Mumbai:Real estate developer DLF Group on Wednesday won the title sponsorship of the Indian Premier League (IPL) after its successful Rs 200 crore bid.
IPL chairman and commissioner Lalit Modi said out of four bidders, one withdrew from the race while three stayed in the fray.
"DLF has won after bidding at Rs 200 crores and from now and for the next five years, it will be called 'The DLF Indian Premier League'," said Modi.
The three other bidders apart from DLF were Percept D'Mark, Hero Honda along with WSG and 21st Century, even though the latter withdrew their bid as they wanted extra time to discuss the product category.
"We accepted their request for withdrawal as they wanted 24 hours on product category and exclusivity and as per the rules state, they had to identify that on the time of the bidding," Modi said, adding that the bidding started at Rs 125 crores.
Modi, also the BCCI vice president, added that the auction of the players would commence on February 20 in the morning where the franchises would make bids on the players with a maximun amount to be spent would be $5 million.
On the decision to include more icon players to the present four, Modi said, "There were divergent views whether players should be included or not because it was not a part of the tender condition. The IPL governing body has made a suggestion to the members and told the franchises to come to a decision on this issue by February 19 - either 'yes' or 'no' and we will abide by the decision."