Bowing to criticism of the $1 billion net worth criterion for the bidders, the Indian Premier League, on Sunday, cancelled the existing tender for two new franchises and decided to re-issue a new one on March 9 with relaxed pre-conditions.

IPL chairman and commissioner Lalit Modi told reporters after the governing council meeting of the Twenty20 League that the council had invoked clause 11.4 of the tender document and cancelled the existing tenders.