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IPL cancel existing Franchise tender

IPL Commissioner Lalit Modi has announced that after a meeting in Mumbai the IPL's governing council has decided to cancel the current Franchise tender and restart the process next week.

A new tender, which will be available from the IPL offices at the Wankhede Stadium on Tuesday, March 9th will have two of the current clauses removed after a number of interested parties’ considered them to be extreme.

The clauses specifying that the bidders need to have a net worth of over $1 billion along with the IPL’s demands of a guaranteed advance of $100 million have been relaxed.

"The relaxation [of the clauses] was done because they received letters from many, many companies who had expressed interest but said that the $1 billion net worth criteria, which owners of the existing franchiese were not asked for earlier," Modi said.

"So they asked why they were asked for the new criteria which eliminates them from bidding, hence the clause has been amended to give more people the opportunity to bid."

The new deadline for submitting the tenders will be at 10 am on Sunday, March 21st, the winning bids will then be reveled an hour later at 11am by Modi.

During the press conference Modi also announced that the existing 8 -10 tenders were not opened at the IPL governing council meeting and they had been returned to the bidders.

Despite a new tender being announced the base line for any bid for a franchise will remain at $225 million with locations in Pune, Ahmedabad, Nagpur, Kanpur, Dharamsala, Vizag, Rajkot, Cuttack, Baroda, Kochi, Indore and Gwalior still the only possibilities.

After the press conference Modi posted further news on his Twitter page “100 million dollar advance Bank Guarantee dropped. Now 10 million $ performance deposit will need to be deposited by 19th Mar at 17:00”.

“New tender can be calculated from 9th march from 10 am onwards from IPL offices at wankhede stadium” he added.

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