The Board of Control for Cricket in India has met with a lukewarm response with merely ten corporates and a consortium of financial experts forking out the guarantee deposit for owning an Indian Premier League team franchisee.

According to sources close to the development, the ten corporates include Shah Rukh Khan's production company Red Chillies Entertainment, infrastructure company GMR group, fast food giant Nirulas, media company Deccan Chronicle, Mukesh Ambani-promoted Reliance Industries [Get Quote], real estate major DLF, Videocon Industries [Get Quote], Reliance Anil Dhirubhai Ambani Group, India Cement and Vijay Mallya, the liquor and airline baron.

The consortium includes a group of individuals from the financial sector.

The corporates interested in bidding for team ownership picked up tenders for Rs 400,000 and the participating corporates had to shell out Rs 20 crore (Rs 200 million) as a guarantee deposit on January 22 for the bidding process scheduled for January 24. 

Lalit Modi, Vice President of BCCI, had said that as many as 40 companies had picked up the tender documents.

Corporates will submit bids on Thursday and BCCI will announce the winners on the same day. The base price fixed by BCCI for team ownership is $50 million for ten years.

Since IPL will work on a franchise model, the corporate will own the team and not merely be a sponsor.

BCCI is scouting for eight team owners for an equal number of teams that will play against each other in the Twenty20 format. The league will have 56 matches. Each team will include both international and domestic players.