Sri Lanka T20 League attracts bids over $30 mn

Colombo, June 26 (IANS) In a major breakthrough for Sri Lanka Cricket (SLC), all seven Sri Lanka Premier League (SLPL) franchises have been snapped up with bids worth over $30 million, a statement said here Tuesday.

This is $9 million above the amount expected by SLC, the cricket board said in the statement.

When the deadline for bids closed Monday, 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 franchise was $3 million, Xinhua reported.

Analysts described the successful conclusion of SLPL franchise as a "jackpot" for SLC and SLPL, which drew some criticism as being a non-starter after being postponed last year.

"The franchise is for seven years unlike the Indian Premier League. Sri Lanka Cricket's Executive Committee is to meet Friday to formally accept and ratify the bids," it said.

Each franchise will have a squad of 18 players and could have up to a maximum of six foreign players.

The 21-day SLPL is scheduled to start August 10 with 24 games being played in the capital Colombo and the central city of Kandy.