AFTER THE face-off with the Board of Control for Cricket in India (BCCI), the two ousted IPL franchises, Kings XI Punjab and Rajasthan Royals filed two separate affidavits with the Bombay High Court, which stated that they had complied with the stipulations and also furnished bank guarantees as per the legal requirements.
Previously, the High Court had stayed the termination of the two teams by the BCCI.
The court had asked the two teams to deposit bank guarantees to BCCI in order to make up for the losses that the Board and its players might possibly face if in case the arbitrator's award goes against BCCI. The arbitrator was brought in soon after, former Supreme Court judge B N Srikrishna recused himself from the case.
Kings was asked to deposit a bank guarantee of USD 18 million for the players which may be utilised for the IPL auction which is going to be held in Bangalore on January 8-9 and USD 3.5 million for the Board. Whereas, Royals were asked to deposit USD 2.83 for the Board and USD 18 million for the players as a bank guarantee.
The telecast rights for the auction has been sold to Multi Screen Media and the company has already started selling ad slots for Rs 50,000 per ten seconds. The premium calculated is five times more than an average day. On the sale of ad spots, Mindshare managing partner (entertainment sports partnerships) Hiren Pandit said that there is a lot of interest from advertisers and viewers for a cricket related event like IPL auctioning. So it will definitely have differentiated pricing than for films.
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