Islamabad, Feb 9 (IANS): The Pakistan Cricket Board (PCB) postponed its franchise-based Twenty20 tournament for an indefinite period to solve management issues.

According to a PCB statement Friday night, the lucrative Pakistan Super League (PSL), scheduled between March 26 and April 7, was delayed after sponsors and other investors demanded more time to submit bids, reports Xinhua.

The delay will also help the PCB ensure the participation of international foreign players.

"Some scheduling conflicts that arose after PSL dates were announced could result in potential star players missing out on the opportunity of participating in PSL," PCB said.

Following a long drought of the international cricket at home, the PCB officially unveiled its plan to organise PSL Jan 10 by inviting cricketers around from around the world to participate.

The league comprise five teams. Each team will have a maximum of six foreign players for the first three years. All 23 matches will be played at the Gaddafi Stadium in Lahore.

Pakistan is the fourth Asian cricket nation after India, Bangladesh and Sri Lanka that launched cricket league involving foreign players.

The decision came after the country failed to convince any of the first grade international cricket teams for a home series in Pakistan due to security reasons.

The league management offered a handsome amount of cash for each player in five categories comprising Diamond ($100,000), Platinum ($70,000), Gold ($50,000), Silver ($25,000) and Emerging ($5,000-10,000).

To shrug off the security reservations by the players, PCB Chairman Zaka Ashraf also offered foreign players insurance worth $2 million and tax free other incomes.

The PCB also said over 80 foreign players had already signed for the PSL auction but the process of getting No Objection Certificates from the relevant boards was still underway.