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 $111.9.
The cities that were in the race were Indore, Pune, Ahmedabad, Dharamsala, Nagpur, Kanpur, Cuttack, Vizag, Rajkot, Kochi, Baroda and Gwalior.
Read Original Story - IPL annuls team bids and existing tender
Showing posts with label IPL Auction. Show all posts
Showing posts with label IPL Auction. Show all posts
IPL Auction: IPL Twenty 20 players bid results, sold prices – Team for Chennai Super Kings, Mumbai, Rajasthan, Bangalore, Deccan Chargers, Punjab
The much awaited IPL Auction has begun and some of the players are selected for the DLF Indian Premier League 2010 which is expected to start at the beginning of summer holidays.
There were around 66 cricketers who are in the IPL Auction for 2010 season which includes star players from Australia, South Africa & West Indies. Below is the complete list of 66 players who are nominated for the auction.Out of the above 66 players, in first day of auction there are around 11 players selected by the 8 franchises including Chennai Super Kings, Mumbai Indians, Kolkata Knight Riders, Deccan Chargers, Delhi Daredevils, Kings XI Punjab, Royal Challengers Bangalore, Rajasthan Royals.
Keiron Pollard, an all rounder from West Indies clinched the highest winning bid so far and worth of 750,000 US$. Mumbai Indians is the team who picked him and other player who almost for the same price picked from the auction is Shane Bond, a fast bowler from New Zealand. The one Indian player picked so far is Mohammad Kaif and its for a whopping quarter million $.
The complete list of first day of Auction results,
DLF IPL 2010 : Player Auction at Mumbai on January 19th 2010
| Sr. No | Player Name | Nationality | Winning Bid US $ | Winning Franchise |
| 1) | Keiron Pollard | West Indies | 750,000 | Mumbai Indians |
| 2) | Shane Bond | New Zealand | 750,000 | Kolkata Knight Riders |
| 3) | Kemar Roach | West Indies | 720,000 | Deccan Chargers |
| 4) | Wayne Parnell | South Africa | 610,000 | Delhi Daredevils |
| 5) | Mohammad Kaif | India | 250,000 | Kings XI Punjab |
| 6) | Eoin Morgan | England | 220,000 | Royal Challengers Bangalore |
| 7) | Damien Martyn | Australia | 100,000 | Rajasthan Royals |
| Justin Kemp | South Africa | 100,000 | Chennai Super Kings | |
| 9) | Adam Voges | Australia | 50,000 | Rajasthan Royals |
| 10) | Thisara Perera | Sri Lanka | 50,000 | Chennai Super Kings |
| 11) | Yusuf Abdulla | South Africa | 50,000 | Kings XI Punjab |
The IPL 2010 season is all set to begin on March 12th in Hyderabad and the finale in Mumbai on Apr 25th.
For more news, stay tuned to the Indian Premier league official site, iplt20.com.
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