Radius Developers bids Rs. 6.5 crore for a TML team

The inaugural edition of the T20 Mumbai League is scheduled to be played at the Wankhede Stadium from March 11 to 21.

Radius Developers has bought the most expensive franchise in the T20 Mumbai League.   -  Getty Images

Radius Developers, a construction company which has created a niche in the commercial hub of Bandra-Kurla Complex, has bought the most expensive franchise for the T20 Mumbai League (TML).

Sportstar understands that the real-estate firm, owned by Sanjay Chhabria, coughed up Rs. 6.5 crore for the Mumbai North franchise for the inaugural edition of the TML, scheduled to be played at the Wankhede Stadium from March 11 to 21. The bid documents for each of the six franchises were opened at the Mumbai Cricket Association premises on Wednesday. The official announcement of all the six franchises will be made at an event on Thursday where former India captain Sachin Tendulkar will be unveiled as the tournament ambassador.

It is also understood that PK Hospitality was awarded the Mumbai North-Central franchise at the base price of Rs. 3 crore since the other two bids for the same franchise turned out to be void. The other four franchise owners are Transcomm Ltd, a consortium led by Jupiter Group which also includes actor Sharad Kapoor, construction company Shree Naman Group and Star Connect.

In all, 26 bid documents were bought by interested parties during the three-day window last week,  nine of whom actually submitted the bids on Tuesday. After the technical evaluation, the bids were opened on Wednesday in the presence of representative of the bidders, MCA office-bearers and officials of Probability Sports, the event managers.

TML was launched as Mumbai T20 League last November but owing to various obstacles including lack of time to get all the team owners scanned by the BCCI's Anti-Corruption Unit, it was postponed indefinitely. The project was revived earlier this month and has been scheduled in March, just before the star players join their resepctive Indian Premier League franchises.