BCCI President & Secretary wanted bidding process to be postponed- Modi
Mumbai: - IPL commissioner Lalit Modi, has said Shashank Manohar and N Srinivasan, BCCI’s president and secretary respectively, were responsible for the cancellation of bidding process for two new IPL franchisees. He also said that they were also backed by other members of league’s governing council. Modi’s disclosure of these events has strengthened the reports that there are some differences in the BCCI at the highest level in IPL management against Lalit Modi.
It is said that the original clause in the tender, which required the bidder to have a net worth of $1 billion was the main reason for the bidding to be cancelled.
So now IPL has amended the tender by removing the $1 billion net-worth clause. It also reduced the advance deposit from $100 million to $10 million and stipulated that the winning bidder would have to pay 10% of their bid within 48 hours instead of 100% of the amount.
Modi at an press meet had said that the $1 billion net-worth clause had put off many members and interested franchisees from bidding. But today he was reported as saying that IPL received two bids in-spite of having that clause, “There were two letters produced, by the Sahara and Dainik Jagran groups, saying they could afford to bid,” he said. “Sahara said, ‘if we can afford to pay Rs 500 crore ($100 million) a year for the Indian team sponsorship, why are we being excluded? We can easily afford to pay Rs 150 crore ($30 million) a year for a franchise’.”
Modi also said that there may be some more franchisees coming very soon. “I was happy we had two legitimate bids and also a late bid. As in the first tender, in 2008, when late bids were cancelled, so my recommendation was to accept the first two and cancel the third. But the governing council members felt we should allow more people to enter. So there will be more people coming in.” Modi Said
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