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>IPL annuls team bids and existing tender

>The much-hyped bidding for the Indian Premier League‘s two new franchises fell flat as the IPL‘s governing council deferred unveiling the teams and decided to cancel the existing tender.

The decision was taken after a meeting held at Four Seasons in Mumbai which was attended by Bollywood stars Saif Ali Khan and Kareena Kapoor along with Videocon Industries’ Venugopal Dhoot.
All existing tenders have been returned to the bidders without being opened.

“The bids that were received were returned without being opened. New tenders would be issued on March 9 and the fresh bids are to be submitted at 10 am on March 21 at Chennai which would be opened at 11 am,” IPL Commissioner Lalit Modi told a media conference.

New tender will be out on March 9 with the submission deadline of March 21. A few changes have been made in the conditions of the new tender that will be out on March 9. The IPL has removed net worth clause of $1 billion as well as the advance guarantee of $ 100 million.

The IPL chief said a lot of letters had been received from various interested parties pointing out that the pre-condition of bidders having a net worth of one billion dollars was not there when the first tendering process was initialised two years ago while selling the existing eight franchise teams.

“The governing council decided to remove this clause from the new tender and reduce the USD 100 million performance deposit demanded from bidders to 10 million USD to be submitted on the 20th. It was five million USD at the first tender but the valuation has gone up now,” he said.

Modi also said that 100 per cent bank guarantee demanded from the bidders when they are successful has been reduced to 10 per cent rolling back guarantee to be paid withing 48 hours which is on par with the first tendering process.

“The base price of USD 225 million remains the same. The base price was not the issue,” he said.

However, the minimum bid amount remains the same at $225 million which is almost double of the costliest IPL team Mumbai Indians, bought by Mukesh Ambani for $111.9.

The cities that were in the race were Indore, Pune, Ahmedabad, Dharamsala, Nagpur, Kanpur, Cuttack, Vizag, Rajkot, Kochi, Baroda and Gwalior.

Read Original StoryIPL annuls team bids and existing tender

March 9, 2010 - Posted by | Cricket News, Indian Premier League, IPL, IPL Auction, IPL News

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