Sri Lanka Premier League’s formally framed structure has been changed with authorities deciding to follow a franchise system going in line with the IPL and BPL.
Earlier, the plan was to have the ownership of all teams under the SLC’s control, but now private firms are given the opportunity of owning a franchise or several.
Accordingly, the reserve price for a franchise has been set at $ 3 million while the teams will be leased for a period of seven years.
Those interested in taking part in the SLPL will be given the chance to bid for a maximum of three teams.
According to the report, the tender process to bid for franchises has already commenced with the deadline set for 25th June.
The inaugural Sri Lanka Premier League is expected to be kicked off in August and seven teams have lined up to compete.
The seven provinces that will form teams are Basnahira, Kandurata, Nagenahira, Ruhuna, Uthura, Uva and Wayamaba.
Each franchise will have an icon player, two of whom will be foreign players, and teams will be allowed a maximum of 18 players, out of which six can be foreign players.
Teams will be allowed play a maximum of four foreign players per game.
Out of the remaining seven players in the XI, one must be a Sri Lanka Under-21 international.
SLC had signed a new deal with Somerset Entertainment Ventures to hold the league on May 5.