Two new IPL franchisees to be announced on March 7
Mumbai | Saturday, Mar 6 2010 IST
 

The Indian Premier League (IPL) will be announcing the addition of two new franchisees to the eight-team tournament for the 2011 season here on March 7. ''Everyone is speculating many things. You will know (bidders) tomorrow,'' IPL commissioner and chairman Lalit Modi said on here today while announcing the League's first-ever branded merchandise tie-up globally with 130-yer-old Swiss watchmakers Bandelier. The base price for the two new franchises, which would take up the number of teams in the IPL to 10, has been fixed at 225-million dollars. ''We expect the winning bids to be around $300-million,'' a top IPL source revealed. The terms and conditions for the bidding process have been made stringent with each bidder having been asked to furnish a bank guarantee of 100-million dollars along with their bid, the source said. Talking about IPL's merchandise branding tie-up with Bandelier, Modi said this was the first of many such deals which are in the pipeline. ''We aim to clinch close to 70-80 licensees before the end of the year. The royalty paid by the licensees will be shared among the IPL and the teams,'' he said. The branded watches would be priced at the lower range of Rs 40,000 for women and Rs 70,000 for men, it was announced at the media conference.

-- (UNI) -- 06SPB6.xml

 

Viewer's Comment Comments Not Available

More Stories

Reliance raises $1 billion through overseas bond issue 

Sensex closes 82 points lower as industrial output slows (Roundup) 

FIFA urges Uganda football federation to amend constitution 

Chinese held for poaching panda 17 years ago 

Rajasthan Tourism beckons 

Anbazhagan blames Pondy govt for rising rate 

Haryana issues advisory on consumption of Lauki juice 

Encephalitis not any issue in Poorvanchal during UP polls ! 

Printer Friendly Version