SLPL franchises snapped up; Bids worth over $ 30 m received

In a major breakthrough for Sri Lanka Cricket, all seven Sri Lanka Premier League (SLPL) Franchises have been snapped up with bids worth over $ 30 million received, above the targeted minimum of $ 21 million.

When the deadline for bids closed yesterday, the seven franchises had racked in an average bid of $ 4.31 million each with the highest estimated at $ 5 million. The base price per franchisee was $ 3 million. Interest has been widespread including one Sri Lankan entity coming forward though with foreign shareholding.

Analysts described the successful conclusion of SLPL franchise as a “jackpot” for Sri Lanka Cricket and SLPL, which drew some criticism as being a non-starter.

The franchise is for seven years unlike the perpetual deal in Indian Premier League. Sri Lanka Cricket’s Executive Committee is to meet Friday to formally accept and ratify the bids.

Each franchise will have a squad of 18 players and could have up to a maximum of six foreign players. Of the Lankan blood, two must be under 21, one of which have to be included in to the playing team as part nurturing young talent.

The 21-day SLPL is schedule to start on 10 August and 24 games will be played in Colombo and Kandy.

Analysts said that apart from boosting cricket, SLPL is tipped to be a major platform to promote tourism and entertainment industry in Sri Lanka.