The new tournament is likely to be christened the Indian Super League and is expected to last for around three months from January to March. An auction is expected in the first week of December to determine the franchises-to be.
The invitation to tender document has already been floated by IMG-Reliance and the base price to buy a franchise is learned to be around Rs 25 crore. Mumbai, Kolkata, Chennai, Delhi, Guwahati, Bangalore, Kochi, Goa and Pune have been identified as the nine venues that will be up for sale in the auction.
A huge part in this new league being a successful one will be played by the live coverage of the matches. As a result, IMG-Reliance has entered into a 10 year joint venture with Rupert Murdoch owned Star India granting the sports broadcasting giant exclusive broadcasting rights for the tournament.
Sources also confirmed that Murdoch owned Star India has pickup up a one-third stake in the IMG-Reliance joint venture that?s looking to launch an IPL style football tournament early next year.
IMG-Reliance chairperson Nita Ambani confirmed the development and told media persons, "Having Star on board as a partner strengthens our efforts and commitment to propel Indian football to its rightful place. We see the launch of the football league as the realization of a dream of a billion-plus Indians to experience the most cherished game globally in new ways."
Uday Shankar, CEO Star India, said, "India is hungry for its second sport. For far too long, the Indian sports fan has waited for this revolution. Our objective is nothing short of creating a movement around football in India. We want to put India on the global map."
The interest shown so far has been tremendous and a plethora of businessmen, Bollywood superstars, corporates and existing owners of IPL teams are looking to bid in the franchisee auction.