After the tender process got cancelled due to poor response last time, now five bidders have come into the race to own new teams.

According to the Times of India, the race to own a IPL team heated up with five of the candidates lining up by 5pm on Friday, the cut-off time for submission of bids, to qualify for the auction, which is scheduled to take place on Sunday morning.

"We have received deposits from five bidders," a BCCI official told TOI.

The newspaper also revealed that the sources said among the interested parties - who had submitted the pre-qualification demand draft of Rs 46 crore - were Videocon, Sahara India, the Adani Group and a Pune consortium of Cyrus Poonawala and Ajay Shirke.

And although the name of the fifth bidder could not be confirmed, but there was speculation that it was infrastructure player Jaypee Group.

The bids will be opened in Chennai on Sunday morning and by the afternoon, the winners will be announced, sources added.