IPL bidding to be held afresh

Mumbai, March 7 (IANS) The Indian Premier League (IPL) bids for the new two new franchises will be held afresh after two weeks as the bidders objected to some of the financial clauses which were not there at the time of the bidding for the first edition.

The new tenders, which were to be opened Sunday, will now be floated March 9 and will be opened March 21st without the clause requiring the bidder to have a net worth of $1 billion.

The new tender form will have two amended clauses — one reducing the advance deposit from $100m to a $10m “performance guarantee”, to be submitted 24 hours in advance of the bid being opened.

The second will now have the winning bids paying 10 percent of their bid to the IPL governing council within 48 hours as against the 100 percent within a minimum time frame. The minimum bid amount, however, remains $22 million. The existing tenders were not opened at the IPL governing council meeting in Mumbai and were returned to the bidders.