Mumbai, Mar 6 (PTI) The two new franchises for the Indian Premier League's 2011 season will be announced here tomorrow.
"Everyone is speculating many things. You will know (bidders) tomorrow," IPL commissioner and chairman Lalit Modi said 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 USD 225 million.
"We expect the winning bids to be around USD 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 USD 100 million along with their bid, the source said.
Saturday, March 6, 2010
Indian Premier League to announce 2 new franchises
STAFF WRITER 15:0 HRS IST
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