The Board of Control for Cricket in India (BCCI) and the aggrieved Sahara Group today reached a compromise after a series of hectic negotiations over the past few days, paving the way for Pune Warriors' participation in the fifth edition of the Indian Premier League (IPL).
Sahara, which had severed ties with the Board and withdrawn the Team India sponsorship on February 4, will return as a sponsor following the truce which brought an end to the 12-day stalemate.
Both BCCI and Sahara issued a joint statement, giving details of the agreement which envisaged a reactivation of the auction purse for Pune Warriors and an extension of the trading window among other things.
Regarding the contentious issue of replacement for marquee player Yuvraj Singh, who is undergoing treatment for cancer in United States, Sahara has offered to obtain the consent of all the franchises for fielding five foreign players for the IPL matches.
"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," the joint statement said.
"Reactivation of the Auction Purse of Pune Warriors India so that it can take a number of players, subject to the squad composition regulations," it added.
The BCCI and Sahara also agreed to start the arbitration proceedings initiated by Sahara through appointment of an arbitrator to address the corporate giant's claims for a reduction in franchise fee for 74 matches.
The BCCI also did not have any issues with Sahara seeking a strategic partner in the Pune Warriors India franchise, subject to terms of the Franchise Agreement.
