The Board of Control for Cricket in India (BCCI) and Sahara reached an agreement on Thursday evening.
According to the agreement, the Pune Warriors, will remain in the cash-rich T20 league. These developments follow several rounds of meetings between the two parties after Sahara walked out from both the IPL and also backed out of being the main sponsors of the Indian cricket team earlier this month.
Following is the joint media statement released by BCCI and Sahara
BCCI and Sahara have had extensive discussions over the past few days and are happy to confirm the following:
BCCI took note of the various requests of Sahara and has agreed to the following:
1. To extend the trading window, which was due to close on Friday 17 February, until Wednesday 29 February 2012 to give Pune Warriors India the opportunity to have successful negotiations with other franchises as it looks to strengthen its squad.
2. Re-activation of the Auction Purse of Pune Warriors India so that it can take a number of players, subject to the squad composition regulations.
3. BCCI and Sahara agree to start the arbitration proceedings initiated by Sahara through appointment of an arbitrator to address Sahara's claim for a reduction in franchise fee for 74 matches.
4. BCCI does not have any issues with Sahara seeking a strategic partner in the Pune Warriors India franchise, subject to terms of the Franchise Agreement.
5. In respect of their request to sign overseas players who were not included in the Auction Register, subject to the relevant player regulations, BCCI agrees to the request subject to the views of all other franchise
6. Sahara has requested for one of the play off matches scheduled to be played in Bengaluru to be played in Pune. The right to host the Play Off matches is awarded to the finalists from previous edition, in this case Royal Challengers Bangalore. BCCI is in principle agreeable to host one of the Play Off in the new Pune stadium subject to the consent of RCB.
7. Sahara has requested to furnish the Bank Guarantee against the Franchisee fee in two installments; BCCI will consider it at the next available opportunity.
8. Notwithstanding the recent working committee decision rejecting 5 foreign players in the playing XI, in consideration of the exceptional circumstance and the non-availability of Mr. Yuvraj Singh, Sahara has offered to obtain the consent of all the franchises for the submission to the BCCI.
BCCI, in line with its normal practice, will continue to engage with all franchises to find ways to enhance the competitiveness of the league and improve the fan experience.
Sahara confirms that it will continue sponsorship of the Indian team. Sahara may want to exercise its right to assign the sponsorship as per the agreement.
N. Srinivasan, President, BCCI
Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar