Sri Lanka Premier League franchises fetch $30 million

MUMBAI: The auction of seven Sri Lanka Premier League franchises have fetched Sri Lankan cricket board $30 million with average price of each franchise working out to $4.3 million.

The SLC had set the reserve price for each franchise at $3 million. The franchises have the rights for seven years.

The names of the franchises have not been revealed. The SLC will announce the list of successful bidders only after its executive committee ratifies the bids.

"I am pleased to announce that bids were received in respect of all seven teams, at average price of $4.3 million per bid," SLC official Vajira Dassanayake said.

The first edition of the SLPL will be held from 10-31 August. The seven teams will play a total of 24 matches at R Premadasa Stadium in Colombo and the Pallekele International Cricket Stadium.

The players will be selected through draft process on 5 and 6 July. They will be divided into two groups with the first group comprising players from Sri Lanka while the second group will include foreign players.

Each team will be allowed to have only 18 players in their squad with a compulsory ruling of no more than six overseas players in each squad.

Somerset Entertainment Ventures is commercial rights holder for the tournament.

All the matches of SLPL will be televised live by Carlton Sports in Sri Lanka. CSN is owned by family members of Sri Lankan president Mahinda Rajapaksa.