IPL delays revealing new franchises

IPL commissioner Lalit Modi explained the clause requiring bidders to have a net worth of $1billion had been dropped

The Indian Premier League has deferred naming its two new franchises until March 21, in the process scrapping the existing tender procedure after bidders objected to stiff financial clauses.

The new tenders, which will be floated on March 9 and opened on March 21, will drop a clause requiring the bidder to have a net worth of $1billion.

IPL commissioner Lalit Modi explained: "The relaxation [of the clause] was because we received letters from many, many companies who had expressed interest but said that the $1billion net worth criterion [was one] which owners of the existing franchises were not asked for earlier.

"So they asked why they were asked for the new criteria, which eliminates them from bidding, hence the clause has been amended to give more people the opportunity to bid."

Modi last month said 12 cities are in contention, including four which are already hosting matches this season.

The main contenders are Ahmedabad, Nagpur, Kanpur, Dharamsala, Indore, Cuttack, Gwalior and Vishakapatnam.

Modi also indicated cities such as Rajkot, Pune, Vadodara and Kochi, which are in the process of building stadia, may bid for teams.

The new team franchises will be granted access to venues hosting matches during the third edition of the IPL, which begins on Friday, so as to familiarise themselves with the process.