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New IPL franchises expected to be announced

The winning bids for the two new IPL franchises which will join the league in 2011 are expected to be announced in Chennai tomorrow morning by IPL commissioner Lalit Modi.

Itís believed only six parties are expected to place bids before the tender closes tomorrow morning. The first tender was cancelled by the BCCI two weeks ago when they only received two bids after concerns were raised concerns over the terms of the tender.

Bids are expected to be made by Videocon, Jaypee Associates, Sahara, Adani Group and a partnership from Pune. The base price of $225 million is still in place but a number of the terms from the original tender have been removed.

These included the IPL wanting a $100 million performance guarantee paid 24 hours before the auction took place and a further 10% bank guarantee within 48 hours of winning a franchise.

"Essentially, we have gone back to 2008 when bidding for the existing franchises was held. But, since the values have gone up, the performance guarantee has also gone up from $5 million to $10 million," said Modi when he announced the new tender.

source - cricket20.com
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