Sri Lanka Cricket has auctioned the seven Sri Lanka Premier League teams for an average price of $4.3 million, an SLC official has said. However, the names of the successful bidders, along with their respective teams, will only be announced once SLC’s executive committee has approved them.The prices of the franchises represent a substantial increase over the cost of teams in the Bangladesh Premier League, where six teams were sold for $6.49 million, with none of them going for much more than the base price of $1 million. However, the figures still pale in comparison to the IPL, which had its first eight teams, bring in $723 million.
One crucial difference between the SLPL and the IPL is that the teams have only been leased for an initial period of seven years and not sold outright. At the end of the period, the franchisees will need to sign a fresh agreement but will have the first right of refusal. The reserve price for the franchises had been set at $3 million.
One crucial difference between the SLPL and the IPL is that the teams have only been leased for an initial period of seven years and not sold outright. At the end of the period, the franchisees will need to sign a fresh agreement but will have the first right of refusal. The reserve price for the franchises had been set at $3 million.
In order to determine the teams, the franchises will take part in the player draft, to be held on July 5 and 6. A lottery will be held to determine the order in which players are picked. SLC will determine the value of the contract for each player in advance and the franchises will be made aware of the cost of the player. The players are likely to be drafted in two groups - the first consisting of players from Sri Lanka and the second all the foreign players. The draft is being seen as the best way to ensure that players are evenly distributed among the teams, making it a level playing field.
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