The IPL's unveiling of its two new franchises on Sunday ended in an anti-climax with the league pushing back the entire process by two weeks, in the process scrapping the existing tender procedure after bidders objected to stiff financial clauses. The new tenders, which will be floated on March 9 and opened on March 21, will drop a clause requiring the bidder to have a net worth of $1 billion.
The new process will also amend two existing clauses: One will be a reduction of the advance deposit from $100 million to a $10 million "performance guarantee", to be submitted 24 hours in advance of the bid being opened. Another original clause gave the IPL's governing council the discretion to seek from the winning bidder 100% of the amount with a minimum time-frame; under the new process, the winning bids will be expected to pay 10% of their bid within 48 hours.
The minimum bid amount, however, remains the same at $225 million; the existing tenders were not opened at the IPL governing council meeting in Mumbai and were returned to the bidders.
Read Original Story - IPL defers unveiling new franchises to March 21
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