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KEY TAKEAWAYS: - IPL franchises have expressed cautious interest in BBL privatisation but see significant red flags in Cricket Australia's restrictive terms. - CA's insistence on retaining scheduling control, limiting ownership to 49 per cent for most clubs, and concurrent Test scheduling are key concerns. - Australian star availability, high taxation, travel distances and media rights complications further dampen IPL investor enthusiasm for the project. Explained: Why IPL teams hesitate over BBL investment despite Melbourne Renegades' sale Cricket Australia has a billion-dollar dream, and it's already attracting curious glances from some of the most powerful franchise owners on the planet. But interested and committed are two very different things, and right now, IPL franchises are reportedly in the former camp, watching carefully, and counting the red flags. According to Cricbuzz, expressions of interest have come in from IPL franchise owners and other Indian investors. But when they were approached, no one confirmed anything, and that silence tells you something about the level of enthusiasm against polite curiosity. MORE: BBL privatisation: Everything to know about Big Bash League's historic move CA has brought in the Raine Group to manage the process. It is the same US-based merchant bank that handled the sale of The Hundred franchises in England last year. That appointment, and the association with the Hundred's success, has given CA's CEO Todd Greenberg the confidence to throw around the phrase "billion-dollar opportunity." Whether that figure is realistic depends entirely on what CA is willing to offer. MORE: BBL franchises for sale: Potential list of Big Bash teams which could be sold What are the potential issues that might prevent IPL franchises from investing in the BBL? Only the Melbourne Renegades are currently available for full acquisition, with the entire sale process being overseen by CA rather than Cricket Victoria. The sale is expected to conclude by Christmas, but the fundamental challenge for any buyer is that they'd be purchasing a franchise without an established, loyal supporter base. For other franchises, with Hobart Hurricanes and Perth Scorchers expected to follow, the situation is even less appealing from an ownership perspective as prospective buyers would be limited to a 49 per cent stake. IPL franchise owners are used to full operational control. In SA20, ILT20, CPL and MLC, and they run their franchises outright. Even in England's Hundred, which operates differently, the Sun Group owns 100 per cent of Sunrisers Leeds, and RPSG Group holds a 70 per cent stake in Manchester Super Giants. CA chair Mike Baird has been explicit about the limits of what private owners would actually control. "CA and its members will maintain control over the most significant aspects of Australian Cricket operations, including international scheduling, player availability, the Big Bash Leagues salary caps, branding proposals as well as the reserve price for a licence to operate that must be achieved, and approval of investors," he said. An IPL insider quoted by Cricbuzz said: "The ECB was difficult; CA is five times tougher to negotiate with." MORE: 'Threatens the entire system!' NSW rebels against CA over $1BN BBL privatisation plan BCCI/Creimas Australian stars not guaranteed in the BBL Perhaps the most damaging concern for IPL owners is the issue of player availability. Unlike the BCCI, which ensures every major Indian player appears in the IPL, CA does not hold the BBL free of international cricket. The competition runs concurrently with Australia's Test summer, meaning the biggest Australian names are often unavailable. Pat Cummins has played just seven BBL matches since 2016, compared to 76 IPL appearances in the same period. Compare that to how consistently MS Dhoni, Virat Kohli, Rohit Sharma and Jasprit Bumrah have appeared in the IPL, and the contrast is stark. International player availability is also another sticking point. Taxation in Australia is significantly higher than in South Africa, the UAE or Bangladesh, whose leagues overlap with the BBL window. International players may simply find other leagues more attractive financially, leaving BBL franchises without the marquee foreign talent that drives broadcast interest. MORE: CA warns BBL private investors: Test summer anchored until 2032 Logistics, media rights and union influence round out the concerns Travel is a practical headache as Perth alone can require a five to six-hour journey from the east coast. South Africa, where IPL teams own all six SA20 franchises, has a maximum two-hour travel window between cities. CA is also midway through a seven-year broadcast deal with four years remaining, creating uncertainty around media rights valuation for any incoming investor. The influence of the Australian Cricketers' Association, which has already dug in over revenue share negotiations, is another variable IPL owners are tracking carefully. CA needs to get more flexible with BBL to lure private investors, and not just market The BBL has one genuine advantage that keeps the conversation alive as most clubs are reportedly making profits, which is more than many global T20 leagues can say. That's a real selling point, and IPL owners with a presence in virtually every major franchise competition globally will factor it in. But Cricket Australia is trying to sell a premium product while insisting on terms that most sophisticated franchise operators would find unworkable. You can't pitch a billion-dollar vision and then tell investors they can't have majority ownership, can't guarantee Australian stars, and will have limited say over scheduling. These aren't minor details, but they're the things that determine whether a franchise is a business or just a branding exercise. The Hundred comparison is instructive. The ECB gave investors enough control to make it commercially attractive, and the sale was oversubscribed. CA has positioned itself several notches tighter than the ECB, which is saying something. If Greenberg's billion-dollar ambition is real, the terms need to reflect it. Right now, the gap between what CA is offering and what serious franchise investors expect is the single biggest obstacle to this project delivering on its potential. For all the latest cricket news, opinion, and commentary, and to share your voice, head to our Facebook, Instagram, and X (Twitter) pages.