Governing Council of the IPL invited bids to acquire the right to own and operate 1 (one) of the 2 (two) new teams proposed through a tender process. The two new teams will be playing the cash-rich league from the 2022 season.

"The detailed terms and conditions governing the submission and evaluation of bids including eligibility requirements, the 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 a non-refundable fee of INR 10,00,000 (Rupees Ten Lakhs Only) plus any applicable Goods and Services Tax," the Board of Control for Cricket in India (BCCI) had said in an official release.

The ITT is available for purchase till October 5. The parties who are interested have been asked to send an email to get the details for purchasing the ITT.

As per the BCCI release, while requesting the ITT, the email should contain the subject line "ITT for the right to own and operate one of two proposed new IPL teams".

However, as per rules only, those matching the eligibility criteria will be allowed to bid. It was further clarified that the mere purchase of the ITT will not entitle the person to bid as the BCCI reserves the right to cancel or amend the bidding process at any stage.

The second leg of the current IPL will be played in the United Arab Emirates, starting September 19, 2021. The opening match will be played between the Mumbai Indians and the Chennai Super Kings.