IPL 2011 Auction Failure

Grand IPL 2011 auction failed miserably.

It was the first setback for Modi, who started the league with promises of quick riches for the teams.

Participation in the auction for the two extra teams to join the IPL next year required a bank-guaranteed cheque of $100-million and net worth of $1-billion from bidders. It was no surprise when only two bidders pitched up.

Last week, Modi claimed that eight to 12 bidders would take part in the auction, including an English Premier League soccer club and the MCC, which owns Lord’s cricket ground.

There was no sign of the football club and the MCC pulled out of the bidding on Saturday.

A base price for the two extra teams, to be based in IPL Ahmedabad and IPL Pune, was set at $225-million.

Modi admitted afterwards that the two bids received were returned without being opened.

The third edition of the IPL is due to start on Friday.

Source : Times Live