Chennai, March 20, 2010 (The Hindu) - The bids for the two new teams in the Indian Premier League – the number of sides in the Twenty20 competition will be increased to 10 from 2011 – will be opened at a city hotel here from 10.30 a.m. on Sunday.
The earlier auction in Mumbai on March 7 was a non-starter since there was strong opposition to the clause which said those aspiring to take part in the bidding process would have to show a minimum net worth of USD One billion with a bank guarantee of at least USD 100 million. These conditions have been removed subsequently.
BCCI president Shashank Manohar, secretary N. Srinivasan and IPL Commissioner Lalit Modi will be present on the occasion. The process should end by afternoon.
The Adanis, Videocon, Sahara India, Cyrus Poonawala and Ajay Shirke of Pune and the Jaypee Group are in the fray. The base price for a franchise has been increased to $ 225 million. It was only $ 50 million in the first auction in 2007.
Pune, Ahmedabad and a prominent city in Uttar Pradesh are in contention. Only two cities will eventually win.
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