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IML Sports Marketing
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Building D5
Fairoaks Airport
Chobham
Surrey
GU24 8HU
Tel: 0871 399 0089
Fax: 01276 858010
View map
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IPL franchise bidders balk at financial demands
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The Indian Premier League has postponed for two weeks the sale of its new franchises and removed some tough financial demands from the tender.
UK newspaper The Guardian reports that a clause requiring bidders to have a net worth of $1 billion has been removed, and a $100 million deposit payable 24 hours before tenders are opened has been reduced to $10 million. In another change, winning bidders will have to pay 10 per cent of their bid within 48 hours, and an IPL council discretion to demand payment of 100 per cent of the bid within a minimum timeframe has been dropped. The tender process will reopen on 9 March and the winners will be announced on 21 March. The minimum bid is $22 million, as in the first tender. "The relaxation [of the clauses] was because we received letters from many, many companies who had expressed interest but said that the $1 billion net worth criterion [was one] which owners of the existing franchises were not asked for earlier," the IPL commissioner Lalit Modi told a press conference. "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." England's Marylebone Cricket Club (the MCC) announced on Friday it had decided not to bid for one of the IPL franchises, on the advice of a working party it had set up to consider a bid. |
