IPL 2017 : Bad News For IPL 2017
IPL 2017: Consortium Of Companies Can’t Host IPL Ceremony, Says BCCI
The recently announced Supreme Court-led Committee of Administrators (COA) on Saturday had made a decision that no consortium of companies will be allowed to host the ceremony of the tenth edition of lucrative ipl 2017 which is scheduled from April 5 at the Rajiv Gandhi International Cricket Stadium in Hyderabad.
“NO. A CONSORTIUM OF COMPANIES CANNOT SUBMIT PROPOSAL. A, COMPANY MAY, WITH WRITTEN APPROVAL FROM BCCI, SUBCONTRACT CERTAIN OBLIGATIONS TO COMPANIES BUT THE INTERESTED PARTY (BIDDER) WILL REMAIN PRIMARILY LIABLE,” BCCI SAID IN A RECENT RELEASE.
The four-member of COA which includes the Managing Director of Infrastructure Development and Finance Company (IDFC) Vikram Limaye, the renowned cricket historian Ramachandra Guha, and former Indian women cricket captain Diana Edulji is headed by former Comptroller and Auditor General (CAG) Vinod Rai for supervising the cricket board.
- The Board of Control for Cricket in India (BCCI) has also declared the detailed procedure for the payment policies before adding the companies won’t either be allowed to pitch in for the opening ceremony of the cash-rich league ipl 2017 in India.
However, the cricket board in the release had given the complete guidelines in their 19-page Request For Proposals (RFP) report regarding the interested companies for hosting the opening IPL ceremony while stating the contracts will be given to those companies having the expertise in an event management.
the BCCI press release, on February 16, the Board made it clear by stating the interested parties are supposed to bear the costs for all the eight venues of the eight franchises which also include a closing ceremony in Hyderabad before several FAQs were put on the table for the said parties.
It has also been stated the ‘portable stage’ won’t be allowed in the 30-yard circle according to the recent declaration from the COA.
The new structure of payment in the release has stated the 30 percent has to be on 30 percent back guarantee, before making further 20 percent payment within 15 days following the initial instalment.
The 25 percent payment has to be made within seven days before the opening ceremony and remaining 25 has to be paid in consideration with according to the performance which includes the reconciliation of their accounts and settling cost in relation to the budget within the institution.
According to the earlier payment structure as per RFPs, the interested parties were supposed to pay 35 percent in advance following the 35 bank guarantee.
However, the interested parties were also supposed to pay 30 percent within 15 days after making the initial payment.
It becomes pertinent here that the companies with the turnover of INR 15 crores were rejected by BCCI for bidding for the IPL ceremonies.
Foot notes : consortium means “group of companies”