IPL to announce two new franchises tomorrow

“We expect the winning bids to be around USD 300 million,” a top IPL source revealed.

The terms and conditions for the bidding process have been made stringent with each bidder having been asked to furnish a bank guarantee of USD 100 million along with their bid,the source said.

Talking about IPL’s merchandise branding tie-up with Bandelier,Modi said this was the first of many such deals which are in the pipeline.

“We aim to clinch close to 70-80 licensees before the end of the year. The royalty paid by the licensees will be shared among the IPL and the teams,” he said.

The branded watches would be priced at the lower range of Rs 40,000 for women and Rs 70,000 for men,it was announced at the media conference.