The Indian cricket team players will continue to sport the Sahara logo on their chests till the sponsor's current agreement with the BCCI runs out. Sahara India on Thursday reversed its decision to end all commercial ties with the BCCI after a series of meetings between the two groups in the last week.
In a joint statement, Sahara group chairman Subrata Roy and BCCI president N Srinivasan also informed that the Pune Warriors team would continue playing in the IPL.BCCI treasurer Ajay Shrike, former board president Shashank Manohar and Kolkata Knight Riders’ co-owner Shah Rukh Khan, played a key role in resolving the differences.
Sahara’s existing sponsorship deal with the India team involves Rs 3.34 crore per Test, One-day and T 20 international, and ends on December. 31, 2013. Sahara bid Rs 1700cr to bag the IPL Pune franchise in 2010.
In the agreement, the board has extended the trading window, which was due to close on Feb 17 (Friday), until Feb 29 to give the Warriors the opportunity to buy player from other franchises and have also re-activated their auction purse.
The board has agreed to start arbitration proceedings to address Sahara’s demand for reduction in franchise fee, and has also cleared the way for the company to seek a strategic partner for their IPL franchise.
However, Sahara will have to take their request for fielding five foreigners to compensate for Yuvraj Singh's absence to the other eight franchises.
“Notwithstanding the recent working committee decision rejecting five foreign players in the playing eleven, in consideration of the exceptional circumstance and the non-availability of Yuvraj Singh, Sahara has offered to obtain the consent of all the franchises,” the statement said.
Though, it was not included in the joint statement, Roy also said he was optimistic that his demand for an open auction for the next season will be considered. “Due to the policy of retention, a disparity in the player ability and corresponding payment structure is created. I genuinely appreciate BCCI, seeing their positive response and attitude… they have said they would take up the issue seriously in the near future,” said Roy.