Bangalore: The seven Sri Lanka Premier League teams have been auctioned at an average price of $US4.3 million, Sri Lanka Cricket said on Tuesday as the first step in the conduct of the SLPL in August was successfully completed. The reserve price had been set at $US3 million each.
"I am pleased to announce that bids were received in respect of all seven teams, at average price of $US4.3 million per bid," Vajira Dassanayake, a SLC official, was quoted as saying by PTI.
The names of the successful bidders for the seven teams will only be announced after ratification by the executive committee of SLC. The seven franchises were not sold outright but instead have been leased for a seven-year period. After seven years, the franchises can either sign a fresh agreement or choose to exercise the first right of refusal.