Sahara to remain Team India's sponsor; Pune to play in IPL 5

New Delhi: Sahara India was Thursday back as cricket Team India sponsor and the owner of Indian Premier League (IPL) franchise Pune Warriors after sorting out most of its issues with the Board of Control for Cricket in India (BCCI).

Sahara had decided to sever all its ties with the BCCI earlier this month citing denial of "natural justice". The last straw in the splitting of relations was BCCI's refusal to allow ailing cricketer Yuvraj Singh's price to be added to Pune Warriors' auction purse after the southpaw was ruled out of the tournament with a lung tumour.

After 12 days of intense negotiations, the two parties issued a joint statement here signed by BCCI president N. Srinivasan and Sahara India managing director Subrata Roy.

"Sahara confirms that it will continue sponsorship of the Indian team. Sahara may want to exercise its right to assign the sponsorship as per the agreement," the statement said.

The BCCI agreed to extend the trading window, which was due to close Friday, until Feb 29 to give Pune Warriors India the opportunity to have successful negotiations with other franchisees as it looks to strengthen its squad.

The BCCI also said that it has re-activated the $2 million auction purse of Pune Warriors so that it can take a number of players, subject to the squad composition regulations.

In a statement issued by the BCCI said that the board agreed to the following demands of Sahara:

1. To extend the trading window, which was due to close on Friday 17 February, until Wednesday 29 February 2012 to give Pune Warriors India the opportunity to have successful negotiations with other franchises as it looks to strengthen its squad.

2. 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.

3. 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.

4. 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.

5. 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

6. Sahara has requested for one of the play off matches scheduled to be played in Bengaluru to be played in Pune. The right to host the Play Off matches is awarded to the finalists from previous edition, in this case Royal Challengers Bangalore. BCCI is in principle agreeable to host one of the Play Off in the new Pune stadium subject to the consent of RCB.

7. Sahara has requested to furnish the Bank Guarantee against the Franchisee fee in two installments; BCCI will consider it at the next available opportunity.

8. 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 Mr. Yuvraj Singh, Sahara has offered to obtain the consent of all the franchises for the submission to the BCCI.