Rajasthan Royals clear way to IPL 4, Pay guarantee Money

Rajasthan Royals and Kings XI Punjab on Monday cleared their way for participation in IPL-4 by furnishing the required bank guarantee. In two different affidavits submitted to Bombay High Court, both teams said they have got the necessary bank guarantee and deposited their cheques with the court. Rajasthan Royals were asked to furnish a guarantee of $21 million — 18 million for the players while the remaining for the BCCI — to participate in the IPL players' auction on January 8 and 9. The Punjab outfit successfully managed to submit a cheque of $21.5 million as bank guarantee.
Earlier, the High Court had stayed the termination of IPL contracts of both teams by BCCI. The legal battle between the cricket board and two franchises is still on. Hence, the court had asked the teams to furnish bank guarantees for loses that the players and Board might incur if the decision goes against them. Meanwhile, the BCCI has called for an emergency meeting of IPL Governing council on January 5. The reason for the meeting is to discuss the details of the players' auction. But according to BCCI sources the meeting will be held to see if both Rajasthan and Punjab have followed the court's order. A BCCI official said: "Along with the players' auction we will see if all the requirements have been met by the teams. A formal announcement of the number of teams to participate in the auction will be made after that."