The Indian Premier League on Friday announced it has reached a settlement with the National Broadcasters' Association (NBA), paving the way for the television channels to cover the cash-rich T20 league event.

The continuing by TV news channels boycott notwithstanding, Indian Premier League Commissioner Lalit Modi expects a successful third edition of the cash-rich Twenty20 event starting March 12.

Australian spin legend Shane Warne on Monday welcomed Indian Premier League's decision to add two new franchises for 2011 edition of the lucrative Twenty20 event and said the move will bring more sheen to the "bestselling brand of cricket".

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

The Indian Premier League has fixed a five-minute period, split into two equal halves, for the mandatory strategic time-outs during the third edition of the Twenty20 event starting March 12.