The board kept a reserve price of about PKR 45 crores (44 crores and 80 lakhs) for three years, however, both the companies in the race offered PKR 9 crores only
Pakistan Cricket Board (PCB) has received less than 25 per cent of the reserve price for the Pakistan Junior League's title sponsor.
The board kept a reserve price of about PKR 45 crores (44 crores and 80 lakhs) for three years, however, both the companies in the race offered PKR 9 crores only. There will be a re-bidding on Friday, big companies have already not participated in the bidding.
According to details, the first edition of PCB Chairman Ramiz Raja's dream project PJL will take place in October. All the attention of the cricket board is on this event these days only.
PCB's hopes were tarnished by the opening bids of title sponsor in the past few days. A total of three companies participated in the bidding. These included services industries, four-man event management and Transworld.
Services industries was disqualified for not submitting bid security and now only two parties are left. Both offered a bid of PKR 9 crores each for three years, the amount for one year is Rs 3 crore which is not even 25% of the reserve price.
PCB is frustrated with the situation and both parties have been informed about the reserve price. The board have asked them to submit new bids which will be opened on Friday.
In this regard, sources say that the market is under pressure these days, there have been problems due to the increase in the value of the dollar and also this is an event for junior cricketers, therefore, who will give PKR 45 crores to PCB. The dream of huge financial gains from PJL does not seem realistic.