The Indian Premier League (IPL) on Tuesday launched its campaign to expand the world's richest cricket tournament by seeking bids to run two new franchises.
The IPL had said it would increase the tournament from eight to 10 teams for the 2022 season.
Sports industry experts have said a backer may have to commit to a $300 million budget to get a franchise as well as pay fees up front.
But major Indian groups including the Adani mining and trading conglomerate are said to be waiting to enter.
"The governing council of the IPL invites bids to acquire the right to own and operate one of the 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 IPL said in a statement.
Candidates have until October 5 to ask for tender details and a decision could be made the same month.
The cash-rich IPL has battled with the coronavirus pandemic for the past two years.
In 2020, the whole tournament was moved to the UAE. This year the event was suspended in April as a devastating Covid-19 wave hit India and it will now be completed in the UAE from September 19.
The IPL and the Indian cricket board stand to make more than $100m a year from the expansion through increased fees and media rights.
But increasing the IPL to 10 teams will mean more matches and making the foreign players commit to a longer tournament.
The International Cricket Council and other major cricket nations have expressed some concerns that a longer IPL will eat into an already crowded international calendar.
The eight teams currently play each other twice and then the top four go into playoffs for the final.
Media reports said IPL chiefs will probably split the league into two five team groups and hold playoffs for the final, which would mean the current 60 match tournament would be spread over 74 matches.
Ahmedabad, Kochi, Lucknow, Pune, Ranchi have been spoken of as the cities likely to be the base for the new teams. Adani is based in Ahmedabad.
The IPL's ambitions to become a global leader have been boosted by deals such as the move made in June by Redbird - a US capital fund which has stakes in Liverpool football club and the Boston Red Sox baseball side - to buy 15 per cent of the Rajasthan Royals franchise.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Race card
1.45pm: Maiden Dh75,000 1,200m.
2.15pm: Maiden Dh75,000 1,200m.
2.45pm: Handicap Dh95,000 1,200m.
3.15pm: Handicap Dh120,000 1,400m.
3.45pm: Handicap Dh80,000 1,400m.
4.15pm: Handicap Dh90,000 1,800m.
4.45pm: Handicap Dh80,000 1,950m.
The National selections:
1.45pm: Galaxy Road – So Hi Speed
2.15pm: Majestic Thunder – Daltrey
2.45pm: Call To War – Taamol
3.15pm: Eqtiraan - Bochart
3.45pm: Kidd Malibu – Initial
4.15pm: Arroway – Arch Gold
4.35pm: Compliance - Muqaatil
