After deliberating for close to two hours here, the IPL’s governing council deferred unveiling the two franchises and decided to cancel the existing tender under the clause 11.4 of the term.

The decision was taken after a meeting held at Four Seasons in Mumbai which was attended by Bollywood stars Saif Ali Khan and Kareena Kapoor along with Videocon Industries’ Venugopal Dhoot.

New tender will be out on March 9 with submission deadline of March 21.

A few changes have been made in the conditions that will be out on March 9. The IPL has removed net worth clause of $1 billion, advance guarantee of $ 100 million. It was alleged that these clauses deterred many bigwigs like Bollywood stars Ajay Devgan, Sanjay Dutt, Sahara Group, Marylebone Cricket Club, film director Priyadarshan and actor Mohanlal from bidding.

All existing tenders have been returned to the bidders. However minimum bid amount remains the same at $225 million(Rs 1,042 crore) per franchisee( it was $50 million = over Rs 230 crore in 2008. The costliest one of the previous eight teams is Mumbai Indians, bought by Mukesh Ambani for $111.9 million for 10 years.)

It should be mentioned that till today morning, it seemed certain that Adani’s Vibrant Gujarat(or Gujarat Lions) and Videocon’s Pune team would emerge as successful bidders.