Few takers for new IPL teams

The much-awaited selection of two new Indian Premier League (IPL) teams turned out to be a damp squib on Sunday as the governing council of the popular Twenty20 tournament decided to change the bid documents, disappointing those such as Videocon’s Venugopal Dhoot and the Adanis who had been widely tipped to emerge as owners of the newly-minted teams.

IPL commissioner Lalit Modi did not elaborate on the reasons behind the unexpected postponement beyond saying that some of the terms in the bidding documents needed to be changed. In particular, potential bidders were uncomfortable with one of the pre-conditions that required them to have a net worth of $1 billion. 

Source : http://economictimes.indiatimes.com/articleshow/5656035.cms