Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Phone Reviews
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Phone Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Sports News / Team owner withdraws from Mumbai T20 League
  • Sports

    Team owner withdraws from Mumbai T20 League

    Rodney Dsouza
    Written by
    Rodney Dsouza
    Mail
    Last updated on Feb 27, 2018, 03:38 pm
    Team owner withdraws from Mumbai T20 League
  • The inaugural edition of T20 Mumbai league is set to kick off in less than two weeks, but it has already hit a roadblock with one of the team owners withdrawing from the league on Monday.

    Naman Developers, which is Mumbai's one of the well known real estate firms, had bought a team for Rs. 6.5 cr but forfeited the contract within a week.

  • In this article
    Naman Develops backs out after Rs. 6.5 cr bid MCA is struggling to find a new buyer Naman Developers were told loses would be close to 85% Bank rules have become stringent after Nirav Modi scam
  • U-turn

    Naman Develops backs out after Rs. 6.5 cr bid

    Naman Develops backs out after Rs. 6.5 cr bid
  • Real-estate company, Naman Developers, was one of the 9 bidders for the six available teams but withdrew their offer after they figured out that the losses would be more than what they had been told to expect before buying a team.

    Mumbai Cricket Association is struggling to find a new buyer especially since the tournament is set to begin on 10th of March.

  • In trouble

    MCA is struggling to find a new buyer

    MCA is struggling to find a new buyer
  • Adding to the MCA's woes, the auctions of the player available for the league will be held on Wednesday and finding an owner post the auctions is not going to be an easy task.

    MCA will encash the Rs. 1 crore given by the bidder and there is a possibility of them fielding their own team if they don't fetch a buyer.

  • Quote

    Naman Developers were told loses would be close to 85%

  • "During the pre-bidding meeting, the interested teams were told that the loss of share will be 34% but later after the bidding got over, they were told it could go up to 85%." a senior MCA official told The Indian Express.

  • Stringent

    Bank rules have become stringent after Nirav Modi scam

    Bank rules have become stringent after Nirav Modi scam
  • However, The Times of India claims that the real-estate firm backed out because they were not sure of submitting a bank guarantee.

    The rules imposed by banks have become stringent in the aftermath of Nirav Modi-Punjab National Bank scam.

    As per the league rules, owners are supposed to submit a bank guarantee of five times the value of the bid amount.

  • Mumbai
  • Mumbai Cricket Association
  • Nirav Modi
  • Times of India
  • Mumbai T20 League
  •  
Latest News
  • TV show 'Wagle Ki Duniya' halts shoot due to COVID-19
    TV show 'Wagle Ki Duniya' halts shoot due to COVID-19
    Entertainment
  • MP: BJP minister performs 'puja' to ward off coronavirus
    MP: BJP minister performs 'puja' to ward off coronavirus
    Politics
  • Nagpur hospital fire: Woman patient among four dead, two critical
    Nagpur hospital fire: Woman patient among four dead, two critical
    India
  • Mumbai: Two Russians held for performing stunts at sea link
    Mumbai: Two Russians held for performing stunts at sea link
    Mumbai
  • You'll be missed: Harry, Meghan pay tribute to Prince Philip
    You'll be missed: Harry, Meghan pay tribute to Prince Philip
    Entertainment
Related Timelines
  • Major League Cricket: Shah Rukh Khan buys Los Angeles franchise
    Major League Cricket: Shah Rukh Khan buys Los Angeles franchise
    Sports
  • Chris Gayle pulls out of Lanka Premier League
    Chris Gayle pulls out of Lanka Premier League
    Sports
Trending Topics
Indian Premier League Chris Lynn Virat Kohli Rohit Sharma Cricket News Mahendra Singh Dhoni Real Madrid Football News Royal Challengers Bangalore India Vs England Cricket IPL 2021 England tour of India (2021)
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love Sports news?

Subscribe to stay updated.

Sports Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Indian Premier League Chris Lynn Samsung Virat Kohli
Rohit Sharma Cricket News Mahendra Singh Dhoni YouTube Hollywood News WhatsApp Bollywood News Real Madrid ISRO Yoga
Honda Batman Football News BMW Vaccine Reliance Jio OPPO Food News, Healthy Recipes Apple Tesla
Royal Challengers Bangalore Toyota Fashion Tips Amit Shah Mercedes Sidharth Malhotra Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV
Smart TV Marvel Comics Avengers Neha Kakkar
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021