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Rediff News  All News  » Business » Future Group, Sahara pad up for IPL, pay guarantee money

Future Group, Sahara pad up for IPL, pay guarantee money

January 24, 2008 01:52 IST

The Future Group and Sahara Group have made a last minute dash to own Indian Premier League's (IPL) team. It is learnt from sources that the two companies today paid Rs 20 crore as guarantee deposit to the Board of Control for Cricket in India (BCCI).

When contacted, Lalit Modi, vice president, BCCI, confirmed that some companies had deposited the guarantee amount. "There are companies that have paid the guarantee deposit. However, I cannot name them," he said.

This move comes just a day before the bidding process for team franchisee, scheduled on Thursday.

The corporates who will finally battle it out for the eight teams that will play in the 56 matches include a consortium of financial experts, lead by renowned banker Anshu Jain, Mukesh Ambani-promoted Reliance Industries, Reliance Anil Dhirubhai Ambani Group, Bollywood actor Shah Rukh Khan's production company Red Chillies Entertainment, real estate major DLF, media company Deccan Chronicle, infrastructure company GMR group, liquor and airline baron Vijay Mallay, fast food giant Nirulas, India Cement and Videocon Industries.      

Of the 40 tenders that were selected at Rs 4 lakh each, 13 have deposited the guarantee amount, according to sources. On January 24, the interested corporates will have to bid over the floor price of $50 million for each team. BCCI will announce the winners on the same day.

Aminah Sheikh