Indian Premier League franchises, Rajasthan Royals and Kings X1 Punjab on Monday filed separate affidavits in the Bombay High Court affirming they had complied with the condition of furnishing bank guarantees to the BCCI.
The High court had earlier stayed the termination of contract of Kings XI Punjab and Rajasthan Royals with the board. However, in case of Kings XI, the dispute would be referred to a new arbitrator as former Supreme Court judge BN Srikrishna had recused himself from the case.
While staying the termination of contracts of these two IPL franchises, the court had asked them to furnish bank guarantees to BCCI for making up losses that the board and its players might suffer in case the arbitrator's award goes against them.
Kings XI was asked to furnish bank guarantee of $18m for the players, which it might pick in the IPL Jan 8-9 player auction in Bangalore, and of $3.5m for the BCCI.
Rajasthan Royals were asked to submit $2.83m as guarantee to the BCCI for the contract and $18 million as bank guarantee for the players. Both informed the HC that this had been complied with.
IPL governing council to meet on Jan 5
The IPL governing council is set to meet on Jan 5 to discuss the details of the player auctions to be held on Jan 8-9. "The IPL governing council is to meet on Jan 5 at the Mumbai Cricket Association's Bandra Kurla complex. They are expected to discuss the player auctions," a board source said.
As many as 350 top cricketers from India and abroad would go under the auctioneer's hammer with the IPL franchises bidding for their services in the fourth season of the lucrative Twenty20 League. Barring a dozen players, including Sachin Tendulkar, MS Dhoni and Virender Sehwag, who have been retained by five franchises in advance of the auction as per the IPL player regulations, most of the world's top players would be up for grabs.
Set Max charging premium ad rates
New Delhi: Multi Screen Media, which will telecast live the upcoming cricket players' auction for IPL season four on Set Max, is selling ad slots for Rs. 50,000 per ten seconds, a premium of about five times compared to a regular day. The broadcaster has already started selling ad space for the two-day auction event. "Since it will be a live event, not much ad-inventory is available. We have already started selling spots at a premium," Multi Screen Media (MSM) president (network sales) Rohit Gupta said.