New Delhi: It's the big sports news. After days of negotiations, the Sahara group and the BCCI have reached common ground enough for their 11-year-old association to continue after all. Today's developments mean that Sahara will continue to sponsor Team India and the Pune Warriors will play in the Indian Premier League Season 5. The compromise lays down the following:
1) The BCCI and Sahara have agreed to start arbitration proceedings to address Sahara’s demand for a reduction in franchise fee for 74 matches last season. Sahara paid 1,702 crore for the Pune franchise in 2010, more than three times the cost of any of the original eight teams. It had asked the BCCI to reduce their franchise fee because only 74 matches were played in the 2011 season as opposed to 94 as originally proposed by BCCI.
2). Sahara had requested that it be allowed to pay bank guarantee against the franchisee fee in two installments; the BCCI has said it will consider this.