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The stand-off between Sahara India and the Board of Control for Cricket in India ended on Thursday, with the former reversing its decision to pull out of the Indian Premier League.
After extensive discussions over the past few days Sahara announced that its franchise, Pune Warriors, will take part in the fifth edition of the IPL.
The corporate giants also reneged on its decision to pull out of the Indian cricket team's 11-year sponsorship.
In a shocking decision earlier this month, Sahara had announced that it was discontinuing the sponsorship of the team. It also pulled out from the IPL just a couple of hours before the players' auction was scheduled to take place in Bangalore.
Sahara, which had missed the auction, will now get an opportunity to bolster their squad after the BCCI agreed to extend the trading window till February 29. The earlier closing date was February 17, but now the franchise will get an extra few days to negotiate with other franchisees and bolster their squad.
Also, with regard to Yuvraj Singh's unavailability and Sahara's request to grant them an extra foreign player in their playing eleven, the BCCI said the decision will rest on approval of the other eight franchisees.
"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," the BCCI and Sahara said in a joint media statement.
"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," it added.
Follows is the joint media from Sahara and the BCCI:
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.
BCCI, in line with its normal practice, will continue to engage with all franchises to find ways to enhance the competitiveness of the league and improve the fan experience.
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.