It is also learnt that the opening of the bids will be followed by the IPL governing council meeting. As many as six buyers have bought tender documents since October 15 to win the right to own and operate the ninth franchise for the next five years.
As per a new clause, the bidders will have to submit a performance deposit of R20 crore as guarantee against failing to provide the annual bank guarantee on time after winning the bid.
The Board has also added a clause, which allows it the right to terminate the contract if the franchise fails to pay the players.
Published by HT Syndication with permission from Hindustan Times.