Sahara Group will remain involved with Team India and the Pune IPL team.
New Delhi: The impasse between the BCCI and Sahara Group has come to an end with the Indian board having to give in to most of its sponsors' demands.
The two warring parties have resolved their differences with Sahara Group set to remain involved with Team India and the Pune IPL team.
The BCCI has agreed to various demands raised by the Sahara Group who had cut its ties with the cricket governing body hours ahead of the players auction for the fifth season of the IPL.
IPL chief Rajiv Shukla expressed his happiness over the latest development, saying the issue has been resolved without breaking any rules.
"The issue has been resolved. BCCI is very happy. we have addressed all the issues and no rules have been broken," Shukla said.
Sahara Group supremo Subrata Roy also thanked the BCCI officials for their initiatives and involvement in the whole issue.
"I genuinely appreciate all concerned officials of the BCCI for all their initiative in resolving the issue. The emotional initiative by Shashank Manohar is highly appreciated," Subrata Roy said.
BCCI has extended the players' trading window, which was due to close on Feb 17, until Feb 29 to give the Pune Warriors an opportunity to have successful negotiations with other franchises as it looks to strengthen its squad, a joint statement said.
The other major points that have come out from the joint statement between the two parties are:
* Re-activation of the auction purse of Pune Warriors India so that it can take a number of players, subject to the squad composition regulations.
* BCCI and Sahara agree to start the arbitration proceedings initiated by Sahara through appointment of an arbitrator to address Sahara's claim for a reduction in franchise fee for 74 matches.
* BCCI does not have any issues with Sahara seeking a strategic partner in the Pune Warriors India franchise, subject to terms of the franchise agreement.
* In respect of their request to sign overseas players who were not included in the auction register, subject to the relevant player regulations, BCCI agrees to the request subject to the views of all other franchise.
* Sahara has requested for one of the play-off matches scheduled to be played in Bengaluru to be played in Pune. The BCCI has agreed, subject to the consent of RCB.
* Sahara has requested to furnish the bank guarantee against the franchisee fee in two installments; BCCI will consider it at the next available opportunity.
* Notwithstanding the recent Working Committee decision rejecting 5 foreign players in the playing XI, in consideration of the exceptional circumstance and the non-availability of Yuvraj Singh, Sahara has offered to obtain the consent of all the franchises for the submission to the BCCI.